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Funded
Mixed-Use
Mohawk at Wynwood
Miami, FL
INVESTMENT STRATEGY
Development
INVESTMENT TYPE
Equity
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100% funded
Offered By The Rilea Group
20.1%* TARGET IRR 19.1%-21.1%
2.26X* TARGET EQUITY MULTIPLE
Estimated Hold Period 5 Years
Estimated First Distribution 7/2025
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 Class A, 225-unit mixed-use building with 22,000 square feet of ground-floor retail in the growing Wynwood neighborhood of Miami.
Class A

Mohawk at Wynwood will be a first-class, Class A building that offers residents a mix of amenities in combination with a growing and desirable location. Additionally, with just 225 units, the building will be smaller than many others in its competitive set, allowing for less density in a post-COVID world.

Location

The Wynwood submarket offers the appeal of being well-located near Midtown Miami and the Design District and has become attractive for corporations as well as individuals alike. Spotify recently agreed to open a South Florida HQ within the Wynwood submarket, which speaks to the growth and desirability of the area. Additionally, Trade Joe's recently agreed to a lease at the site directly across the street from the Project.

Capital Appreciation

Underwriting was done in COVID environment and based on a comp set that has already dealt with COVID pricing. By the time the Project is developed, underwriting may be conservative. 

Property at a glance
# of Units 225
Parking Ratio 1.3 per unit
Exit Cap Rate 4.50%
Target Return on Cost 6.9%
Construction Completion Date 11/1/2024
Acquisition Price

$22,330,000

Investment Highlights
Located in the Wynwood submarket right by Midtown Miami and the Design District.
Amenities will include a rooftop pool deck, private hang-out, and dog park as well as a two-level resident's lounge and a two-level gym.
The Sponsor has an over 40-year Miami-centric track record that includes over 9,000,000 sq. ft. of development.
Management
Cumulative Distributions

The Rilea Group

Since 1981, the Rilea Group has transformed or is transforming over $1.1 billion and 9,000,000 square feet of South Florida real estate into some of the most recognizable and award-winning properties. The Rilea Group partners with investors and landowners interested in creating financially successful and sustainable structures. Their ethos is driven by their values and yearning to define transformational lifestyle experiences, long-term partner satisfaction, and financial return.

https://www.rileagroup.com
  • Alan Ojeda
    CEO
  • Diego Ojeda
    President
  • Marc Coleman
    Director of Development
  • Tony Rey
    Director of Construction
Alan Ojeda
CEO

Alan Ojeda, owner, founder, and CEO, has developed in South Florida since Rilea’s inception in 1981. Mr. Ojeda has been on the cutting edge of real estate developing marquee projects like 1450 Brickell, 1111 Brickell, The Bond, and One Broadway. Mr. Ojeda has always pushed the boundary with his projects, many times choosing non-traditional and out-of-the-box routes which have been quite fruitful and successful. A very hands-on minded individual, Mr. Ojeda considers himself a true artisan of buildings, as he enjoys every step of the process from early design through all steps of construction. Mr. Ojeda graduated from Madrid School of Law and the Madrid School of Economics. Mr. Ojeda is committed to the South Florida Community by serving as a board member in the following organizations:

  • Former chairman and board member of Carrfour (www.carrfour.org) providing homes to the homeless
  • Former board member of the Miami Children Hospital Foundation (www.mchf.org), the leader in local child healthcare
  • Board member of the University of Miami School of Architecture
  • Board member of the ULI
  • Board member of the Miami Downtown Development Authority (www.miamidda.com).
Diego Ojeda
President

Diego Ojeda, President of Rilea Group, joined the family enterprise in 2008. Mr. Ojeda’s responsibilities include devising and executing growth strategy, deal structuring and execution, project management, assets portfolio management, and performance management.

