DST Report

Versity Investments 65% · Book & Ladder 1/3 · Emerson 副社長

Brian Jensen Nelson

Versity Investments 65%。Emerson Equity 副社長、CRD 5065593、2013 年 12 月から。当該ブローカーディーラーの開示所有者ではない。

Nelson / Versity 運営者 ブローカー CRD 5065593 2026-09-02 時点

Versity 自身の FAQ：Crew が 2022 年に運営を引き継いだ。仲裁後に支配が戻った。「Brian is not affiliated with Crew in any way。」それが彼の公開の言い分である。

Form D はなお彼を Vintage の販売団に Emerson 代表として置く——そして 345 Flats から Vintage / Wolf Run までの 14 件の提出で手数料販売人とする（その帳簿の多くで関連者）。Vintage PPM（2022 年 1 月 11 日）は、彼を Versity Investments の唯一の所有者、Walker & Dunlop / Freddie Mac ローン上の想定される無遡及 carve-out 保証人、および Emerson の Series 7 / 63 とし、「本募集に関連して仲介手数料および販売手数料を受け取る場合がある」と書く。BrokerCheck で確認：2013 年 12 月 2 日から Emerson Equity に登録。Form U4 肩書は Vice President。当該 BD の開示所有者ではない——Dominic Baldini が唯一の 5%+ 所有者（Form BD 75%+）。2022 年 4 月 2 日の IP ライセンス に Versity Investments の権限ある署名者として署名し、「Versity」/「Versity Investments」の名称を Versity Invest にライセンスした。

2026 年 8 月 19 日時点で開示 23 件。うち係属中の 730 万ドル請求 1 件と未払い判決 5 件（Volcano 320 万ドルを含む。彼はそれを Pebble Beach DST / College Yard に結びつける）。KHCA はなお彼を alter-ego 被告とする。彼は 2022 年 4 月 KHCA 修正上の署名が偽造だと主張する。これらの DST を売った同一のブローカーディーラーの登録代表者である。

2025 年 7 月 28 日、Crew、Wettengel、Muro、Book & Ladder、Axos Bank、Versity Investments を相手に オレンジ郡 30-2025-01499716 を立て、2025 年 7 月 22 日 JAMS 一部終局判断（Hon. John W. Kennedy Jr.、退職。参照 5200001507 および 5200001580）の銀行口座支配の執行を求めた。その訴状——彼の訴状——は、第一段階（2025 年 1 月）が Crew による 2023 年 12 月 3 日和解の違反を認定し、第二段階（2025 年 3–4 月）が彼を NBPRE の 100% 所有者かつ Versity Investments の 65% と認定し、Axos と Chase は裁判所命令なしには仲裁人に従わない、と言う。

オレンジ郡判決 2026 年 4 月 22 日、30-2025-01534910 にて 2025 年 11 月 26 日 JAMS Final Award を確認。彼は Crew、Wettengel、Muro から連帯で $14,550,000 に $166,834 の JAMS 費用を得る。判断は彼を Versity Investments の 65%（財務支配権）、NBPRE の 100%、Book & Ladder の 33% と認定する。未払いの 3,000 万ドル購入価格は認容されなかった。第 11j 項は 2023 年 12 月 3 日時点の原状に戻す。別個の 2024 年 1 月 2 日和解下の Molly Barr 請求は仲裁人の管轄外。

Versity Investments および NBPRE とともに [30-2025-01535878](/ja/cases/oc-30-2025-01535878/）（2025 年 12 月 24 日提出）の指名原告。その訴状は、2023 年 12 月以降の損害を彼と NBPRE についてのみ主張する（Versity I は免責していないと主張する）。Patrick との分裂を述べる。約 2018 年 3 月 13 日の書面和解、2018 年 4 月 13 日の資産分割、2021 年 4 月 6 日の終局判断、30-2021-01197655 における 2021 年 6 月 24 日 判決。Melzer は 2026 年 7 月 23 日、当該事件における Crew の調停強制申立てを却下した。訴状中の主張。

Versity / NBPRE 帳簿上の 17 件の DST が、受託者を通じて [30-2026-01543537](/ja/cases/oc-30-2026-01543537/）（2026 年 1 月 29 日提出）の原告である。Miller Miller Gerber が記録上の弁護士。彼は当該 DST 表題の指名原告ではない。

年表

  1. 2007–2018
    Nelson Brothers. Split ~2018: Patrick to development, Brian to student housing → NB Private Capital → Versity Investments. Wettengel joins ~2015 as COO/GC; CEO from 2018. Muro is Nelson Brothers IR from 2009, COO from 2018.
  2. 27 May 2021
    Crayhill Credit Agreement. Senior secured revolving facility, 12.50%. Borrower Versity EquityCo (wholly owned via EquityCo Parent by Versity Investments). Parties Brian Nelson, Blake Wettengel, and Tanya Muro. Lenders are special purpose entities wholly owned by Crayhill Capital Management. Recited in the VIP Bonds circular.

