Proceeds of $91,509,083 fund the $78,250,000 property acquisition, $8,693,363 in front-end fees and expenses, $1,075,000 in reserves, and $751,049 in carry expenses.
Total Fees & Expenses
$8,693,363
% of offering
9.50%
All-equity offering — load on equity equals load on offering price.
Where the offering proceeds go
Acquisition Cost$82.82M90.5%
Offering Expenses$8.69M9.5%
Reserves$1.07M1.2%
Total fees & expenses
$8.69M
9.50% of offering
Offering expenses
$8.69M
9.50% of offering
Reserves held
$1.07M
1.17% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $2,347,500 | 0.23% | 2.57% |
| Reserves (Loan Proceeds) | $1,075,000 | 0.11% | 1.17% |
| Reserves (Improvements) | $1,075,000 | 0.11% | 1.17% |
| Loan & Lender Expenses | $19,835 | 0.00% | 0.02% |
| Finance Expenses | $751,049 | 0.08% | 0.82% |
| Total Acquisition Cost | $82,815,720 | 8.28% | 90.50% |
| Total Acq. Cost (Reserves) | $82,815,720 | 8.28% | 90.50% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $1,738,673 | 0.17% | 1.90% |
| Wholesaling Fee | $1,738,673 | 0.17% | 1.90% |
| BD Due Diligence Allowance | $915,091 | 0.09% | 1.00% |
| O&O Expenses | $549,054 | 0.05% | 0.60% |
| Carry Costs | $751,049 | 0.08% | 0.82% |
| Total Offering Expenses | $8,693,363 | 0.87% | 9.50% |
| Total Upfront Fees (Reserves) | $8,693,363 | 0.87% | 9.50% |
Strengths
- $1,075,000 dedicated to improvement reserves
Concerns
- Front-end fees and expenses total $8,693,363 (9.5% of acquisition cost)