  • Boston University – Bachelors in Communications and Business Management
  • Harvard University – Graduate of School of Design: AMDP Real Estate XVIII
  • Member of YPO – Young Presidents’ Organization
Marc Coleman
Director of Development

With over 25 years of leading-edge design and development experience, Mr. Coleman’s expertise in luxury development has spanned the country from Texas to New York and from California to South Florida. Most recently, Mr. Coleman has spent the past 18 years in South Florida. His experience encompasses millions of square feet of residential and mixed-use developments totaling well over 2-1/2 billion dollars worth of investment.

Educated as an architect, engineer, and developer, Mr. Coleman has spent most of his career leading development teams in various aspects of real estate projects ranging from acquisition, concept, design, and construction, to marketing, branding, leasing, and sales. His skill and expertise have proven indispensable in challenging situations, from highly escalated to severely distressed markets, while his ability to produce has been instrumental in the development and launch of many successful projects in densely populated urban markets. As Director of Development for the Rilea Group, Mr. Coleman brings extensive real-world experience and unparalleled commitment to high-quality, market-driven results.

Prior to Rilea Group, Mr. Coleman was President of Development at One Real Estate Investment. Previously he was Senior Vice-President of Development at Newgard Development and held senior management roles at the Related Group of Florida and Crescent Heights, two of the nation’s largest real estate developers.

Mr. Coleman is a graduate of the Massachusetts Institute of Technology where he earned a Master of Science in Real Estate Development. He is also a graduate of the University of Texas at Austin where he earned both a Bachelor of Architecture and a Bachelor of Science in Architectural Engineering. Mr. Coleman is currently Vice-Chair of the Wynwood Design Review Committee and a licensed architect in Florida and Texas and has served as a member of the Aventura Marketing Council, the Miami Beach Development Commission, and the American Institute of Architects.

 

Tony Rey
Director of Construction

Anthony Rey, Director of Construction, is responsible for pre-construction, procurement, compliance, coordination of construction and turnover operations as well as a liaison to property management. He adherently oversees pre-construction activities involving land acquisition, solicitation of RFP’s/RFQ’s, evaluate the feasibility, due diligence, budgeting, and scheduling. Throughout his career, he has been the principal in charge of numerous types of projects ranging from small volume to several hundred million dollars individually and overall cumulative operation nearing one billion dollars. These projects have included Railways, Hotels, Office/Residential Buildings, Light Industrial, Institutional, Lower and Higher Education, Affordable Housing, and Government Projects with Veteran’s Administration/Internal Services Department oversight as well as environmental assessment and cleanup assessments and reporting. Mr. Rey graduated with a Bachelor of Science in Civil Engineering from Florida International University.

Track Record

Property City, State Asset Type Acq Date Units or SF Notes
1450 Brickell (JP Morgan Tower) Miami, FL Office 2007 588,000  
Sabadell Financial Center Miami, FL Office 1996 420,000  
International Finance Bank Headquarters Miami, FL Office 2010 525,000 Fee dev deal
The Bond Miami, FL Residential 2010 328  
One Broadway at Brickell Miami, FL Residential 2003 371  
Monte Carlo Miami Beach, FL Residential 2011 136 Fee dev deal
Vista Verde at Westchester Miami, FL Residential 1988 306  
Vista Verde at Deerwood Miami, FL Residential 1997 206  
Green Key Pembroke Pines, FL Residential 2001 250  
Vista Verde at Coconut Creek Coconut Creek, FL Residential 2001 288  
Vista Verde at Sunrise Sunrise, FL Residential (Under Construction) 2017 288 Under construction
Parco Mare Dania Beach, FL Residential (Upcoming) 2009 237 Empty land
The Line - Phase 1 Miami, FL Residential (Upcoming) 2014 449 Empty land
Latin American Plaza Miami, FL Retail 1984 33,000  

The above bios and track record were provided by The Rilea Group and have not been independently verified by RealtyMogul.

Business Plan

The Rilea Group (the “Sponsor”) is pleased to present an opportunity to provide investment equity for the development of a mixed-use development to be called “Mohawk at Wynwood”. The project will consist of a 225-unit, 12-story luxury multi-family building containing 22,000 SF of prime ground floor retail. The site size is 1.5 acres (65,700 SF).

