Sources comprise $46,331,389 in equity and $52,350,000 in debt, funding the $87,250,000 purchase price, $1,500,000 in reserves, and $4,331,985 in offering costs.
Total Fees & Expenses
$4,331,985
% of equity
9.35%
% of offering
4.39%
Where the offering proceeds go
Acquisition Cost$91.73M93.0%
Offering Expenses$4.33M4.4%
Reserves$2.62M2.7%
Total fees & expenses
$4.33M
4.39% of offering
Offering expenses
$4.33M
4.39% of offering
Reserves held
$2.62M
2.65% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Title & Recording Costs | $222,155 | 0.48% | 0.23% |
| Reserves (Loan Proceeds) | $1,500,000 | 3.24% | 1.52% |
| Reserves (Lender Required) | $1,115,704 | 2.41% | 1.13% |
| Reserves (Master Tenant) | $1,500,000 | 3.24% | 1.52% |
| Reserves (Lumped) | $1,500,000 | 3.24% | 1.52% |
| Reserves (Improvements) | $1,500,000 | 3.24% | 1.52% |
| Finance Expenses | $2,028,409 | 4.38% | 2.06% |
| Total Acquisition Cost | $91,733,700 | 197.99% | 92.96% |
| Total Acq. Cost (Reserves) | $94,349,404 | 203.64% | 95.61% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $694,971 | 1.50% | 0.70% |
| BD Due Diligence Allowance | $579,142 | 1.25% | 0.59% |
| BD Marketing Allowance | $579,142 | 1.25% | 0.59% |
| O&O Expenses | $277,988 | 0.60% | 0.28% |
| Third Party DD | $618,617 | 1.34% | 0.63% |
| Total Offering Expenses | $4,331,985 | 9.35% | 4.39% |
| Total Fees / Expenses | $4,331,985 | 9.35% | 4.39% |
| Total Upfront Fees (Reserves) | $4,331,985 | 9.35% | 4.39% |
Strengths
- Debt and equity fully match acquisition and capitalized reserve needs.
Concerns
- $4,331,985 absorbed in offering and front-end transaction fees.