Executive Summary

The trust is seeking $23,520,998 in total offering equity from accredited 1031 exchange and direct investors. Equity proceeds fund the required down payment, front-end transaction fees, dealer compensation, and liquidity reserves. The capital raise is complemented by $20,455,000 in fixed-rate debt, representing a 46.5% offering leverage ratio.

The offering features a 138-unit build-to-rent residential community completed in 2023 in Jenks, Oklahoma. With an acquisition price of $37,250,000 and total offering capitalization of $43,975,998, the trust utilizes 46.5% leverage via a fixed-rate loan at 5.07% maturing in 2036. The asset was acquired at an entry cap rate of 5.77% and projects an average income of 4.86% over the hold period.

Meadow+Main benefits from newly completed 2023 construction in the build-to-rent sector, minimizing immediate structural capital expenditure requirements. The debt profile is conservative, featuring a 46.5% LTV and long-term 10-year fixed-rate financing at 5.07% through February 2036. Additionally, the sponsor provides significant institutional scale, managing over $24,000,000,000 in assets under management.

Sources comprise $23,520,998 in offering equity and $20,455,000 in debt proceeds, totaling $43,975,998. Uses include the $37,250,000 property acquisition, $979,605 in financing expenses, $215,754 in title and recording costs, $2,174,299 in master tenant/improvement reserves, $58,512 in lender reserves, and $2,199,285 in front-end fees and syndication expenses.

Primary risks center on single-asset concentration in the Jenks, Oklahoma submarket and execution risk inherent in build-to-rent operations. The offering structure includes $2,199,285 in front-end fees and expenses, which elevates the total cost basis above the physical acquisition price. Additionally, long-term performance relies on the master tenant's ability to maintain sufficient operational net cash flow to support the projected 4.86% average distribution.

The equity load between the $37,250,000 purchase price and the $43,975,998 total offering capitalization includes $2,199,285 in total offering expenses and front-end fees alongside substantial upfront reserves. Total master tenant and improvement reserves equal $2,174,299, supplemented by $58,512 in lender-required reserves. The spread between the 5.77% acquisition cap rate and the 5.07% interest rate provides positive initial leverage to support the 4.86% projected full-term average income.