Gross offering proceeds of $50,500,000 are allocated to property purchases ($45,299,110), reserves ($371,000), title/recording ($49,492), and front-end syndication fees and expenses ($3,850,148).
Total Fees & Expenses
$3,850,148
% of offering
7.25%
All-equity offering — load on equity equals load on offering price. · $1,278,500 including reserves (2.53% of offering)
Where the offering proceeds go
Acquisition Cost$45.37M89.8%
Offering Expenses$3.85M7.6%
Reserves$371K0.7%
Unallocated / other uses$908K1.8%
Total fees & expenses
$3.85M
7.25% of offering
Offering expenses
$3.85M
7.62% of offering
Reserves held
$371K
0.73% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Title & Recording Costs | $49,492 | 0.10% | 0.10% |
| Reserves (Loan Proceeds) | $371,000 | 0.73% | 0.73% |
| Reserves (Master Tenant) | $371,000 | 0.73% | 0.73% |
| Reserves (Lumped) | $371,000 | 0.73% | 0.73% |
| Total Acquisition Cost | $45,371,352 | 89.84% | 89.84% |
| Total Acq. Cost (Reserves) | $46,649,852 | 92.38% | 92.38% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $2,525,000 | 5.00% | 5.00% |
| Placement Agent Fee | $631,250 | 1.25% | 1.25% |
| BD Due Diligence Allowance | $35,000 | 0.07% | 0.07% |
| BD Marketing Allowance | $505,000 | 1.00% | 1.00% |
| O&O Expenses | $153,898 | 0.30% | 0.30% |
| Third Party DD | $35,000 | 0.07% | 0.07% |
| Total Offering Expenses | $3,850,148 | 7.62% | 7.62% |
| Total Fees / Expenses | $3,850,148 | 7.62% | 7.62% |
| Total Upfront Fees (Reserves) | $1,278,500 | 2.53% | 2.53% |
Strengths
- Reserves of $371,000 funded directly from gross proceeds.
Concerns
- Total front-end fees and expenses total $3,850,148 (7.25% load on equity).