    VIP Bonds circular (21 Feb 2024)

  3. 24 Jun 2021
    Judgment on arbitration award, Brian Nelson v. Patrick Nelson, Orange County 30-2021-01197655-CU-PA-CJC. Recited in the later Versity I complaint (ROA 2). Split of Nelson Brothers assets; Brian’s line became NB Private Capital → Versity Investments. Pleading not pulled.
  4. 28 Oct 2021 first sale · Form D 2 Nov 2021
    4th & J offering $49.6 million. Related: Nelson, Wettengel, Muro. Selling group: Timothy and Ryan Sherer at Emerson. Conservative 12206 line: 28 Oct 2027.

    4ANDJ Form D

  5. 11 Jan 2022
    Vintage PPM. Maximum offering $75.4 million; ~$62 million Walker & Dunlop / Freddie Mac; Emerson exclusive managing BD. Sponsor named as Versity Investments. Bridge equity ~$50.35 million via a revolving facility; default on an unrelated loan may divert Vintage proceeds. PPM estimates; Form D later lists $88.0 million.

    Vintage PPM · C.A. 2025-0757 Ex. A

  6. 2 Apr 2022
    BackOffice Services Agreement and IP license between Versity Investments and Versity Invest. Versity I (Blake Wettengel) provides ops, accounting, and payroll to Versity Invest (Tanya Muro); InvestCo pays Versity I payroll until it hires the staff. 12-month auto-renew. Same day: Versity I (Brian Nelson) licenses the names “Versity” / “Versity Investments” to Versity Invest; annual royalty via 10% promissory note, amount TBD. Ten days before Vintage close.
  7. 2–21 Apr 2022
    Operating agreement 12 Apr: two managers; initial CFO Jennifer Welker, CIO Frank Muhlon. Same day: Vintage Trust Agreement (IB 100%; Sorensen Entity Services Delaware Trustee; Vintage ST Signatory Trustee; Chris Sorensen Independent Trustee), master lease DST → Vintage LeaseCo (10 years 3 months), Book & Ladder PMA at 2.5% of Monthly Gross Revenues, Walker & Dunlop first mortgage $52,346,000, buy $119.6 million from Vintage Horizon Owner, LLC (PPM and IB complaint), and first sale; Vintage LeaseCo side letter sends excess revenue and disposition fees to Vintage IB until Full Redemption (KHCA is a third-party beneficiary); and the KHCA loan amendment naming the new sponsor — the VIP Bonds circular calls that first amendment the Crayhill Credit Facility and adds Versity Invest as co-guarantor. Form D 21 Apr 2022. Related persons: Wettengel and Muro. Selling group includes Tim Sherer and Brian Nelson at Emerson.

    Vintage Form D

  8. 15 Aug 2023 · Nelson allegation
    Nelson alleges Wettengel/Muro halted investor payments and started “overdue management fees.” Lines up with the later mass freeze.
  9. 20 Oct–7 Dec 2023
    Brian Nelson sues Blake in Orange County (20 Oct, 30-2023-01356667). Dismissed without prejudice 7 Dec — the settlement (term sheet 3 Dec 2023, attached as Exhibit A to the 26 Nov 2025 JAMS award). Crew was to buy Nelson’s interests in Versity Investments, NBPRE, and Book & Ladder for $30 million. Closing deadline December 2024. ~18 properties eventually return to him; five stay with Crew.
  10. 2 Jan 2024
    Molly Barr Settlement Agreement (DST complaint). Separate from the Dec 2023 Nelson–Crew deal. The later OC suit alleges Crew still took $2,125,465 from sale escrow. Allegations.
  11. Apr–May 2024
    KHCA files NY Index 651885/2024 (original complaint NYSCEF Doc 49, 17 May 2024). Delaware SOS name change to Crew Enterprises on or about 11 Mar 2024. Nelson files arbitration (JAMS 5200001507 / 5200001580). Distributions stop across the portfolio around May 2024 (4th & J and Oakbrook the same month, per a 16 Apr 2025 post) — the same weeks as the yield-enhancement and rebrand PRs.
  12. 13 Aug 2024
    KHCA files a verified first amended complaint (NYSCEF Doc 119). Alleges $56,157,281 of syndication proceeds diverted from Hayworth, Vintage, Walk, and One on 4th. Allegations.

