Gross offering proceeds of $60,051,084 are allocated to the $48,433,606 purchase, $5,674,827 in fees and offering expenses, $1,046,823 in carry costs, and $1,750,000 in reserves.
Total Fees & Expenses
$5,674,827
% of offering
9.45%
All-equity offering — load on equity equals load on offering price.
Where the offering proceeds go
Acquisition Cost$52.48M87.4%
Offering Expenses$5.67M9.4%
Reserves$1.75M2.9%
Unallocated / other uses$150K0.2%
Total fees & expenses
$5.67M
9.45% of offering
Offering expenses
$5.67M
9.45% of offering
Reserves held
$1.75M
2.91% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $1,331,924 | 2.22% | 2.22% |
| Title & Recording Costs | $546,524 | 0.91% | 0.91% |
| Reserves (Loan Proceeds) | $1,750,000 | 2.91% | 2.91% |
| Reserves (Master Tenant) | $1,750,000 | 2.91% | 2.91% |
| Reserves (Lumped) | $1,750,000 | 2.91% | 2.91% |
| Reserves (Improvements) | $1,750,000 | 2.91% | 2.91% |
| Finance Expenses | $2,710,727 | 4.51% | 4.51% |
| Total Acquisition Cost | $52,476,257 | 87.39% | 87.39% |
| Total Acq. Cost (Reserves) | $54,376,257 | 90.55% | 90.55% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $750,639 | 1.25% | 1.25% |
| Placement Agent Fee | $840,715 | 1.40% | 1.40% |
| BD Due Diligence Allowance | $1,591,354 | 2.65% | 2.65% |
| BD Marketing Allowance | $1,591,354 | 2.65% | 2.65% |
| O&O Expenses | $480,409 | 0.80% | 0.80% |
| Third Party DD | $211,430 | 0.35% | 0.35% |
| Carry Costs | $1,046,823 | 1.74% | 1.74% |
| Total Offering Expenses | $5,674,827 | 9.45% | 9.45% |
| Total Fees / Expenses | $5,674,827 | 9.45% | 9.45% |
| Total Upfront Fees (Reserves) | $5,674,827 | 9.45% | 9.45% |
Strengths
- $1,750,000 funded into reserves (2.91% of equity)
Concerns
- Total upfront load and expenses reach $5,674,827