Located at 56 NE 29th Street, Miami, FL, Mohawk will find itself at the crossroads of Miami’s trendy and bourgeoning Wynwood and Midtown neighborhoods. Residents will be able to walk and scooter to their favorite destinations such as the Wynwood Walls, hip stores and restaurants with various flavors, and the shops at Midtown Mall. Located at just a short 5-minute drive to world-class shopping at the Miami Design District as well as to highway I-195, Mohawk will have access to a wide variety of amenities. 

The Project will boast attractive amenities such as a rooftop pool deck, a private hang-out, and dog park, a double volume resident’s lounge, a two-level state-of-the-art gym, and amenity private offices for an easy get-away to take care of work & zoom calls in a post-COVID-era.

The total project cost is estimated to be approximately $104 million. The Sponsor is seeking an equity investment of $41.5 million to be provided in 2 phases:

    Phase I: $27 million for the purchase of land (with existing performing retail) and most soft costs.
    Phase 2: $14.5 million for the construction of the Project.

This offering represents an opportunity to invest in an urban and proven neighborhood with excellent Sponsorship with a 40-year track record developing some of Miami’s most iconic projects. 

Development Budget:

  $ Amount Per SF
Land Acquisition Cost $22,330,000 $103.65
     
Hard Costs:    
Construction - Multifamily $47,482,525 $220.41
Construction - Retail & Office $6,375,000 $29.59
Builder's risk (based on Hard Cost) $538,600 $2.50
Payment & Performance Bond $538,600 $2.50
Cameras & Security System $350,000 $1.62
Gym Equipment $125,000 $0.58
Decoration $500,000 $2.32
Signage $200,000 $0.93
Asst. Project Managers $592,433 $2.75
Contingency $5,385,800 $25.00
Total Hard Costs $62,087,959 $288.20
     
Soft Costs:    
Architecture $969,435 $4.50
Interior Design $225,000 $1.04
MEP Design $350,100 $1.63
Structural Design $350,100 $1.63
Structural Peer Review $15,000 $0.07
Landscape Architect $37,500 $0.17
Civil Engineering $45,000 $0.21
Pool Consultant $30,000 $0.14
Fire Consultant $30,000 $0.14
Soil Test & Test Piles $20,000 $0.09
Glazing $45,000 $0.21
Concrete & Other Test on Mat $25,000 $0.12
Post Tension Cables Test $72,500 $0.34
Threshold Inspector $125,000 $0.58
Marketing $150,000 $0.70
Retail leasing broker commissions $429,000 $1.99
Cable Agreement Income ($61,600) ($0.29)
Operating Expense Deficit Reserve $67,746 $0.31
Developers Fee  $3,975,000 $18.45
Surveys $35,000 $0.16
Permit Fees $2,908,306 $13.50
Real Estate Taxes (Const) $300,000 $1.39
Appraisals $37,500 $0.17
Legal Costs $300,000 $1.39
Miscellaneous Soft Costs $277,000 $1.29
Project/Owner General Liability $35,000 $0.16
Construction Bond Warranty $10,000 $0.05
Total Soft Costs $10,802,588 $50.14
     
Financing Costs* $8,132,200 $37.75
     
Grand Total $103,352,746 $479.75

*Includes an estimate of the RM Tech fee

These amounts are subject to change at the discretion of the Real Estate Company.

Property

Property Details

The Property sits in a location that is bordered by Wynwood, Midtown Miami, and the Design District, earning a Walk Score of 94. Wynwood is known for being Miami's epicenter of the arts and creative businesses and attracts 4M+ visitors annually. Midtown Miami is a 56-acre master-planned community with over 645,000 square feet of retail anchored by Target, Marshalls, HomeGoods, and restaurants. The Design District is known for high-end shopping and is home to 150+ luxury stores such as Louis Vuitton, Burberry, Fendi, and Dior. Collectively, these three walkable neighborhoods give the Property's future residents an array of dining, nightlife, and shopping options.

