# Sightbridge Capital Partners — Full Site Content > Informational only. Nothing here is an offer to sell, or a solicitation of an offer to buy, any security, and nothing here is tax, legal, accounting, or investment advice. Forward-looking statements are subject to risks and uncertainties; actual outcomes may differ. Suitability considerations apply. --- ## About Sightbridge Capital Partners Sightbridge Capital Partners, LLC is an institutional real estate investment platform headquartered in Santa Monica, California. The firm structures, sponsors, and distributes tax-advantaged real estate programs for the U.S. private wealth management channel, in partnership with established institutional real estate operators. Sightbridge was founded in 2025 by Jay Frank, a 20+ year private markets and real estate veteran, to deliver institutional-quality tax-advantaged real estate strategies to the private wealth channel. The firm works with wealth management firms to deliver real estate investment programs built to the standards their clients expect: institutional-caliber assets, aligned economics, transparent terms, and the service infrastructure the category has long lacked. The firm's initial focus is 1031 Delaware Statutory Trust (DST) programs, with Qualified Opportunity Zone strategies expected to follow. Sightbridge's principals collectively bring more than 60 years of institutional experience, have been involved in more than $50 billion of real estate transactions, and have structured, distributed, and serviced more than 100 investment programs for institutional and private wealth clients. ### Our purpose: institutional discipline, private wealth access Sightbridge applies institutional standards to programs built for the private wealth channel. That shows up in asset quality, underwriting, program structure, transparency, alignment, and the operational experience advisors and investors receive over the life of each program. ### Our guiding principle: raise the standard Sightbridge exists to raise the standard of tax-advantaged real estate investing. Every program the firm designs, every relationship it builds, and every decision it makes is measured against one question: does this deliver a better result for the advisors and clients it serves? ### Is Sightbridge a real estate sponsor? Sightbridge serves as a structuring and distribution platform, partnering with institutional real estate firms that bring asset and operating expertise. Sightbridge may serve as co-sponsor on select DST and Opportunity Zone programs alongside its real estate partners, leading structuring, distribution, and ongoing investor service. ### Who Sightbridge works with Sightbridge works directly with financial advisors at wirehouses, banks, independent broker-dealers, registered investment advisors, and family offices serving high-net-worth clients. On the program side, Sightbridge partners with institutional real estate firms, legal counsel, tax advisors, and technology providers. Programs are distributed exclusively through registered financial professionals, not directly to individual investors. --- ## Strategies overview Sightbridge designs programs to meet the same standards of underwriting, structure, and reporting that institutional investors expect. Each program is built around four principles: institutional asset quality, transparent terms, aligned economics, and a service model designed for the advisor-client relationship. The firm is preparing programs across 1031 Exchange, 721 UPREIT, and Opportunity Zones strategies. --- ## 1031 Exchange and Delaware Statutory Trusts (DSTs) Defer capital gains on the sale of investment real estate by reinvesting through institutional-quality Delaware Statutory Trust programs. ### What is a 1031 Exchange? Section 1031 of the Internal Revenue Code allows investors to defer the recognition of capital gains taxes on the sale of investment real estate by reinvesting the proceeds into a like-kind replacement property within a defined timeline. A 1031 Exchange is one of the most established tax-deferral strategies for real estate investors. It enables continued capital growth while preserving the value that would otherwise be lost to taxes at the time of sale. ### How a 1031 Exchange works After the sale of investment real estate, the investor has 45 days to formally identify replacement property and 180 days to close on it. A fully tax-deferred 1031 Exchange generally requires the replacement property to equal or exceed the value of the relinquished property, with all of the equity from the sale reinvested. Debt does not need to be replaced dollar-for-dollar; it can be reduced if offset with additional equity. Cash taken out or equity not fully reinvested may create taxable boot. The exchange must be facilitated by a qualified intermediary, who holds the sale proceeds and ensures the transaction meets IRC Section 1031 requirements. Tax deferral