Total uses of proceeds include $90,250,000 for property purchase, $4,423,488 in offering expenses, $2,711,454 in financing costs, and $747,450 across loan, improvement, and master tenant reserves.
Total Fees & Expenses
$4,423,488
% of offering
5.00%
All-equity offering — load on equity equals load on offering price.
Where the offering proceeds go
Acquisition Cost$93.56M95.5%
Offering Expenses$4.42M4.5%
Reserves$447K0.5%
Total fees & expenses
$4.42M
5.00% of offering
Offering expenses
$4.42M
4.51% of offering
Reserves held
$447K
0.46% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Title & Recording Costs | $294,899 | 0.50% | 0.30% |
| Reserves (Loan Proceeds) | $300,000 | 0.51% | 0.31% |
| Reserves (Master Tenant) | $147,450 | 0.25% | 0.15% |
| Reserves (Improvements) | $300,000 | 0.51% | 0.31% |
| Finance Expenses | $2,711,454 | 4.60% | 2.77% |
| Total Acquisition Cost | $93,556,353 | 158.62% | 95.49% |
| Total Acq. Cost (Reserves) | $93,556,353 | 158.62% | 95.49% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $2,948,992 | 5.00% | 3.01% |
| Dealer Fee | $589,798 | 1.00% | 0.60% |
| Placement Agent Fee | $589,798 | 1.00% | 0.60% |
| O&O Expenses | $294,899 | 0.50% | 0.30% |
| Total Offering Expenses | $4,423,488 | 7.50% | 4.51% |
Strengths
- $747,450 in total reserve allocations established
- Clear equity capitalization of $58,979,841
Concerns
- Front-end offering expenses total $4,423,488
- Financing expenses total $2,711,454