Offering summary
BREX Briggs MF DST is a Delaware Statutory Trust offering sponsored by Brookfield Real Estate Exchange LLC, an affiliate of an institution with $1,000,000,000,000 in assets under management. The offering holds a 490-unit multifamily residential housing community located in Mount Laurel Township, New Jersey. The total offering price is $160,916,131, comprising an acquisition price of $151,700,000 and total acquisition costs of $154,922,421. Capitalization includes $79,916,131 in offering equity and debt financing structured at an offering LTV of 50.34%. The financing features a fixed interest rate of 4.2% subject to a Prepayment Premium. Projected Year 1 income is established at 4.65% with upfront reserves funded at $1,150,000.
Capital raise
0.0% of the offering is closed
$79,916,131 still available
$79,916,131
$0
0.0% of offering$0
Pending subscription$79,916,131
Open for subscriptionThe syndicate seeks to raise $79,916,131 in offering equity from investors. Capital raising costs include selling commissions of up to 5.0% payable to the Dealer Manager, a dealer fee of $799,161, and an organizational and offering expense reimbursement of $1,000,000. Total upfront offering expenses across the raise stand at $5,993,710.
Offering terms
Sector
Multifamily residential housing community
Investment Category
DST
Projected First Year Cashflow
4.65%
Avg. — over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$160,916,131
$328,400 per unit
Offering Debt
—
All-equity offering
LTV
—
On acquisition price
Units / Tenants
490
Mount Laurel Township, New Jersey
Property Age
—
The offering features a 490-unit multifamily residential community in Mount Laurel Township, New Jersey, with an acquisition price of $151,700,000 and a total offering price of $160,916,131. Financing is fixed at 4.2% with an offering LTV of 50.34% and equity required of $79,916,131. Year 1 projected income is 4.65%, supported by $1,150,000 in upfront reserves.
Strengths & considerations
Key strengths
Low Fixed-Rate Financing
4.2%Debt is secured at a fixed interest rate of 4.2%, insulating the property from floating-rate debt volatility.
Institutional Sponsor Scale
$1,000,000,000,000 AUMBrookfield Real Estate Exchange LLC is backed by an organization overseeing $1,000,000,000,000 in assets under management.
Moderate Leverage Profile
50.34% LTVThe trust maintains a conservative-to-moderate leverage structure with an offering LTV of 50.34%.
Key considerations
Front-End Load and Fees
$5,993,710Total front-end fees and expenses total $5,993,710, creating a 5% load on the offering price.
Prepayment Penalty Exposure
Prepayment PremiumThe loan documents contain a Prepayment Premium, creating financial friction for early refinancing or property disposition.
DST Track Record Omission
Not DisclosedThe supplement does not disclose detailed prior performance tables specifically for the sponsor's DST-related offerings.
The offering benefits from a favorable fixed interest rate of 4.2% and a moderate leverage profile at 50.34% LTV. It is backed by Brookfield Real Estate Exchange LLC, an affiliate of an institutional platform with $1,000,000,000,000 in assets under management. Additionally, the trust establishes $1,150,000 in upfront master tenant and loan reserves.
Sources, uses & fee assessment
Capital Sources
- $79.92M
Offering Equity
49.7% of offering
Where the Capital Goes
- $154.92M
Acquisition Cost
96.3% of offering
- $5.99M
Offering Expenses
3.7% of offering
- $1.15M
Reserves
0.7% of offering
Total Offering
$160.92M
All equity — no mortgage debt
Acquisition Cost
$154.92M
96.3% of offering to the property
Total Fees & Expenses
$5.99M
5.00% of offering
Reserves
$1.15M
0.7% of offering
The total offering price of $160,916,131 is funded via $79,916,131 in offering equity alongside debt proceeds based on a 50.34% LTV. Uses include the $151,700,000 acquisition price, $1,150,000 in reserves, $1,347,840 in financing expenses, $399,581 in title and recording costs, and other offering fees totaling $5,993,710.
Risk read
Tone reflects relative strength, not a rating
Leverage & Debt Structure
Moderate leverage with low fixed rateThe offering utilizes 50.34% LTV fixed at 4.2%, though early payoff is restricted by a Prepayment Premium.
Fee Load & Capital Dilution
Substantial front-end syndication costsTotal front-end expenses of $5,993,710 and a 5% load on the offering price increase the required capital appreciation to break even.
Sponsor & Track Record
Large institution lacking DST performance tablesWhile Brookfield manages $1,000,000,000,000 in AUM, the supplement lacks granular historical performance data for prior DST offerings.
Liquidity & Reserves
Explicit reserves funded upfrontThe capitalization includes $1,150,000 in reserves funded at closing for loan and master tenant obligations.
Key underwriting risks include a 5% load on the offering price and total front-end fees of $5,993,710 that dilute invested capital. The debt structure requires a Prepayment Premium, limiting debt refinancing flexibility. Additionally, the property supplement does not provide detailed prior performance track record tables for the sponsor's DST-related offerings.
Calculated underwriting metrics
Syndicated Cap Rate
—
NOI ÷ offering price
Upfront Load
5.00%
Total fees ÷ offering price (all-equity offering)
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
106.1%
Offering price ÷ acquisition price
Price per Unit
$328,400
Offering price ÷ 490 units
Total front-end fees and expenses aggregate to $5,993,710, reflecting a 5% load on the offering price. Debt covers 50.34% of the capitalization, while equity accounts for $79,916,131 to satisfy the $160,916,131 offering price. Annual trust administration is capped at up to 0.15% per annum of the maximum offering amount consisting of interests.
Sponsor
Sponsor
Brookfield Real Estate Exchange LLC
Brookfield Real Estate Exchange LLC is an institutional real estate sponsor backed by an organization managing $1,000,000,000,000 in assets under management. While the sponsor has broad global experience sponsoring real estate programs, the offering materials do not include detailed prior performance tables for its DST offerings.
• Portfolio Offerings may include interests in two or more Trusts or multiple Properties held in a single Trust, with purchasers participating equally in all Trusts or Properties included in the portfolio. • In some Portfolio Offerings, a parent trust owns interests in two or more sub-trusts that own the Properties. • Purchasers in multi-property Portfolio Offerings may receive consolidated reports, financial statements, and other information covering all Properties in the portfolio.
Properties owned or managed
$1,000,000,000,000
Across all programs
2
Prior DST offerings
—
DST-held assets
BF REIT has no employees of its own; its executive officers are employees of and compensated by the Adviser, which manages all of BF REIT’s operations.
Disclosed headcount
multifamily residential housing community
Stated strategy
Brookfield Real Estate Exchange LLC acts as the sponsor, operating within a global entity managing $1,000,000,000,000 in assets under management. The sponsor and its affiliates have broad real estate experience, though detailed prior performance tables for DST-specific offerings are not provided in the property supplement. Operations are externally managed as the REIT entity has no direct employees.