Capital sources include $77,400,000 in equity and $68,750,000 in debt. Uses fund the property purchase, $6,525,187 in total lumped reserves, and $5,921,100 in front-end offering costs.
Total Fees & Expenses
$5,921,100
% of offering
77400000.00%
All-equity offering — load on equity equals load on offering price. · $5,371,685 including reserves (6.94% of offering)
Where the offering proceeds go
Acquisition Cost$125.94M162.7%
Offering Expenses$5.92M7.6%
Reserves$13.05M16.9%
Total fees & expenses
$5.92M
77400000.00% of offering
Offering expenses
$5.92M
7.65% of offering
Reserves held
$13.05M
16.86% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Title & Recording Costs | $245,000 | 0.32% | 0.32% |
| Reserves (Loan Proceeds) | $533,502 | 0.69% | 0.69% |
| Reserves (Lender Required) | $533,502 | 0.69% | 0.69% |
| Reserves (Master Tenant) | $620,000 | 0.80% | 0.80% |
| Reserves (Lumped) | $6,525,187 | 8.43% | 8.43% |
| Reserves (Improvements) | $5,371,685 | 6.94% | 6.94% |
| Loan & Lender Expenses | $1,776,563 | 2.30% | 2.30% |
| Finance Expenses | $1,776,563 | 2.30% | 2.30% |
| Total Acquisition Cost | $125,937,500 | 162.71% | 162.71% |
| Total Acq. Cost (Reserves) | $146,150,000 | 188.82% | 188.82% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $774,000 | 1.00% | 1.00% |
| Placement Agent Fee | $890,100 | 1.15% | 1.15% |
| BD Due Diligence Allowance | $387,000 | 0.50% | 0.50% |
| BD Marketing Allowance | $774,000 | 1.00% | 1.00% |
| O&O Expenses | $286,000 | 0.37% | 0.37% |
| Third Party DD | $270,000 | 0.35% | 0.35% |
| Carry Costs | $2,063,650 | 2.67% | 2.67% |
| Total Offering Expenses | $5,921,100 | 7.65% | 7.65% |
| Total Upfront Fees (Reserves) | $5,371,685 | 6.94% | 6.94% |
Strengths
- Fully funded reserves including $5,371,685 for improvements
- Clear debt and equity source breakdown
Concerns
- Front-end offering fees consume $5,921,100 of proceeds