Proceeds of $61,060,817 fund the $49,500,000 purchase price, $4,552,427 in improvement reserves, $797,576 in lender reserves, and $2,932,236 in front-end fees.
Total Fees & Expenses
$2,932,236
% of equity
9.35%
% of offering
4.80%
$8,282,240 including reserves (13.56% of offering)
Where the offering proceeds go
Acquisition Cost$52.78M86.4%
Offering Expenses$2.93M4.8%
Reserves$5.35M8.8%
Total fees & expenses
$2.93M
4.80% of offering
Offering expenses
$2.93M
4.80% of offering
Reserves held
$5.35M
8.76% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Title & Recording Costs | $38,126 | 0.12% | 0.06% |
| Reserves (Lender Required) | $797,576 | 2.54% | 1.31% |
| Reserves (Master Tenant) | $4,552,427 | 14.52% | 7.46% |
| Reserves (Improvements) | $4,552,427 | 14.52% | 7.46% |
| Finance Expenses | $1,370,291 | 4.37% | 2.24% |
| Total Acquisition Cost | $52,778,578 | 168.29% | 86.44% |
| Total Acq. Cost (Reserves) | $58,128,580 | 185.35% | 95.20% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $470,412 | 1.50% | 0.77% |
| BD Due Diligence Allowance | $392,010 | 1.25% | 0.64% |
| BD Marketing Allowance | $392,010 | 1.25% | 0.64% |
| O&O Expenses | $188,165 | 0.60% | 0.31% |
| Third Party DD | $871,661 | 2.78% | 1.43% |
| Total Offering Expenses | $2,932,236 | 9.35% | 4.80% |
| Total Fees / Expenses | $2,932,236 | 9.35% | 4.80% |
| Total Upfront Fees (Reserves) | $8,282,240 | 26.41% | 13.56% |
Strengths
- $4,552,427 allocated to capital improvement reserves
- $797,576 in lender-required reserves
Concerns
- $2,932,236 in front-end fees and expenses