The asset was acquired for $108,400,000, supported by $1,250,000 in reserves and $717,111 in loan and lender expenses.
Valuation ladder
Acquisition price$108.40M
Offering price$74.95M+-30.9%
Cap rate spread & load
Upfront load (all-equity)8.70%equity = offering price
Load net of reserves7.02%
Acquisition Price
$108,400,000
Offering Price
$74,946,000
Appraised Value
—
Upfront Load
$87
Load on Equity
8.7%
Load on Offering Price
8.7%
Acquisition Cap Rate
—
Syndicated Cap Rate
—
Premium / Discount
—
Appraisal / Offering %
—
Less Reserves %
—
Strengths
- Established acquisition basis of $108,400,000
- Funded master tenant reserve of $1,250,000
Concerns
- Transaction closing costs include $229,186 in title and recording