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Funded
Mixed-Use
Evanston Gateway
Evanston, IL
INVESTMENT STRATEGY
Development
INVESTMENT TYPE
Equity
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100% funded
Offered By LG Development Group LLC and Harrington Brown LLC
18.6%* TARGET IRR 17.6%-19.6%
1.67X* TARGET EQUITY MULTIPLE
Estimated Hold Period 3 Years
Estimated First Distribution 7/2024
Minimum Investment 35000
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Project Summary
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Explore this Project
Overview
Ground-up development of a 28-unit, transit-oriented mixed-use building where urban meets suburban, located in trendy Evanston, along Chicago's North Shore.
New Construction

The Project is shovel ready, with the building permit in hand. This shortens the timeline from breaking ground to project stabilization. Additionally, many of the unknown elements of development are fully delineated upon completion of the preconstruction work, making it advantageous for an investor to come into a project at this stage.

Location

Evanston Gateway offers many conveniences of the urban lifestyle, including restaurants, cafes, and lakefront access, perfectly blended in a less dense, more relaxed suburban setting. The Project is located near both the Chicago public transportation system as well as the suburban commuter train route. The commute to downtown is only 30 minutes (via Metra), to Evanston Hospital in under 20 minutes (by bike or car) and to Northwestern University in about 10 minutes (by bike or car).

Class A

The Project will be a first-class, boutique apartment building that offers residents a combination of privacy and top of the line amenities and finishes. The future building plans to be a response to resident preferences brought about by Covid, providing a highly sought-after alternative to extremely dense apartment buildings with overly crowded elevators, lobbies, and common areas.

Property At A Glance
Construction Start Date April 2021
Target Development Yield 5.9%
# of Units 28 plus 4,990 SF of retail 
Exit Cap Rate 5.0%
Parking Ratio 1.07 per unit
Total Project Cost

$12,458,601

Investment Highlights
Permit is in hand and contractor will be breaking ground immediately after closing.
Boutique Class A building featuring all the amenities of a larger building without the density.
Sponsors have an extensive track record with a current portfolio of over 500 units valued above $230M, boasting current occupancy of 96%.
Evanston Gateway is ideally situated where urban meets suburban with nearby access to Lake Michigan.
Conveniently located near both Chicago public transportation system and suburban commuter train line.
Exit strategy is to sell the property in three years at an expected cap rate of 5%, returning an IRR of 18.6%.
Management
Cumulative Distributions

LG Development Group LLC and Harrington Brown LLC

The Project is jointly sponsored by LG Development Group, LLC and Harrington Brown, LLC.

About LG Development Group, LLC

Opening their doors in 2005, LG Development Group (the "Developer") was founded by Brian Goldberg as a real estate development company focused on producing luxury residential and commercial properties. They quickly realized they had an opportunity to serve their clients and partners more effectively, and in 2008, they started LG Construction Group, offering general contracting services independent from LG Development Group, then LG Advantage, a fully staffed small projects and service division, and their most recent venture, LG Design, a modern interior design division. Each team offers a combination of different skills and abilities, and being under one roof, LG is able to provide those services in a collaborative, cohesive environment.

Their portfolio has expanded from boutique single-family homes to large residential and commercial multi-unit buildings, developing over 2,000 units and $2B in properties spanning more than two million square feet.

About Harrington Brown, LLC

Harrington Brown, LLC, a non-controlling partner, is a boutique commercial real estate company, focused on investing and developing projects in our community on the north side of Chicago and Evanston. The company also provides advisory and brokerage services to a wide variety of clients.

The company was founded by David R. Brown in 2009. Mr. Brown is a commercial real estate veteran with 34 years of experience generating property value through asset management, development, redevelopment, and leasing, as well as creatively positioning assets for sale.  The company’s principal development and investment activities have focused on developing and renovating multi-family, retail, and mixed-use properties.  On the advisory side, Harrington Brown has assisted institutional and entrepreneurial owners with asset management, property management, leasing property acquisitions and investment sales throughout the country.  Prior to forming Harrington Brown, Mr. Brown was CEO of ORIX Real Estate Capital where he oversaw company operations nationwide and spearheaded more than $1B in real estate development, acquisition, financing, and dispositions. Mr. Brown also has executive experience at Lehman Brothers and Jones Lang LaSalle (JLL).