Unit Mix:

Unit Type # of Units Avg SF/Unit Avg Rent (Stabilized) Rent per SF
Studio 47 532 $1,818 $3.42
1x1 119 773 $2,302 $2.98
2x2 51 1,184 $3,419 $2.89
3x3 8 1,535 $4,281 $2.79
Total/Averages 225 843 $2,524 $3.00
Comparables

Lease Comparables

  Wynwood 25 AMLI Midtown Miami Gio Midtown Midtown 5 Comp Averages Mohawk at Wynwood (untrended)
Address 240 NW 25th St 3000 NE 2nd Ave 3131 NE 1st Ave NE 125 NE 32nd St    
Year Built 2019 2020 2020 2017 2019 2025
Units 289 719 447 400 464 225
Average Rental Rate $2,378 $2,668 $2,718 $2,325 $2,561 $2,524
Average SF 772 771 890 915 837 843
Average $/SF $3.08 $3.46 $3.05 $2.54 $3.03 $3.00
             
$ (Studio) $1,737 $2,146 $1,718 $1,609 $1,845 $1,818
SF (Studio) 527 517 386 616 541 532
$/SF (Studio) $3.30 $4.15 $4.45 $2.61 $3.41 $3.42
             
$ (1x1) $2,321 $2,711 $2,275 $2,030 $2,432 $2,302
SF (1x1) 800 784 719 781 766 773
$/SF (1x1) $2.90 $3.46 $3.16 $2.60 $3.17 $2.98
             
$ (2x2) $3,841 $3,050 $3,242 $2,976 $3,194 $3,419
SF (2x2) 1,125 1,045 1,127 1,210 1,124 1,184
$/SF (2x2) $3.41 $2.92 $2.88 $2.46 $2.84 $2.89
             
$ (3x2) $4,114 $4,259 $5,298 $3,908 $4,290 $4,281
SF (3x2) 1,515 1,474 1,711 1,412 1,517 1,535
$/SF (3x2) $2.72 $2.89 $3.10 $2.77 $2.83 $2.79
             
Distance to Subject 0.7 Miles 0.3 Miles 0.2 Miles 0.2 Miles 0.4 Miles  
Notes     Trader Joes anchored      

National Sales Comparables

  8th & Hope Soho Lofts Serenity Apartments Amaray Las Olas Total/Averages Mohawk at Wynwood
Date Dec '18 Mar '19 Jan '19 Jun '17   Jun '26
Market Downtown Los Angeles Jersey City Boston Fort Lauderdale   Wynwood
Year Built 2014 2018 2017 2016 2016 2025
SF 300,000 399,000 244,700 285,329 307,257 215,430
Units 290 377 195 254 279 225
Average SF 1,075 1,187 752 1,123 1,034 843
Sale Price $220,000,000 $263,850,000 $123,250,000 $133,550,000 $185,162,500 $158,478,187
$/Unit $758,621 $699,867 $632,051 $525,787 $654,082 $704,347
$/SF $733.33 $661.28 $503.68 $468.06 $591.59 $735.64
Cap Rate N/A 4.60% 4.11% 4.25% 4.32% 4.50%
Location

Market Overview

Despite recent COVID disruptions, many large institutional developers and investors are bullish on Miami. Miami has long been considered the Gateway to Latin America within the U.S. Many overseas companies use the Miami area as their base for U.S. operations. More than 1,200 multinational companies have been lured to the area over the past 25 years, thanks in part to the multilingual workforce. With Florida’s relatively low taxes, including no state income tax, and diverse workforce, Miami-Dade and the region are becoming more attractive to companies seeking year-round sunshine and a lower cost of living. South Florida has become the #4 relocation destination for Americans who have moved during COVID according to FCP.  The South Florida MSA is now ranked as the 7th largest MSA in the United States and has grown by almost 50% in the last 25 years. 

Submarket Overview

The Wynwood submarket is a trendy location that is sandwiched between Midtown Miami and the Design District. Even during the peak of the COVID, Wynwood saw expansion in multiple forms, inclusive of several restaurant openings, Spotify announcing a South Florida HQ location and Trader Joe's agreeing to a lease across the street from this Project. The submarket's central location is just minutes north of downtown Miami and is ideal for artists, residents, creative office users, and small business owners. 

