Proceeds fund the $226,746,498 acquisition cost and $29,956,000 in upfront fees and reserves, including $5,318,140 for improvements, $1,205,850 in lender-required reserves, and $1,000,000 in master tenant reserves.
Total Fees & Expenses
$9,209,502
% of equity
8.18%
% of offering
3.90%
$29,956,000 including reserves (12.70% of offering)
Where the offering proceeds go
Acquisition Cost$226.75M96.1%
Offering Expenses$9.21M3.9%
Reserves$7.52M3.2%
Total fees & expenses
$9.21M
3.90% of offering
Offering expenses
$9.21M
3.90% of offering
Reserves held
$7.52M
3.19% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $5,150,000 | 4.57% | 2.18% |
| Reserves (Lender Required) | $1,205,850 | 1.07% | 0.51% |
| Reserves (Master Tenant) | $1,000,000 | 0.89% | 0.42% |
| Reserves (Lumped) | $5,318,140 | 4.72% | 2.25% |
| Reserves (Improvements) | $5,318,140 | 4.72% | 2.25% |
| Loan & Lender Expenses | $4,796,864 | 4.26% | 2.03% |
| Finance Expenses | $3,275,644 | 2.91% | 1.39% |
| Total Acquisition Cost | $226,746,498 | 201.28% | 96.10% |
| Total Acq. Cost (Reserves) | $226,746,498 | 201.28% | 96.10% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $1,689,750 | 1.50% | 0.72% |
| BD Due Diligence Allowance | $1,126,500 | 1.00% | 0.48% |
| Total Offering Expenses | $9,209,502 | 8.18% | 3.90% |
| Total Upfront Fees (Reserves) | $29,956,000 | 26.59% | 12.70% |
Strengths
- Allocates $5,318,140 for improvements and $1,000,000 for master tenant reserves.
Concerns
- Total upfront fees with reserves equal $29,956,000.