HTTP://LGDEVELOPMENTGROUP.COM/
  • Brian Goldberg
    Partner & Chief Operations Officer
  • Matt Wilke
    Partner & Chief Operations Officer - LG Development Group LLC
  • Daniel Haughney
    Chief Investment Officer
  • Jennifer Albert
    Chief Financial Officer
  • David Brown
    President
Brian Goldberg
Partner & Chief Operations Officer

Brian is a founding partner of LG Construction + Development and has spent the last 17 years developing, constructing, and renovating over $2 biillion in high-end residential and commercial projects around Chicago.

Brian’s relentless pursuit of the highest level of customer service and uncompromising standards has led us to be a top-rated company across many different construction types and asset classes.

Brian graduated from the University of Illinois with a Bachelors and Masters of Science in General Engineering, and also has an MBA.

Matt Wilke
Partner & Chief Operations Officer - LG Development Group LLC

Matt’s 15 years of industry success is built on his dedication and professional drive. By keeping his client’s needs foremost, and developing project teams that do the same, he ensures LG Construction + Development thrives.

As COO, Matt oversees all aspects of our projects. His hands-on approach to every facet of the process is visible in each of our completed projects.

Matt grew up in Naperville, Illinois and graduated from Purdue University with a Bachelor of Science in Construction Engineering and Management.

Daniel Haughney
Chief Investment Officer

As Chief Investment Officer, Daniel oversees the firm’s investment activity and leads the overall strategy. His responsibilities include sourcing and analyzing potential investment opportunities, building the capital stack, and structuring joint ventures.  He also assists with portfolio management and investor relations.

Prior to joining LG, Daniel served as a Vice President of JLL’s Capital Markets Group where he focused on development and adaptive reuse assets.Daniel has closed over $1 billion of real estate transactions during his 15 years in the industry. 

Daniel holds a BA in Business Communications from the University of Kansas and a certificate in urban real estate from the UIC Graduate School of Business. He is a LEED accredited professional and a member of the Urban Land Institute.

Jennifer Albert
Chief Financial Officer

Jennifer has spent over 12 years in public accounting, working in audit, tax, and consulting focused primarily on construction and real estate.

In addition to Jennifer’s industry-wide experience and knowledge of best practices, she has a passion for the operations side of it, and actually believes accounting is fun!

Jennifer received a Bachelor in Science from Bradley University, is a Certified Public Accountant, a Certified Construction Industry Finance Professional, and a member of the Illinois CPA Society, the AIPCA, the CFMA, and CREW.

David Brown
President

David Brown is a commercial real estate veteran with 34 years of experience generating property value through asset management, development, redevelopment and leasing, as well as creatively positioning assets for sale.  On the advisory side, Mr. Brown has assisted institutional and entrepreneurial owners with asset management, property management, leasing,  property acquisitions and investment sales throughout the country.   He is a long-time resident of Chicago's north side and has been actively involved in the community as a volunteer and Board member of various organizations. 

Track Record

Developer Property City, State Asset Type Acq Date Units or SF Purchase Price Sales Price Project Value
LG 1241 N Milwaukee Chicago, IL  Mixed Use 12/17/2013 60 units, 16,000 SF retail $3,350,000 $31,470,000  
LG 1643-47 N Milwaukee Chicago, IL  Mixed Use 8/26/2014 36 units, 11,000 SF retail, 20,000 SF office $5,050,000 $26,280,000  
LG Illume Chicago, IL  Condos 10/30/2015 79 units $6,350,000 $84,849,978  
LG 1879 N Milwaukee Chicago, IL  Mixed Use 4/1/2016 36 units, 7,000 SF retail $1,487,500   $11,875,911
LG 1437 N Wells Chicago, IL  Mixed Use 4/8/2016 50 units, 6,743 SF retail $8,677,548   $25,000
LG The Plymouth Chicago, IL  Multi-family 4/29/2016 30 units $3,000,000   $1,680,000
LG Ronsley Chicago, IL  Condos 5/18/2016 41 units $11,540,000   $72,273,674
LG The Insurance Center Chicago, IL  Mixed Use 7/14/2016 132 units, 24,489 SF office, 5,224 SF retail $10,071,897   $53,441,270
LG The Jax Chicago, IL  Mixed Use 9/7/2018 166 units, 7,426 SF retail $5,435,000   $51,713,729
LG Trailhead Chicago, IL  Mixed Use 4/2/2019 109 units, 9,791 SF retail $5,100,000   $51,169,964
LG Roots - Printers Row Chicago, IL  Retail/Restaurant 10/5/2018 9,365 SF $2,730,000   $9,500,000
                 
