The total acquisition cost is $69,927,500 against an aggregate offering price of $77,667,582. The appraisal-to-offering percentage is reported at 110.59%.
Valuation ladder
Offering price$77.67M
Cap rate spread & load
Upfront load (all-equity)9.00%equity = offering price
Load net of reserves6.75%
Acquisition Price
—
Offering Price
$77,667,582
Appraised Value
—
Upfront Load
—
Load on Equity
—
Load on Offering Price
9%
Acquisition Cap Rate
—
Syndicated Cap Rate
—
Premium / Discount
—
Appraisal / Offering %
110.59%
Less Reserves %
—
Strengths
- Appraisal to offering ratio disclosed at 110.59%
- Total acquisition cost established at $69,927,500
Concerns
- Offering equity includes $7,740,082 in front-end expenses and fees