DST Report

Crew 50% · Book & Ladder 1/3 · COO

Tanya Muro

Crew 50%、COO。Wettengel とともに KHCA とオレンジ郡の取り戻し訴訟に名がある。

Crew / KHCA 運営者 2026-08-28 時点

Loyola Marymount 学士。1999–2008 年 Direct Capital Securities で決済コーディネーター。2009 年から Nelson Brothers 投資家関係副社長、のち CAO。2018 年から Versity COO。2020 年から Book & Ladder COO。2018 年から Academy West COO。Blake Wettengel と Versity Invest を共同設立（デラウェア設立 2022 年 3 月 17 日）。Versity Invest 名義で 2022 年 4 月 2 日の BackOffice Services Agreement と IP ライセンス に署名。Versity Invest のマネージャーとして Vintage IB のために Vintage 信託契約 2022 年 4 月 12 日。Hayworth PMA 2022 年 6 月 30 日 は双方。One on 4th PMA 2022 年 7 月 26 日 は LeaseCo 名義。Apex South Creek 資産管理契約 2022 年 11 月 18 日 は双方。

KHCA とオレンジ郡の取り戻しは彼女を責任者と名指す。シンジケーション代金の流用——Sunstone/Anaheim ホテルを含む——の共同関与を主張する。未証明。

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。Crew と Wettengel と連帯で $14,550,000 に $166,834 の JAMS 費用。判断は、彼女と Wettengel を合わせて Versity Investments の 35%、Book & Ladder の 33%、NBPRE の所有なしと認定する。DST 反対意見が引用する Wettengel の調停申立て宣誓供述書は、A 類 14% / B 類 15% と書いた——それは彼の宣誓であり、判断ではない。

[OC 30-2026-01543537](/ja/cases/oc-30-2026-01543537/）（2026 年 1 月 29 日提出）の指名被告。2026 年 7 月 10 日反対意見に添付された PPM 抜粋は、彼女を Nelson Brothers（CP Cincy）および NB Private Capital（345 Flats、Tailor Lofts）の最高行政・運営責任者と書く。主張。

[30-2025-01535878](/ja/cases/oc-30-2025-01535878/）（2025 年 12 月 24 日提出）にも指名される。その訴状は、彼女が Versity I の COO であり、なお役員でありながら Crew を作り、Wettengel とともに仲裁人命令の後に Factory B 類投資家資金を留め置いたと主張する。2018 年以前は NBPRE の事務職員、のち上級管理職と述べる。Melzer は 2026 年 7 月 23 日、調停強制申立てを却下した。訴状中の主張。

個人サイトはなお生きている。改称広報の Crew 広報連絡先。

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. 30 Nov 2020
    Nelson Partners Property Management, Inc. v. Blake William Wettengel filed in Orange County (Patrick’s company). Tanya Muro is later on the caption. Jury trial continued to 30 Nov 2026. A pre-Vintage OC suit BDs could have seen.
  3. 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)

  4. 17 Jun 2021
    Signature Collection Properties, LLC v. Academy West Investments / Wettengel / Muro / Versity filed in Orange County.
  5. 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

  6. 10 Dec 2021
    Certificate of Trust for Vintage, DST filed with the Delaware Secretary of State. Recited in the 12 Apr 2022 Trust Agreement.

    Vintage Trust Agreement · C.A. 2025-0757 Ex. B

  7. 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

  8. 17–23 Mar 2022
    Delaware Certificate of Formation for Versity InvestCo, LLC, file 6684437 (17 Mar). Certificate of Amendment 23 Mar renames it Versity Invest. Founding members: Blake Wettengel and Tanya Muro.
  9. 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.
  10. 8 Apr 2022
    One on 4th PSA. Stillwater Student Housing Owner LLC → Versity Invest. 198 units / 415 beds, 713 W. 4th Street, Stillwater, OK. Price $51.5 million, or $52 million if 95% of beds are pre-leased. Second amendment 23 May 2022 adds $51.75 million at 92.5% and a $1.375 million corrective-work credit.

    One on 4th PSA

  11. 11 Apr 2022
    Hayworth PSA. TDC Tanglewood Real Estate Owner, L.L.C. → Versity Invest. Purchase price $105.5 million (same figure as the 30 Jun close in the Delaware opinion). Earnest $750,000 + $750,000.

    Hayworth PSA

  12. 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

  13. 29 Apr 2022
    Walk bought for $45.5 million (VIP Bonds circular). Senior loan $27,834,000 at 3.50%. Same-day Book & Ladder PMA at 3% of Monthly Gross Revenues. Recites a master lease that day, The Walk LeaseCo as Owner, ~87 units / 251 beds. Versity Invest is PMA §6.8 Asset Manager. Form D 9 May 2022 ($24,694,414); circular offering $29,897,965.