                 
HB Larchmont-Lincoln Chicago, IL  Mixed Use Rehab 6/1/2003 7,950 SF (6 units, ground floor retail) $1,200,000 $2,050,000  
HB Montrose Green Chicago, IL  Land Flip, Entitled, Designed 12/1/2009   $605,000 $3,000,000  
HB Half Acre Brewery Chicago, IL  Industrial Rehab/Repurpose 6/1/2012 57,000 SF $1,600,000 $3,150,000  
HB Montrose West Chicago, IL  Retail Rehab 3/1/2015 2,854 SF $949,000 $1,950,000  

*The above bios and track record were provided by LG Development, LLC and Harrington Brown, LLC and have not been independently verified by RealtyMogul.

 

Business Plan

Evanston Gateway presents a unique opportunity to invest in a completely shovel ready project on the boundary of Chicago and Evanston.  The Project is fully entitled, GC contract is negotiated, building permit is in hand, and construction is set to commence in April 2021 with a build timeline of 12 months. Leasing is anticipated to begin in April 2022 with the residential move-ins starting in May 2022. The Real Estate Company anticipates stabilization during Year 2 and a target sale by April 2024 at an expected cap rate of 5.0%, totaling $13.2M.

Total project costs are estimated to be $12.46M, and the construction loan term sheet offers attractive terms at 3 years interest only at LIBOR + 2.65% with a LIBOR floor of .25%.  Further, the Project has secured Tax-Increment Financing (TIF) from the City of Evanston, which provides for reimbursement of approximately $1.6M of costs to be incurred. The TIF is an additional source of equity in the deal, which results in a total equity raise of only 27%, therefore yielding higher returns to investors. 

Project Schedule:
Year 1 - Construction 
Year 2 - Lease-up
Year 3 - Stabilization and Disposition

 

Property
Property Details

A boutique 28-unit mixed-use project situated in the highly desirable Chicago North Shore, just steps from Lake Michigan, adjacent to Chicago's public transportation and the suburban commuter train. This transit-oriented building features a rooftop amenity space situated between two lush green roof gardens, a fitness room, and about 5,000 sf of ground floor retail.

Unit Mix

Unit Type # of Units Avg SF/Unit Avg Rent (Stabilized) Rent PSF
1 x 1 (Market) 10 745 $1,877 $2.52
1 x 1 (Affordable) 3 811 $1,185 $1.46
2 x 2 (Market) 13 1,115 $2,607 $2.34
2 x 2 (Affordable) 2 1,055 $1,422 $1.35
Total/Averages 28 946 $2,109 $2.23
Comparables

Lease Comparables

  Elevation Lofts Edge on Broadway The Main Arcade Residences Comp Averages Evanston Gateway
Address 1531 W Howard 6149 Broadway 847 Chicago Ave 1135 Sheridan   100 Chicago Ave
Year Built 2020 2020 2016 2019 2018 2022
Units 38 105 112 58 78 28
Average Rental Rate $1,308 $1,503 $2,069 $2,694 $1,903 $2,109
Average SF 620 621 899 902 761 946
Average $/SF   $2.11   $2.42   $2.30   $2.99 $2.45 $2.23
# Units (Studio)   45 7   26  
$ (Studio)   $1,267 $1,438   $1,290  
SF (Studio)   409 500   421  
$/SF (Studio)   $3.10 $2.88   $3.06  
             
$ (1x1) $1,308 $1,633 $1,868 $1,877 $1,673 $1,717
SF (1x1) 620 635 788 652 689 760
$/SF (1x1) $2.11 $2.57 $2.37 $2.88 $2.43 $2.26
             
$ (2x2)   $1,776 $2,226 $3,027 $2,345 $2,449
SF (2x2)   772 1,027 978 954 1,107
$/SF (2x2)   $2.30 $2.17 $3.10 $2.46 $2.21
             
$ (3x2)     $3,364 $3,528 $3,468  
SF (3x2)     1,424 1,209 1,288  
$/SF (3x2)     $2.36 $2.92 $2.69  
Distance to Subject 0.4 Miles 2.4 Miles 0.9 Miles 2.1 Miles 1.5 Miles  
Notes 78.9% occupied. Fitness center, dog run, and rooftop deck.  94.2% occupied. Fitness center. Clubhouse.  95.5% occupied. Rooftop terrace/resident area.  77.6% occupied. Rooftop resident area with BBQ's.   Market rent following construction completion in 2022. 

