Proceeds fund the $37,325,000 acquisition price, $2,397,375 in total front-end fees, $264,005 in financing expenses, $466,504 in loan expenses, and $275,000 in Master Tenant reserves.
Total Fees & Expenses
$2,397,375
% of equity
47.95%
% of offering
6.00%
$4,471,625 including reserves (9.94% of offering)
Where the offering proceeds go
Acquisition Cost$44.99M100.0%
Offering Expenses$2.40M5.3%
Reserves$533K1.2%
Total fees & expenses
$2.40M
6.00% of offering
Offering expenses
$2.40M
5.33% of offering
Reserves held
$533K
1.18% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $1,226,200 | 24.52% | 2.73% |
| Title & Recording Costs | $72,566 | 1.45% | 0.16% |
| Reserves (Loan Proceeds) | $201,675 | 4.03% | 0.45% |
| Reserves (Lender Required) | $56,000 | 1.12% | 0.12% |
| Reserves (Master Tenant) | $275,000 | 5.50% | 0.61% |
| Reserves (Improvements) | $275,000 | 5.50% | 0.61% |
| Loan & Lender Expenses | $466,504 | 9.33% | 1.04% |
| Finance Expenses | $264,005 | 5.28% | 0.59% |
| Total Acquisition Cost | $44,994,000 | 899.88% | 100.00% |
| Total Acq. Cost (Reserves) | $44,994,000 | 899.88% | 100.00% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $213,100 | 4.26% | 0.47% |
| Placement Agent Fee | $213,100 | 4.26% | 0.47% |
| Wholesaling Fee | $191,790 | 3.84% | 0.43% |
| BD Due Diligence Allowance | $106,550 | 2.13% | 0.24% |
| BD Marketing Allowance | $213,100 | 4.26% | 0.47% |
| O&O Expenses | $266,375 | 5.33% | 0.59% |
| Third Party DD | $2,025 | 0.04% | 0.00% |
| Total Offering Expenses | $2,397,375 | 47.95% | 5.33% |
| Total Upfront Fees (Reserves) | $4,471,625 | 89.43% | 9.94% |
Strengths
- Dedicated reserves funded including $275,000 for Master Tenant
- $56,000 lender-required reserves established
Concerns
- Total front-end fees total $2,397,375
- Loan and lender expenses add $466,504 to uses