    VIP Bonds circular

  14. 31 May 2022
    Certificate of Trust for Hayworth Tanglewood, DST (IB complaint).

    Hayworth IB complaint · C.A. 2025-0748

  15. 30 Jun 2022
    Hayworth bought for $105,500,000 from TDC Tanglewood (PPM / PSA / circular / Delaware opinion). Senior loan $48,000,000 at 5.25% from TC Debt Opportunities. Same-day master lease (DST → Hayworth Tanglewood LeaseCo; 7 years 3 months) and Book & Ladder PMA at 2.5% of Monthly Gross Revenues; Tanya Muro signed both sides. Versity EquityCo II contributed $50,089,148.27 of bridge equity through Hayworth Tanglewood IB (PPM); the later IB complaint puts the total contribution at $58,959,026.60 including $8,869,878.33 of EquityCo money. Trust Agreement dated 29 Jun. Side letter the same day: excess revenue and disposition/financing/construction fees to the IB until Full Redemption; KHCA agents are third-party beneficiaries.

    Hayworth PPM / lease / side letter · C.A. 2025-0748 Exs A, C, D

  16. 7 Jul 2022
    Hayworth PPM. Maximum offering $76,767,365 (matches Form D 11 Jul); WealthForge exclusive managing BD; 9.30% load. Sponsor named as Versity Invest. Post-close form. Circular later lists up to $77,578,947.

    Hayworth PPM · C.A. 2025-0748 Ex. A

  17. 26 Jul 2022
    One on 4th Book & Ladder PMA. Exclusive PM at 2.5% of Monthly Gross Revenues. Recites a master lease the same day, One on 4th LeaseCo as Owner, ~198 units / 475 beds (the 8 Apr PSA said 415 beds). Tanya Muro signed for LeaseCo. Versity Invest is PMA §6.8 Asset Manager. Form D 17 Aug 2022.

    One on 4th PMA

  18. 27 Jul 2022
    One on 4th closed for $50,625,000 (VIP Bonds circular). Senior loan $27,500,000 at 4.80%. 8 Apr PSA $51.5–52 million / 23 May $51.75 million plus $1.375 million credit. Form D 17 Aug 2022 ($30,922,808); circular offering up to $32,153,561.

    VIP Bonds circular

  19. 1 Aug 2022
    Apex South Creek PSA. Versity Invest as Buyer; seller DHIC - South Creek, LLC (D.R. Horton). Purchase price $100 million. Earnest $750,000 + $750,000. Scheduled close 7 Sep 2022, extendable. Later amendment credits $400,000 at close. The 18 Nov Trust Agreement recites the Trust as purchaser, successor to Versity Invest.

    Apex PSA

  20. 22 Aug 2022
    Certificate of Trust for Apex South Creek, DST filed with the Delaware Secretary of State. Recited in the Trust Agreement.

    Apex Trust Agreement

  21. 13 Sep 2022
    KHCA declined to finance Apex South Creek (300-unit Orlando multifamily). Allegation in the KHCA complaints. After the 1 Aug PSA.
  22. 18 Nov 2022
    Apex South Creek closed. Trust Agreement: IB 100% of interests; Sorensen Entity Services Delaware Trustee; Apex South Creek ST Signatory Trustee; Chris Sorensen Independent Trustee. Circular close $99,550,000 (PSA was $100 million plus a $400,000 credit). Walker & Dunlop first mortgage $45,994,000 at 5.48%. Master lease DST → Apex South Creek LeaseCo (10 years 3 months). Versity Invest asset manager at 1% of Gross Revenue. Book & Ladder property manager at 3% of Monthly Gross Revenues. Same day: Apex South Creek IB leftover-equity notes $25M IBI Volcano, $6M West 4, $11M Comrit (assigned to Volcano 3 Jul 2023). 12% coupon, 14% default. 90% of IB redemption proceeds to the lenders. Crew LLC guaranteed. Form D four days later ($73,580,386).

    Apex Trust Agreement

  23. 24 Feb 2023 · PR
    Versity Invest: Blake as CEO, Tanya as COO; “investor-centric” DST changes; tees up a private REIT and a broker-dealer / RIA product.

    Versity Invest PR

  24. 30 Jun 2023 · circular snapshot
    VIP Bonds circular as of 30 Jun 2023 (sponsor disclosure, signed 21 Feb 2024). Vintage “fully syndicated”; circular says financing outside the first mortgage repaid — later Vintage IB complaint alleges leftover IB interests. Walk ~1% remaining, ~99% occupied. Hayworth 33.32% remaining, ~81% occupied. One on 4th 20.27% remaining, ~99% occupied. Apex 90.886% remaining, ~91% occupied; leftover-equity notes $40.8 million outstanding. Crayhill line $65,361,830 outstanding.