Photos
Financials
Sources & Uses

Total Capitalization

Sources of Funds   $ Amount $/Unit
Debt   $62,012,000 $275,609
GP Investor Equity   $4,134,075 $18,374
LP Investor Equity   $37,206,671 $165,363
Total Sources of Funds   $103,352,746 $459,346
       
Uses of Funds   $ Amount $/Unit
Purchase Price   $22,330,000 $99,244
Financing Costs(1)   $8,132,200 $36,143
Hard Costs   $62,087,959 $275,946
Soft Costs   $10,802,588 $48,012
Total Uses of Funds   $103,352,746 $459,346

Please note that The Rilea Group's equity contribution may consist of friends and family equity and equity from funds controlled by The Rilea Group. 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 Closing 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: TBD
  • Term: 4 years
  • LTV: 60.0%
  • Estimated Proceeds: $62,012,000
  • Interest Type: Fixed
  • Annual Interest Rate: 4.50%
  • Interest-Only Period: 60 Months
  • Amortization: 30 Years
  • Prepayment Terms: TBD
  • Extension Requirements: TBD

Modeled Refinance:

  • Lender: TBD
  • Term: 5 Years
  • Estimated Proceeds: $107,532,379
  • Interest Type: Fixed
  • Annual Interest Rate: 3.0%
  • Interest-Only Period: 60 Months
  • Amortization: 30 Years

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 development 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

Investors shall be entitled to the following Preferred Return on its Capital Contributions: from the date of its Initial Capital Contribution until the Project is disposed equal to 8% per annum on its Capital Contributions.  The project will be recapitalized at the end of the pre-development period with construction debt and an additional round of equity.  In the event that land is contributed at a value greater than basis, investors in this initial round of financing will benefit on a pro-rata basis.  There can be no assurance, however,  that there will be an increase in land value.  

The Rilea Group intends to make distributions from RM Mohawk, LLC as follows:

  1. To the Investors, pro-rata, until such time as the Investors shall have received an 8% IRR;
  2. 75.0% to the Members, pro-rata, 25.0% to the Manager, until such time as the Investors shall have received a 15% IRR;
  3. Thereafter, 65.0% to the Investors, pro-rata, 35.0% to the Manager.

In the event that distributions from operating cash flow exceed the preferred returns listed above, Manager will receive a cash flow promote according to the percentages above, as detailed in the Mowyn, LLC agreement.

The Rilea Group intends to make distributions to investors after the payment of both company's liabilities (loan payments, operating expenses, and other fees as more specifically set forth in the LLC agreements, in addition to any member loans or returns due on member loan).

Distributions are expected to start in August 2025 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of The Rilea Group, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Cash Flow Summary
    Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue   $0 $0 $0 $4,408,508 $9,452,004
Total Operating Expenses   $0 $0 $0 ($1,890,809) ($2,316,241)
Net Operating Income   $0 $0 $0 $2,517,700 $7,135,763
             
Project-Level Cash Flows
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Cash Flow ($27,000,000) $0 ($14,340,746) $0 $2,585,445 $97,913,056
             
Investor-Level Cash Flows*
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Cash Flow ($10,000,000) $0 $0 $0 $742,331 $21,830,642
             
Investor-Level Cash Flows - Hypothetical $50,000 Investment*
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Cash Flow ($50,000) $0 $0 $0 $3,712 $109,153

*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 The Rilea 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
Development Fee   4.0% of Total Development Costs Rilea Group Development Costs
Construction Management Fee   1.0% of Hard Costs Rilea Group Development Costs
           
Recurring Fees:
Type of Fee   Amount of Fee Received By Paid From
Property Management Fee   3.0% of EGI Rilea Group Cash Flow
Administrative Services Fee   1.0% of Equity* RM Admin(3) Cash Flow

*Only applies to equity raised through the RealtyMogul Platform

(1) Fees may be deferred to reduce impact to investor distributions.

(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 Mohawk, LLC 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
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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