Proceeds of $84,900,000 are allocated to asset acquisitions ($78,128,251), lumped reserves ($2,318,521), and total front-end fees and offering expenses ($3,387,760).
Total Fees & Expenses
$3,387,760
% of equity
7.12%
% of offering
5.00%
$2,318,521 including reserves (2.73% of offering)
Where the offering proceeds go
Acquisition Cost$78.13M92.0%
Offering Expenses$3.39M4.0%
Reserves$4.31M5.1%
Total fees & expenses
$3.39M
5.00% of offering
Offering expenses
$3.39M
3.99% of offering
Reserves held
$4.31M
5.08% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Title & Recording Costs | $330,000 | 0.69% | 0.39% |
| Reserves (Lender Required) | $86,170 | 0.18% | 0.10% |
| Reserves (Master Tenant) | $705,054 | 1.48% | 0.83% |
| Reserves (Lumped) | $2,318,521 | 4.87% | 2.73% |
| Reserves (Improvements) | $1,205,054 | 2.53% | 1.42% |
| Loan & Lender Expenses | $25,000 | 0.05% | 0.03% |
| Finance Expenses | $1,498,178 | 3.15% | 1.76% |
| Total Acquisition Cost | $78,128,251 | 164.24% | 92.02% |
| Total Acq. Cost (Reserves) | $81,512,240 | 171.35% | 96.01% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| BD Due Diligence Allowance | $475,700 | 1.00% | 0.56% |
| O&O Expenses | $142,710 | 0.30% | 0.17% |
| Third Party DD | $48,000 | 0.10% | 0.06% |
| Carry Costs | $105,000 | 0.22% | 0.12% |
| Total Offering Expenses | $3,387,760 | 7.12% | 3.99% |
| Total Fees / Expenses | $3,387,760 | 7.12% | 3.99% |
| Total Upfront Fees (Reserves) | $2,318,521 | 4.87% | 2.73% |
Strengths
- $2,318,521 funded into aggregate reserves
- $1,205,054 allocated specifically for property improvements
Concerns
- Total offering expenses equal $3,387,760
- O&O expenses total $142,710