Proceeds of $75,480,000 ($42,780,000 equity and $32,700,000 debt) are allocated to acquire the 8 assets, establish reserve accounts, and satisfy front-end transaction costs.
Total Fees & Expenses
$3,078,040
% of equity
7.20%
% of offering
4.08%
Where the offering proceeds go
Acquisition Cost$67.52M89.5%
Offering Expenses$3.08M4.1%
Unallocated / other uses$4.88M6.5%
Total fees & expenses
$3.08M
4.08% of offering
Offering expenses
$3.08M
4.08% of offering
Reserves held
—
— of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $988,622 | 2.31% | 1.31% |
| Finance Expenses | $1,187,795 | 2.78% | 1.57% |
| Total Acquisition Cost | $67,518,463 | 157.83% | 89.45% |
| Total Acq. Cost (Reserves) | $72,401,960 | 169.24% | 95.92% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| O&O Expenses | $128,340 | 0.30% | 0.17% |
| Third Party DD | $64,000 | 0.15% | 0.08% |
| Total Offering Expenses | $3,078,040 | 7.20% | 4.08% |
Strengths
- Fully identified sources and uses totaling $75,480,000
Concerns
- Front-end load creates spread between cost and syndication price