continues indefinitely until disposition of the replacement property absent a successive 1031 or 721 exchange, or may be eliminated entirely through a step-up in basis upon the investor's death. ### Why Delaware Statutory Trusts Before 2004, completing a 1031 exchange typically meant identifying, purchasing, and managing replacement property directly. Earlier fractional structures, including Tenant in Common arrangements, broadened access but introduced operational and lender-side complexity that limited scale. In 2004, the IRS issued Revenue Ruling 2004-86, confirming that beneficial interests in a properly structured Delaware Statutory Trust are treated as direct interests in real property for purposes of Section 1031. The ruling established the legal foundation for the modern institutional DST market. A DST is a real estate ownership structure that allows investors to hold a fractional interest in institutional-quality real estate. Because DST interests are recognized as eligible 1031 replacement property, investors can defer capital gains while accessing professionally managed real estate without the obligations of direct ownership. ### Sightbridge's approach Sightbridge is preparing institutional-quality DST programs for the private wealth channel. Each program is designed to meet the standards of underwriting, structure, and service that institutional investors expect. --- ## 721 UPREIT contributions and the 1031-to-721 pathway Contribute appreciated real estate to a REIT operating partnership in exchange for OP Units, deferring capital gains while gaining diversified portfolio exposure. ### What is a 721 UPREIT contribution? Section 721 of the Internal Revenue Code allows investors to contribute real estate to the operating partnership of a real estate investment trust (REIT) in exchange for operating partnership units, deferring the recognition of capital gains taxes on the contributed property. A Section 721 contribution is also referred to as an UPREIT transaction, short for Umbrella Partnership Real Estate Investment Trust. It enables investors to convert direct real estate ownership into ownership of a diversified, professionally managed real estate portfolio while preserving the value that would otherwise be lost to taxes at the time of sale. ### The 1031-to-721 pathway Many high-net-worth investors hold appreciated investment real estate that does not match a REIT's direct acquisition profile. The 1031-to-721 pathway potentially provides sequential access to UPREIT diversification and liquidity. A properly executed 1031 exchange into a DST is a fully tax-deferred transaction under IRC Section 1031 that stands on its own. The investor owns DST interests through a multi-year ownership period during which the underlying real estate is professionally managed. Subject to program terms, the REIT may acquire the property held by the DST, or the DST interests themselves, in exchange for OP Units under IRC Section 721. The REIT may also offer investors the choice between OP Units, cash, or a combination of both. This contribution is a separate transaction with its own tax treatment and is not guaranteed to occur. If the contribution does occur, investors gain ownership in a diversified REIT portfolio through the UPREIT mechanism, even when their relinquished property would not have been a direct acquisition target for the REIT. ### How a 721 UPREIT contribution works In a 721 UPREIT contribution, an investor contributes investment real estate to the operating partnership of a REIT. In return, the investor receives operating partnership units, commonly referred to as OP Units, which represent a partnership interest in the REIT's diversified portfolio. OP Units can typically be converted to REIT common stock on a one-for-one basis, offering potential liquidity at the investor's discretion, subject to any liquidity restrictions imposed by the REIT. The conversion of OP Units into REIT shares triggers a taxable event at the time of conversion, which is usually the intention of the investor. Until conversion, the investor holds OP Units providing diversified exposure to the REIT's underlying real estate portfolio. ### Sightbridge's approach Sightbridge is preparing institutional-quality DST programs and Opportunity Zone strategies for the private wealth channel. Select DST programs may contemplate an optional Section 721 contribution feature. Each program is structured to meet the standards of underwriting, transparency, and service that institutional investors expect. Any Section 721 feature is conditional and not guaranteed. --- ## Opportunity Zones and Qualified Opportunity Funds (QOFs) Defer recognized capital gains through Qualified Opportunity Fund programs investing in designated Opportunity Zones. An Opportunity Zone is a designated census tract that qualifies for the federal Opportunity Zones tax-incentive program, designated by state governors and certified