Equity proceeds of $31,709,210 and debt of $28,033,000 fund the acquisition, $3,170,921 in front-end load, and $2,040,686 in reserves.
Total Fees & Expenses
—
% of equity
—
% of offering
10.00%
Where the offering proceeds go
Acquisition Cost$51.02M160.9%
Reserves$2.04M6.4%
Total fees & expenses
—
10.00% of offering
Offering expenses
—
— of offering
Reserves held
$2.04M
6.44% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $1,020,500 | 321.83% | 3.22% |
| Title & Recording Costs | $349,020 | 110.07% | 1.10% |
| Reserves (Loan Proceeds) | $62,140 | 19.60% | 0.20% |
| Reserves (Lender Required) | $678,546 | 213.99% | 2.14% |
| Reserves (Master Tenant) | $300,000 | 94.61% | 0.95% |
| Reserves (Improvements) | $1,000,000 | 315.37% | 3.15% |
| Finance Expenses | $515,611 | 162.61% | 1.63% |
| Total Acquisition Cost | $51,025,000 | 16091.54% | 160.92% |
| Total Acq. Cost (Reserves) | $56,571,289 | 17840.65% | 178.41% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $1,902,553 | 600.00% | 6.00% |
| Dealer Fee | $317,092 | 100.00% | 1.00% |
| Wholesaling Fee | $317,092 | 100.00% | 1.00% |
| BD Due Diligence Allowance | $317,092 | 100.00% | 1.00% |
| O&O Expenses | $317,092 | 100.00% | 1.00% |
Strengths
- Fully funded reserve pool of $2,040,686 allocated.
- Includes $1,000,000 dedicated to improvement reserves.
Concerns
- 10.0% of equity proceeds allocated to front-end fees.
- Upfront load totals $3,170,921.