Sales Comparables

  931-933 Belle Plaine Ave 1620 Central St 3200 N Clark St 5427-5437 N Broadway 3905 N Western  Total/Averages Evanston Gateway
Date Mar '20 May '19 Jul '18 May '18 Feb '17   Mar '23
Submarket Chicago Evanston Chicago Chicago Chicago   Evanston
Year Built 2018 2017 2016 2015 2009 2015 2022
SF 13,600 42,300 160,000 95,000 56,739 73,528 42,558
Units 17 47 98 42 30 47 28
Average SF 800 900 850 1,164 1,000 943 946
Sale Price $6,700,000 $20,500,000 $53,000,000 $15,800,000 $14,125,000 $22,025,000 $13,263,811
$/Unit $394,118 $436,170 $540,816 $376,190 $470,833 $443,626 $473,708
$/SF $492.65 $484.63 $331.25 $166.32 $248.95 $344.76 $311.66
Cap Rate N/A 4.75% 6.00% N/A 6.08% 5.61% 5.00%
Distance from Subject (mi.) 5.1 Miles 3.7 Miles 5.9 Miles 3.2 Miles 5.5 Miles 4.7 Miles  
Notes 94.1% leased at sale. Local buyer (Fairmont Properties). 87.2% leased at sale. Institutional buyer (Highlands REIT). 20% retail mix (Target Express) valued at $10MM. $438K per unit excluding retail. Institutional buyer (Standard Companies). 25% retail mix valued at $5MM. $255K per unit excluding retail. Institutional buyer (Laramar Group). 16% retail mix valued at $3MM. $367K per unit excluding retail. Local buyer (Vestian Group).   12% retail mix valued at $1.7MM. $411K per unit excluding retail. Fitness center. Rooftop deck. BBQ. 

 

Location

 

Market Overview

The Evanston area remains a strong market with numerous drivers that continue to attract renters to the submarket, including a major university (Northwestern University), an expansive healthcare sector, convenient public transportation within Evanston and into the Chicago Business District, and a superb location along Lake Michigan. In the previous 12 months, 206 units have been delivered, while 240 units have been absorbed, resulting in positive absorption despite the ongoing coronavirus pandemic (Costar). Additionally, after an influx of 4- and 5-star assets delivered in Q42019 and Q12020, no development activity is currently underway in the Evanston submarket. 

The largest employers in Evanston include the NorthShore University HealthSystem, Saint Francis Hospital and Northwestern University. All three employers employ approximately 5,000 individuals each. Evanston features a walkable downtown area and public transportation via the Chicago Transit Authority (CTA) Purple line and Metra, which has historically attracted young professionals who work in Downtown Chicago. Evanston has a population of nearly 75,000, boasts a median household income of $95,497 and a median age of 34-years-old.

Submarket Overview

Commonly known as where Chicago meets the North Shore, Evanston combines the relaxing nature of suburban living with much of the shopping, cuisine, culture, and arts found in urban settings. ​The city boasts the largest downtown workforce in the North Shore, with over 10,000 employees in the CBD.​ Evanston is home to Northwestern University, one of the most prestigious institutions in the country. Northwestern enhances Evanston's uniqueness through its Big Ten Conference athletic events, performing arts concerts, musicals and plays, and unrivaled landmarked architecture dating back to the turn of the century. ​

With several miles of frontage, Evanston gets to have direct access to Chicagoland's most prized asset, Lake Michigan, with seven different beaches.​ Culturally, Evanston is thriving with art galleries, festivals, public art, and museums. ​ In addition to Evanston's downtown, there are charming commercial corridors on Central Ave on the north side of the city, and Howard St on the southern gateway. ​ It’s easily accessible by an abundance of public transit options, and appreciated for its safe, walkable streets.

