The 312-unit garden-style asset operates under a master lease structure with $575,000 in master tenant reserves and $1,925,000 in improvement reserves.
Ongoing fee rates
Refinancing Fee2.5%
Refinancing Fee
2.5%
Trust Administration
The
Trust will be governed by a form Amended and Restated Trust Agreement (the "Trust Agreement") by and among the Depositor, the Manager (also in its capacity as Signatory Trustee (as defined herein)), The Corporation Trust Company, as the Delaware Trustee (the "Delaware Trustee"), and Ricardo Beausoleil, as the Independent Trustee (the "Independent Trustee" and, together with the Delaware Trustee and the Signatory Trustee, the "Trustees").
Strengths
- Initial debt coverage is strong at 2.02x DSCR
- Dedicated reserves funded for master tenant and lender requirements
Concerns
- Asset was constructed in 2005/2008, requiring ongoing maintenance oversight
- DST structure limits capital call flexibility