    VIP Bonds circular (21 Feb 2024)

  25. 15 Aug 2023 · Nelson allegation
    Nelson alleges Wettengel/Muro halted investor payments and started “overdue management fees.” Lines up with the later mass freeze.
  26. 31 Oct 2023
    Versity Invest files a Regulation A preliminary offering circular for up to $75 million of 8% VIP Bonds. WealthForge is managing BD. EDGAR Form 1-A/A 000165495423013624. Still a preliminary circular.

    VIP Bonds circular (31 Oct 2023)

  27. 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.
  28. 15 Feb–6 May 2024 · PR
    15 Feb: Crew Campus private REIT + Oso Verde (Baylor) seed asset. 30 Apr: Apex “yield enhancement” 4% → 6.5%. 6 May: Crew rebrand PR claims ~$2B AUM / 35 properties / 10,500 beds — later their own site says ~$500M / 7 properties.

    Crew rebrand PR

  29. 21 Feb 2024
    Later amendment of the VIP Bonds circular, signed 21 Feb 2024. EDGAR Form 1-A/A 000165495424002023. Same $75 million 8% offering. This is the circular the site uses for Crew-era DST close prices, loan coupons, and the 30 Jun 2023 syndication snapshot. Still a preliminary offering circular — do not treat as qualified or sold.

    VIP Bonds circular (21 Feb 2024)

  30. 5–10 Apr 2024
    First amendments to the Apex IB notes (West 4 5 Apr; Volcano/Comrit 10 Apr). Maturity to 18 May 2024. Redemption split 77% Volcano / 13% West 4. Wettengel signed for the IB; Muro signed for Versity Invest as CRO.
  31. 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.
  32. 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

  33. 11 Nov 2024
    BCLP default demand on the Apex IB notes and Crew guaranties: $44,611,907. Lender letter says the IB distributed $4 million in acquisition fees to itself. Demand, not a finding. Addressed to Frank Muhlon.
  34. Dec 2024
    NY TRO. Unsealed KHCA complaint becomes the thread’s source document.
  35. 8 Apr 2025
    IBI Volcano and West 4 Capital move for summary judgment in lieu of complaint against Crew on the Apex IB guaranties (NY Index 652237/2025). Motion seeks $47,196,315 as of 31 Mar 2025.
  36. 8 May 2025
    Hayworth listed at $88 million (IB complaint). Walker & Dunlop call for offers 27–29 May 2025. Allegation that a sale was imminent as of the 30 Jun filing.

    Hayworth IB complaint · C.A. 2025-0748

  37. 30 Jun–1 Jul 2025
    KHCA says it became manager of Vintage IB, LLC (30 Jun letter) and of Hayworth Tanglewood IB the same day. Vintage IB, LLC v. Vintage, DST, Del. Ch. C.A. 2025-0757 filed 1 Jul. Same evening, Hayworth Tanglewood IB v. Hayworth Tanglewood DST, C.A. 2025-0748 (Transaction ID 76552285): verified complaint (HTML preview) plus exhibits A–D. Hayworth complaint alleges ~$37.7 million sold of ~$77.9 million, ~$20.1 million to the bridge lender, IB still ≥60%, and diversions including ≥$5 million to Apex and ≥$2 million to Sunstone. Allegations.

    Hayworth IB complaint · C.A. 2025-0748

  38. 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.
  39. 15 Jul 2025
    Crane (NY Index 652237/2025) grants the unopposed CPLR 3213 motion in part on default. Crew neither appeared nor opposed. Judgment directed: $42,953,402 to IBI Volcano (including assigned Comrit) and $4,242,913 to West 4, plus 14% from 1 Apr 2025. Attorneys’ fees denied without prejudice.
  40. 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.
  41. 18 Sep 2025
    BCS1, LLC et al. v. The Walk, DST, C.A. 2025-1055-SEM. Investor petition to remove the signatory trustee. Pleading not in this archive.

    DocketAlarm 2025-1055

  42. 30 Sep 2025
    Clerk money judgment, NY Index 652237/2025 (NYSCEF Doc 31): IBI Volcano $45,498,832.38 and West 4 $4,494,349.18 against Crew, plus $535 costs.
  43. 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

  44. 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.
  45. 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

  46. 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.
  47. 13 Apr 2026 · Crew recording
    Blake: “agreement in principle” with Crayhill/KHCA; independent trustee; third-party AM replacing Crew; PM replacing Book & Ladder.
  48. 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

  49. 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

  50. 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

  51. 3–9 Aug 2026 · forum
    Madelyn: Capital Square webinars for Walk, Vintage, One on 4th, Hayworth. On the thread she recommended rejecting unless the new sponsor is not contractually bound to KHCA.

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