    First amended complaint · NYSCEF Doc 119

  13. Dec 2024
    NY TRO. Unsealed KHCA complaint becomes the thread’s source document.
  14. Mar–2 May 2025
    Arbitration award: Brian gets managerial control of Versity Investments (65%). Cornerstone webinar: he calls 4th & J a home run he just walked. Vintage stays with Crew.
  15. Jul 2025 webinars
    4th & J: mortgage 60+ days late, unexplained expenses. Vintage (Crew): taxes/occupancy, UPREIT tease already used in late 2024 and never executed. “Partnership expense” on handed-back books.
  16. 22–28 Jul 2025
    Nelson’s Orange County complaint 30-2025-01499716 (28 Jul) asks the court to enforce a 22 Jul JAMS partial final award on Axos / Chase account control. His pleading recites Phase I (Crew breached the Dec 2023 settlement) and Phase II (Nelson 100% NBPRE, 65% Versity Investments). Allegations in that complaint. The later DST complaint says Crew ceased asset-management services on or about 15 May 2025.
  17. Oct 2025 · forum
    4th & J Versity webinar is a no-show.

    BiggerPockets · 14 Oct 2025

  18. 26 Nov 2025
    JAMS Final Award (Refs. 5200001507 / 5200001580; Kennedy). Confirmed 22 Apr 2026 in 30-2025-01534910. $15 million damages for impairment of Nelson’s share (less $450,000 credit = $14,550,000) plus $166,834 JAMS fees, jointly and severally against Crew, Wettengel, and Muro. Status quo ante as of 3 Dec 2023: Nelson 65% of Versity Investments with financial-control rights, Wettengel/Muro 35%; Nelson 100% of NBPRE; Book & Ladder 34/33/33. Unpaid $30 million purchase price and bridge-loan assumption not awarded. Molly Barr claims outside the arbitrator’s jurisdiction.

    OC 30-2025-01534910 · ROA 66

  19. 24 Dec 2025
    Versity Investments / Nelson / NBPRE v. Crew et al., OC 30-2025-01535878-CU-CO-CXC (Melzer, CX102). Sixteen causes; jury demand. Counsel Miller Miller Gerber. Versity I alleges pre- and post-December 2023 officer breaches (no release in the 2023 settlement); Nelson and NBPRE allege post-December 2023 harm only. Alleges ~$1.2 million Factory Class B investor funds withheld after an arbitrator order. Allegations.
  20. 28–29 Jan 2026
    Vintage investors get a Crew email. 29 Jan: OC 30-2026-01543537-CU-CO-CXC — seventeen DSTs (NBPRE four plus 13 Versity Investments, including Wolf Run Vintage, not Vintage Horizon West) sue Crew, Book & Ladder, Wettengel, Muro, Academy West, TripSnap, and Wettengel Productions. Fourteen causes; jury demand. Counsel Miller Miller Gerber. Allegations.

    OC 30-2026-01543537

  21. Mar–10 Apr 2026
    Forum posts describe McQuade engagement letters as BD-funded; the letters themselves were not reviewed. NY order 10 Apr 2026 (Justice Bannon, 2026 NY Slip Op 31536(U)): contract and alter-ego live; fraud/conversion dismissed as duplicative. Real Deal (11 Mar): Midland/Wells foreclosure on The Buckingham.
  22. 22 Apr 2026
    Orange County judgment in 30-2025-01534910 (Hesseltine, C23) confirms the 26 Nov 2025 JAMS Final Award. $14,550,000 plus $166,834 JAMS fees against Crew, Wettengel, and Muro jointly and severally. Cross-petition to vacate denied. Molly Barr claims remain outside that award.

    OC 30-2025-01534910 · ROA 66

  23. May–Jun 2026
    Russell Geyser / Waterfall Holdings. Nine properties → springing LLC → private REIT. Not in the nine: Shadowglen, The Nine, and 4th & J.
  24. 10 Jul 2026
    DST plaintiffs oppose Crew’s motion to compel mediation on Versity Investments OA §13.4 (ROA 47). Caption lists related case 30-2025-01535878. PPM excerpts (CP Cincy, 345 Flats, Tailor Lofts) and a recitation of the 26 Nov 2025 JAMS Final Award.

    OC 30-2026-01543537 ROA 47

  25. 23 Jul 2026
    Melzer (CX102) denies Crew’s motion to compel mediation in 30-2025-01535878 (ROA 51). No appearance; tentative accepted. OA ¶13.4 may initiate mediation; if either will not participate, the aggrieved party may file in Orange County. Related case 30-2026-01543537 on the minutes.

    OC 30-2025-01535878 ROA 51

  26. 14–16 Aug 2026 · forum
    Russell email: Shadowglen default and capital call. 2025 tax info still missing. Thread ends 16 Aug.

    BiggerPockets · 15 Aug 2026

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