by the U.S. Department of Treasury. The program directs private investment into eligible communities by offering capital gains tax benefits to investors who invest through a Qualified Opportunity Fund (QOF). The program was created by the Tax Cuts and Jobs Act of 2017 and was made permanent under the One Big Beautiful Bill Act of 2025, with renewed program rules taking effect for investments made on or after January 1, 2027. A QOF is the investment vehicle through which investors access the program. It is organized as a partnership or corporation and must hold at least 90% of its assets in eligible Opportunity Zone property, which can include commercial real estate, multifamily housing, infrastructure, and operating businesses located in designated zones. Eligible gains generally include short-term and long-term capital gains from the sale of real estate, securities, businesses, and other appreciated assets. Only the gain portion of a sale is eligible; the original cost basis is not. To qualify, an investor must reinvest recognized capital gains into a QOF within 180 days of recognizing the gain (with additional timing flexibility for gains passed through on a Schedule K-1). A Rural Qualified Opportunity Fund (RQOF) invests in designated Rural Opportunity Zones and offers an enhanced 30% step-up in basis on the originally deferred gain at the 5-year mark, compared to the 10% step-up available through standard QOFs. The 10-year holding requirement for elimination of capital gains tax on QOF appreciation remains in place. --- ## Leadership Team **Jay Frank, Founder and CEO.** More than 20 years in private markets across DST, REIT, opportunity zone, infrastructure, energy, credit, and digital asset programs. Co-founded the asset management business at Cantor Fitzgerald in 2015, where he served as president, COO, and head of distribution leading product, strategy, distribution, and operations. Real asset programs under his leadership organically grew to over $8 billion in transaction volume including more than $6 billion across tax-advantaged real estate strategies. **Steve Rokoszewski, Partner and COO.** 28 years in financial services, private markets distribution, and operations. Founded Anchor Advisory Services in 2015, which was ultimately acquired by Praxis Solutions in 2024, where he served as president of Praxis Distribution Partners, a tech-enabled distribution platform serving asset managers in the wealth channel. **Kamil Poltorak, Partner and Managing Director, Real Estate.** 13 years in institutional financial services, with a focus on real estate underwriting, structuring, investment management, and capital markets, with approximately $4 billion in transaction experience. Previously vice president at Cantor Fitzgerald Asset Management, where he helped structure and launch more than 40 offerings across DST 1031 and 721 programs, opportunity zone funds, REITs, and institutional real estate strategies. Earlier finance and risk roles at Barclays Capital and J.P. Morgan. --- ## Insights ### Sightbridge Capital Partners Launches to Redefine Access to Tax-Advantaged Real Estate for the U.S. Wealth Management Channel (June 2026) Sightbridge Capital Partners, LLC today announced its public launch and the appointment of Steve Rokoszewski as partner and chief operating officer and Kamil Poltorak as partner and managing director, real estate. Sightbridge is an institutional real estate investment platform that structures, sponsors, and distributes tax-advantaged real estate programs for the U.S. private wealth management channel. The firm's principals collectively bring more than 60 years of institutional experience, have been involved in more than $50 billion of real estate transactions, and have structured, distributed, and serviced more than 100 investment programs. The firm was founded by Jay Frank, who also serves as chief executive officer. Its initial focus is 1031 Delaware Statutory Trust (DST) programs, with Qualified Opportunity Zone strategies expected to follow. ### Other insights - "10 Lessons from 20 Years in Private Markets" — an essay by Founder and CEO Jay Frank on people, process, and product. - "Five Questions for Jay Frank" — an interview on alternatives in the private wealth channel. --- ## Contact Advisors, investors, and industry partners can engage with Sightbridge through the contact page at https://sightbridge.com/contact-us/contact or by emailing info@sightbridge.com. Media inquiries: Nicole Castro, media@sightbridge.com. Sightbridge programs are distributed exclusively to registered financial advisors and are not offered directly to individual investors. --- _This document is provided for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any security. It is not tax, legal, accounting, or investment advice. Forward-looking statements are subject to risks and uncertainties; actual outcomes may differ. Suitability considerations apply._