Total capitalization of $43,975,998 allocates $37,250,000 to purchase price, $2,174,299 to master tenant/improvement reserves, $58,512 to lender reserves, $979,605 to finance expenses, and $2,199,285 to total offering expenses and fees.
Total Fees & Expenses
$2,199,285
% of equity
9.35%
% of offering
5.00%
$2,174,299 including reserves (4.94% of offering)
Where the offering proceeds go
Acquisition Cost$38.23M86.9%
Offering Expenses$2.20M5.0%
Reserves$2.23M5.1%
Unallocated / other uses$1.31M3.0%
Total fees & expenses
$2.20M
5.00% of offering
Offering expenses
$2.20M
5.00% of offering
Reserves held
$2.23M
5.08% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $931,250 | 3.96% | 2.12% |
| Title & Recording Costs | $215,754 | 0.92% | 0.49% |
| Reserves (Lender Required) | $58,512 | 0.25% | 0.13% |
| Reserves (Master Tenant) | $2,174,299 | 9.24% | 4.94% |
| Reserves (Improvements) | $2,174,299 | 9.24% | 4.94% |
| Finance Expenses | $979,605 | 4.16% | 2.23% |
| Total Acquisition Cost | $38,229,605 | 162.53% | 86.93% |
| Total Acq. Cost (Reserves) | $41,776,714 | 177.61% | 95.00% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $294,012 | 1.25% | 0.67% |
| BD Due Diligence Allowance | $294,012 | 1.25% | 0.67% |
| BD Marketing Allowance | $294,012 | 1.25% | 0.67% |
| O&O Expenses | $200,000 | 0.85% | 0.45% |
| Total Offering Expenses | $2,199,285 | 9.35% | 5.00% |
| Total Fees / Expenses | $2,199,285 | 9.35% | 5.00% |
| Total Upfront Fees (Reserves) | $2,174,299 | 9.24% | 4.94% |
Strengths
- $2,174,299 dedicated to master tenant and improvement reserves
- $58,512 placed into lender-required reserves
Concerns
- $2,199,285 in total offering expenses allocated from equity proceeds
- Organizational and offering expenses equal $200,000