Gross equity proceeds of $86,840,527 are allocated to acquisition costs ($72,593,909), upfront fees and offering expenses ($7,294,605), and funded reserves ($4,781,000). Total closed equity stands at $29,840,527 with $57,000,000 available.
Total Fees & Expenses
$7,294,605
% of offering
14840527.00%
All-equity offering — load on equity equals load on offering price. · $14,840,527 including reserves (17.09% of offering)
Where the offering proceeds go
Acquisition Cost$72.59M83.6%
Offering Expenses$7.29M8.4%
Reserves$4.78M5.5%
Unallocated / other uses$2.17M2.5%
Total fees & expenses
$7.29M
14840527.00% of offering
Offering expenses
$7.29M
8.40% of offering
Reserves held
$4.78M
5.51% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $2,171,013 | 2.50% | 2.50% |
| Reserves (Loan Proceeds) | $4,781,000 | 5.51% | 5.51% |
| Reserves (Master Tenant) | $4,781,000 | 5.51% | 5.51% |
| Reserves (Lumped) | $4,781,000 | 5.51% | 5.51% |
| Reserves (Improvements) | $4,781,000 | 5.51% | 5.51% |
| Finance Expenses | $0 | 0.00% | 0.00% |
| Total Acquisition Cost | $72,593,909 | 83.59% | 83.59% |
| Total Acq. Cost (Reserves) | $79,545,922 | 91.60% | 91.60% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $4,342,026 | 5.00% | 5.00% |
| Dealer Fee | $1,085,507 | 1.25% | 1.25% |
| Placement Agent Fee | $1,432,869 | 1.65% | 1.65% |
| O&O Expenses | $434,203 | 0.50% | 0.50% |
| Total Offering Expenses | $7,294,605 | 8.40% | 8.40% |
| Total Fees / Expenses | $7,294,605 | 8.40% | 8.40% |
| Total Upfront Fees (Reserves) | $14,840,527 | 17.09% | 17.09% |
Strengths
- Robust liquidity buffer with $4,781,000 allocated to funded reserves.
- Raise is underway with $29,840,527 already closed.
Concerns
- Upfront offering fees and expenses total $7,294,605 (8.40% of proceeds).
- $57,000,000 in equity remains to be raised.