The asset was acquired for a total acquisition cost of $112,088,036, or $116,151,730 including reserves. Total front-end fees and offering expenses stand at $7,378,270.
Valuation ladder
Offering price$123.53M
Cap rate spread & load
Syndicated cap rate6.15%
Upfront load (all-equity)5.97%equity = offering price
Acquisition Price
—
Offering Price
$123,530,000
Appraised Value
—
Upfront Load
—
Load on Equity
—
Load on Offering Price
—
Acquisition Cap Rate
—
Syndicated Cap Rate
6.15%
Premium / Discount
—
Appraisal / Offering %
—
Less Reserves %
1.07%
Strengths
- Syndicated cap rate established at 6.15%
Concerns
- Front-end load of $7,378,270 between offering expenses and fees