Total uses of $58,423,431 comprise property purchase ($47,427,394), offering costs ($5,521,014), capital reserves ($2,000,000), and carry expenses ($1,012,207).
Total Fees & Expenses
$5,521,014
% of offering
9.45%
All-equity offering — load on equity equals load on offering price. · $10,996,037 including reserves (18.82% of offering)
Where the offering proceeds go
Acquisition Cost$50.80M87.0%
Offering Expenses$5.52M9.4%
Reserves$2.00M3.4%
Unallocated / other uses$100K0.2%
Total fees & expenses
$5.52M
9.45% of offering
Offering expenses
$5.52M
9.45% of offering
Reserves held
$2.00M
3.42% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $1,304,253 | 2.23% | 2.23% |
| Title & Recording Costs | $157,637 | 0.27% | 0.27% |
| Reserves (Loan Proceeds) | $2,000,000 | 3.42% | 3.42% |
| Reserves (Lumped) | $2,000,000 | 3.42% | 3.42% |
| Reserves (Improvements) | $2,000,000 | 3.42% | 3.42% |
| Finance Expenses | $1,012,207 | 1.73% | 1.73% |
| Total Acquisition Cost | $50,802,416 | 86.96% | 86.96% |
| Total Acq. Cost (Reserves) | $52,902,416 | 90.55% | 90.55% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $3,505,406 | 6.00% | 6.00% |
| Dealer Fee | $730,293 | 1.25% | 1.25% |
| Placement Agent Fee | $817,928 | 1.40% | 1.40% |
| BD Due Diligence Allowance | $730,293 | 1.25% | 1.25% |
| O&O Expenses | $467,387 | 0.80% | 0.80% |
| Third Party DD | $593,425 | 1.02% | 1.02% |
| Carry Costs | $1,012,207 | 1.73% | 1.73% |
| Total Offering Expenses | $5,521,014 | 9.45% | 9.45% |
| Total Fees / Expenses | $5,521,014 | 9.45% | 9.45% |
| Total Upfront Fees (Reserves) | $10,996,037 | 18.82% | 18.82% |
Strengths
- $2,000,000 dedicated to trust-controlled reserves
Concerns
- Total offering expenses of $5,521,014 equal 9.45% of gross equity