Photos
Financials
Sources & Uses

Sources of Funds $ Amount $/Unit
Debt $7,453,489 $266,196
GP Investor Equity $335,112 $11,968
RM Investor Equity $3,080,000 $110,000
TIF Agreement $1,590,000 $56,786
Total Sources of Funds $12,458,601 $444,950
           
Uses of Funds $ Amount $/Unit
Purchase Price $2,500,000 $89,286
Acquisition Fee $25,000 $893
Loan Fee $119,535 $4,269
Hard Costs, excluding contingency $7,300,813 $260,743
Retail Tenant Improvement Reserve $224,550 $8,020
Soft Costs(1) $1,466,209 $52,365
Interest Reserve $175,000 $6,250
Contingency $647,494 $23,125
Total Uses of Funds $12,458,601 $444,950


Please note that the equity contribution from LG Development Group and Harrington Brown may consist of friends and family equity and equity from funds controlled by LG Development Group and Harrington Brown. Additionally, the numbers represented above can change prior to closing depending on final loan proceeds, property condition assessments, appraisals, final closing costs, and other lender-mandated expenses.

(1) RM Technologies operates the RealtyMogul platform. RM Technologies charges a fixed, non-percentage-based fee for real estate companies to use the marketplace. An estimate of this fee is included in the Transactional Costs and is intended to be capitalized into the transaction at the discretion of the Manager.

Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Busey Bank
  • Term: 3 years with a 2-year mini perm option
  • LTV: 60.0%
  • Total Estimated Proceeds: $7,453,489
  • Interest Type: Floating
  • Spread above one-month LIBOR: 2.65%
  • Interest Only: 3 years
  • Amortization: 27 years
  • Prepayment terms: After conversion to mini perm, prepayment is 2% in year 1 and 1% in year 2 but only applies to a refi and not to a sale.
  • Extension requirements: Debt Service Coverage Ratio before distributions to be at least 1.20 to 1.00; DSCR after distributions to be at least 1.05 to 1.00.

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender-controlled capital reserve account.

A substantial portion of the total acquisition for the Property will be paid with borrowed funds. The use of borrowed money to acquire real estate is referred to as leveraging. Leveraging increases the funds available for investment or development purposes, on the one hand, but also increases the risk of loss on the other. If the Company were unable to pay the payments on the borrowed funds (called a "default"), the lender might foreclose, and the Company could lose its investment in its property.

Distributions

LG Development Group and Harrington Brown intend to make distributions from 100 Chicago Holdings, LLC as follows:

1. To the Investors, pari passu, all operating cash flows to a 10% preferred return 

2. 70% / 30% (70% to Investors / 30% to Promote) of excess operating cash flows

Note: These distributions will occur after the payment of the Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

Distributions are expected to occur after the sale of the property, which is expected to be in April 2024. These distributions are at the discretion of LG Development Group and Harrington Brown, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Cash Flow Summary        
    Year 1 Year 2 Year 3
Effective Gross Revenue   $0 $756,689 $914,675
Total Operating Expenses   $0 $253,904 $288,237
Net Operating Income   $0 $502,785 $626,438
         
Project-Level Cash Flows        
  Year 0 Year 1 Year 2 Year 3
Net Cash Flow -$3,415,112  $0  $0 $6,241,967
             
Investor-Level Cash Flows*        
  Year 0 Year 1 Year 2 Year 3
Net Cash Flow -$3,080,000  $0  $0 $5,139,670
             
Investor-Level Cash Flows - Hypothetical $50,000 Investment*  
  Year 0 Year 1 Year 2 Year 3
Net Cash Flow -$50,000  $0  $0 $83,439

*Returns are net of all fees including RM Admin's 1.0% administrative services fee. 

NO ASSURANCE OF RETURN: The Company's pro-forma projections are based on assumptions regarding future events, such as the timing and extent of the recovery of the residential market and the stabilization of the debt markets. While the Manager believes that these assumptions are reasonable and achievable, the likelihood of its occurrence is subject to many factors that are not within the control of the Company or its Manager and that could impair the ability of the Company to meet its projections
.

