Gross equity proceeds of $106,751,437 are deployed into property purchase ($94,930,000), master tenant reserves ($3,200,000), transaction costs ($705,080), and upfront fees ($8,056,358).
Total Fees & Expenses
$8,056,358
% of offering
7.55%
All-equity offering — load on equity equals load on offering price.
Where the offering proceeds go
Acquisition Cost$93.44M87.5%
Offering Expenses$8.06M7.5%
Reserves$3.20M3.0%
Unallocated / other uses$2.06M1.9%
Total fees & expenses
$8.06M
7.55% of offering
Offering expenses
$8.06M
7.55% of offering
Reserves held
$3.20M
3.00% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Title & Recording Costs | $654,080 | 0.61% | 0.61% |
| Reserves (Master Tenant) | $3,200,000 | 3.00% | 3.00% |
| Finance Expenses | $1,031 | 0.00% | 0.00% |
| Total Acquisition Cost | $93,440,000 | 87.53% | 87.53% |
| Total Acq. Cost (Reserves) | $98,695,080 | 92.45% | 92.45% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $6,405,086 | 6.00% | 6.00% |
| Dealer Fee | $533,757 | 0.50% | 0.50% |
| BD Due Diligence Allowance | $1,067,514 | 1.00% | 1.00% |
| O&O Expenses | $8,056,358 | 7.55% | 7.55% |
| Third Party DD | $50,000 | 0.05% | 0.05% |
| Total Offering Expenses | $8,056,358 | 7.55% | 7.55% |
| Total Fees / Expenses | $8,056,358 | 7.55% | 7.55% |
Strengths
- Dedicated $3,200,000 Master Tenant reserve allocation
Concerns
- Front-end fee load totals $8,056,358