Proceeds from $30,661,253 in equity and $31,300,000 in debt are applied to purchase price and $2,866,827 in upfront fees and offering costs.
Total Fees & Expenses
$2,866,827
% of equity
9.35%
% of offering
4.63%
Where the offering proceeds go
Acquisition Cost$59.09M95.4%
Offering Expenses$2.87M4.6%
Total fees & expenses
$2.87M
4.63% of offering
Offering expenses
$2.87M
4.63% of offering
Reserves held
—
— of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Title & Recording Costs | $12,420 | 0.04% | 0.02% |
| Finance Expenses | $187,311 | 0.61% | 0.30% |
| Total Acquisition Cost | $59,094,426 | 192.73% | 95.37% |
| Total Acq. Cost (Reserves) | $59,094,426 | 192.73% | 95.37% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $843,184 | 2.75% | 1.36% |
| BD Due Diligence Allowance | $413,927 | 1.35% | 0.67% |
| BD Marketing Allowance | $413,927 | 1.35% | 0.67% |
| O&O Expenses | $183,968 | 0.60% | 0.30% |
| Total Offering Expenses | $2,866,827 | 9.35% | 4.63% |
| Total Fees / Expenses | $2,866,827 | 9.35% | 4.63% |
| Total Upfront Fees (Reserves) | $2,866,827 | 9.35% | 4.63% |
Strengths
- Proceeds fully capitalize acquisition and transaction expenses.
- Financing expenses isolated at $187,311.
Concerns
- Upfront fee load represents 9.35% of acquisition cost.
- Total fees and expenses consume $2,866,827.