Total capitalization of $93,359,900 is allocated to property purchase ($81,500,000), financing expenses ($3,204,567), carry costs ($1,248,020), reserves ($646,735), and fees.
Total Fees & Expenses
$5,562,197
% of offering
12.05%
All-equity offering — load on equity equals load on offering price.
Where the offering proceeds go
Acquisition Cost$87.80M190.2%
Offering Expenses$5.56M12.0%
Reserves$852K1.8%
Total fees & expenses
$5.56M
12.05% of offering
Offering expenses
$5.56M
12.05% of offering
Reserves held
$852K
1.85% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $2,241,250 | 4.85% | 4.85% |
| Reserves (Lender Required) | $205,151 | 0.44% | 0.44% |
| Reserves (Master Tenant) | $646,735 | 1.40% | 1.40% |
| Reserves (Lumped) | $646,735 | 1.40% | 1.40% |
| Reserves (Improvements) | $646,735 | 1.40% | 1.40% |
| Finance Expenses | $3,204,567 | 6.94% | 6.94% |
| Total Acquisition Cost | $87,797,703 | 190.16% | 190.16% |
| Total Acq. Cost (Reserves) | $87,797,703 | 190.16% | 190.16% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $923,258 | 2.00% | 2.00% |
| BD Due Diligence Allowance | $577,036 | 1.25% | 1.25% |
| BD Marketing Allowance | $577,036 | 1.25% | 1.25% |
| O&O Expenses | $822,500 | 1.78% | 1.78% |
| Carry Costs | $1,248,020 | 2.70% | 2.70% |
| Total Offering Expenses | $5,562,197 | 12.05% | 12.05% |
| Total Fees / Expenses | $5,562,197 | 12.05% | 12.05% |
Strengths
- Master tenant reserves established at $646,735
- Lender-required reserves funded at $205,151
Concerns
- Carry costs require $1,248,020 from proceeds
- Total front-end fees/expenses absorb $5,562,197