Total sources of $39,408,522 fund the acquisition price ($33,065,000), upfront fees ($2,234,533), carry costs ($995,000), and reserves ($215,000).
Total Fees & Expenses
$2,234,533
% of equity
10.25%
% of offering
6.00%
Where the offering proceeds go
Acquisition Cost$34.33M87.1%
Offering Expenses$2.23M5.7%
Reserves$215K0.5%
Unallocated / other uses$2.63M6.7%
Total fees & expenses
$2.23M
6.00% of offering
Offering expenses
$2.23M
5.67% of offering
Reserves held
$215K
0.55% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $578,638 | 2.65% | 1.47% |
| Reserves (Master Tenant) | $215,000 | 0.99% | 0.55% |
| Finance Expenses | $1,031 | 0.00% | 0.00% |
| Total Acquisition Cost | $34,329,352 | 157.41% | 87.11% |
| Total Acq. Cost (Reserves) | $37,173,989 | 170.46% | 94.33% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $2,364,511 | 10.84% | 6.00% |
| Dealer Fee | $654,256 | 3.00% | 1.66% |
| O&O Expenses | $271,766 | 1.25% | 0.69% |
| Third Party DD | $71,950 | 0.33% | 0.18% |
| Carry Costs | $995,000 | 4.56% | 2.52% |
| Total Offering Expenses | $2,234,533 | 10.25% | 5.67% |
| Total Fees / Expenses | $2,234,533 | 10.25% | 5.67% |
Strengths
- Master tenant reserves established at $215,000
- Fully capitalized sources and uses structure
Concerns
- $995,000 allocated toward carry costs
- Upfront fees and expenses account for 10.25% of acquisition cost