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to LG Development Group's materials for details. The following fees and compensation will be paid(1)(2)(3):

One-Time Fees:        
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee 1.0% of Acquisition Price LG Development Development Costs  
Loan Guaranty Fee 1.0% of Loan Brian Goldberg Development Costs  
Loan Broker Fee 1.0% of Loan LG Development Development Costs  
Development Fee 4.0% of Hard & Soft Costs LG Development Development Costs  
General Contractor Fee 3.0% of Total Construction Costs LG Construction Group, LLC Development Costs Affiliate to LG Development 
         
Recurring Fees:        
Type of Fee Amount of Fee Received By Paid From Notes
Administrative Services Fee 1.0% of amount invested RM Admin(3) Cash Flow  
Asset Management Fee 2.5% of EGI LG Development Cash Flow  

(1) Fees may be deferred to reduce impact to investor distributions. The above table is a summary and there may be additional fees and expenses associated with this offering. Please refer to the Private Placement Memorandum for further details.

(2) RM Technologies operates the RealtyMogul platform. RM Technologies charges a fixed, non-percentage-based fee for real estate companies to use the marketplace. An estimate of this fee is included in the Closing Costs and is intended to be capitalized into the transaction at the discretion of the Manager.

(3) RM Admin will be providing the following services:(a) responding to inbound investor inquiries regarding how to subscribe to the Project, (b) distribution of all annual tax forms (after receipt of same from Project Sponsor), (c) processing distributions that are payable from RM Investors to Investors, however, RM Admin will not be deemed to have custody of client funds, (d) distribution of all quarterly reports (after receipt of same from Project Sponsor) and (e) summarizing sponsor information on property performance, responding to investor inquiries regarding sponsor performance information as well as the real estate market generally.

Disclaimers/FAQs
Disclaimers

The content on this detail page was provided by the Sponsor or an affiliate thereof. The Sponsor is under no obligation to update this detail page. None of the opinions expressed on this detail page are the opinions of RealtyMogul and they are not endorsed by RealtyMogul. Assumptions and projections included in this detail page are not reflective of the position of RealtyMogul or any other person or entity other than the Sponsor’s investment vehicle (“Investment Entity”) or its affiliates.

The preceding summary of principal terms of the offering is qualified in its entirety by reference to the more complete information about the offering contained in the offering documents, including, without limitation, the Private Placement Memorandum, Operating Agreement, Subscription Agreement and all exhibits and other documents attached thereto or referenced therein (collectively, the "Investment Documents"). This summary is not complete, and each prospective investor should carefully read all of the Investment Documents and any supplements thereto, copies of which are available by clicking the links above or upon request, before deciding whether to make an investment. In the event of an inconsistency between the preceding summary and the Investment Documents, investors should rely on the content of the Investment Documents.

There can be no assurance that the methodology used for calculating targeted IRR is appropriate or adequate. Target IRR is presented solely for the purpose of providing insight into the Investment Entity’s investment objectives, detailing its anticipated risk and reward characteristics and for establishing a benchmark for future evaluation of the Investment Entity’s performance. Targeted IRR is not a predictor, projection or guarantee of future performance. There can be no assurance that the Investment Entity’s targets will be met or that the Investment Entity will be successful in identifying and investing in investment opportunities that would allow the Investment Entity to meet these return parameters. Target returns should not be used as a primary basis for an investor’s decision to invest in the Investment Entity. Please see the applicable Investment Documents for disclosure relating to forward-looking statements.

All forward–looking statements attributable to the Sponsor or persons acting on its behalf apply only as of the date of the offering and are expressly qualified in their entirety by the cautionary statements included elsewhere in this summary and the Investment Documents. Any financial projections are preliminary and subject to change; the Sponsor undertakes no obligation to update or revise these forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect. Therefore, the actual results achieved may vary significantly from the forecasts, and the variations may be material.

The interests in the Investment Entity will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) in reliance upon exemptions contained in Rule 506(b) or 506(c) of Regulation D as promulgated under the Securities Act. In addition, the interests will not be registered under any state securities laws in reliance on exemptions from registration. Such interests are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption.

All investing activities risk the loss of capital. There can be no assurance that investors will not suffer significant losses. No guarantee or representation is made that investment objectives of the Investment Entity will be achieved. You should not subscribe to purchase interests in the Investment Entity unless you can readily bear the consequences of such loss.

Interests in the Investment Entity are listed on the RealtyMogul Platform. RealtyMogul receives fees from the Sponsor or the Investment Entity partially based on the number of investors investing in such Investment Entity through the RealtyMogul Platform. This arrangement could create a conflict of interest between RealtyMogul and investors.

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