RD Advisors' Opportunity Fund Reports First Sales: $3.07 Million From 18 Investors, 31% of a $10 Million Offering

RD Real Estate Opportunity Fund I LP, a Massachusetts limited partnership managed by Boston real estate lender RD Advisors LLC, reported its first sales in a Form D/A filed with the SEC on September 4, 2026 (accession 0001753926-26-001716). The amendment shows $3,065,000 sold to 18 investors against a $10,000,000 offering, with the first sale dated February 18, 2026. The fund's original notice, filed October 1, 2025, reported no sales and no investors.

What the filings show

The original Form D (accession 0001753926-25-001563) set the offering at $10,000,000, marked the first sale as yet to occur, and claimed Rule 506(c), the exemption that permits general solicitation provided every investor is verified as accredited. It also checked two Investment Company Act exclusions, Section 3(c)(1), which limits the fund to 100 beneficial owners, and Section 3(c)(5), which covers issuers primarily engaged in acquiring mortgages and other liens on and interests in real estate. The minimum investment was $50,000 and the offering was marked as expected to last more than one year.

The September 4 amendment keeps every one of those terms and fills in the sales fields: $3,065,000 sold, $6,935,000 remaining, 18 investors, no non-accredited investors, no sales commissions and no finder's fees. On the amendment's figures the fund has placed 30.65% of its target in the seven months since its first sale, at an average of about $170,000 per investor.

• —Total amount sold: $0 (2025-10-01 Form D) to $3,065,000 (2026-09-04 Form D/A)
• —Total investors: 0 to 18; amount remaining: $10,000,000 to $6,935,000
• —First sale: yet to occur, then 2026-02-18; exemption Rule 506(c) with 3(c)(1) and 3(c)(5)
• —CIK 0002078001; accession 0001753926-26-001716

Who is behind the fund, per the filing

The related-persons section names the general partner, RD Real Estate Opportunity Fund I GP LLC, and the manager, RD Advisors LLC, both at 132 Lincoln Street in Boston. Five individuals are listed as executive officers: Mikhail Gurevich, identified as Chief Investment Officer of Eagle Claw Corp; Gennadiy Gurevich, President of Eagle Claw Corp; Sean Chapin Kelly-Rand, Managing Member of RD Boston Holdings LLC; Thierry Valat de Cordova, Secretary of Eagle Claw and General Counsel and Chief Compliance Officer of the general partner and the manager; and Joseph Yankovich, Treasurer of Eagle Claw and Director of Accounting of the general partner and the manager.

Two entities are listed as managing members of both the manager and the general partner: RD Boston Holdings LLC, at the Boston address, and DC RD SPV LLC, at 19505 Biscayne Boulevard in Aventura, Florida. Eagle Claw Corp, at the same Aventura address, is listed as managing member of DC RD SPV LLC. Read together, the filing places a Florida holding chain above the Boston operating firm; the form does not describe ownership percentages or economics, only the roles.

The sponsor's other vehicle

RD Advisors also manages RD Real Estate Debt Fund II LP (CIK 1739026), a $100,000,000 offering with a first sale on July 1, 2021. Its most recent Form D/A, filed February 27, 2026, reports $46,121,521 sold to 230 investors. The prior amendment, filed March 31, 2025, reported $40,259,655 and 252 investors. The amount sold rose by $5.86 million over the year while the reported investor count fell by 22; Form D reports a cumulative amount sold and a count of investors as the issuer states it, and does not explain a falling count.

The two funds are separate offerings under one manager, with different structures and vintages, and their figures are not additive. The Debt Fund's five-year record is the only public measure of the sponsor's ability to raise capital, and it is the context in which a $3 million first close reads.

Why it matters

For a new private fund, the move from a zero-balance notice to a first reported figure is the first verifiable data point on the raise, and the exemption boxes are the first description of the strategy: 3(c)(5) is the exclusion real estate debt funds rely on, and 506(c) means the fund can market publicly to verified accredited investors. The 18-investor count against a 3(c)(1) limit of 100 beneficial owners says the fund has room; the $170,000 average ticket, against a $50,000 minimum, says the early investors are not minimum-ticket buyers.

The figures are a snapshot as of the filing date, not a close. Form D amendments are periodic, and the next one, due within a year or on a material change, will show whether the pace of the first seven months continued.

What the filings do not show

Neither filing discloses what the $3,065,000 has been lent against or acquired, the identity or type of the 18 investors, the fund's fee terms, or whether the offering remains open. Form D reports the offering amount and the amount sold as the issuer states them and nothing about performance or deployment.

The filings do not say why the first sale came four and a half months after the notice, and the reported roles of the Florida entities are descriptions of who manages whom, not of who owns what. Statements about the sponsor's lending history that appear in its own marketing were not used in this report because they are not in the public record.

This report addresses RD Real Estate Opportunity Fund I LP. The Debt Fund II figures are cited for sponsor context only and are not comparable across vintages, strategies or structures.