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Multifamily
Haven at Charlotte
Nashville, TN
Funded
100% funded
...
Haven at Charlotte
Nashville, TN
All Investments > Haven at Charlotte
...
Overview
Haven at Charlotte
Guefen Development is developing a 369 unit Class A luxury multifamily high-rise apartment community next to the vibrant OneC1ty development in Nashville, TN.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 8/2024
Minimum Investment 35000
Estimated Hold Period 4 Years
Investment Strategy Development
Investment Type Equity
# of Units 369
Construction Completion 2024
Parking Ratio 1.42 Per Unit
# of Buildings 1
Target Return on Cost 5.1%
Sponsor Documents
The offering documents above have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.
Deal Highlights
Investment Highlights
The Project is shovel ready and expected to break ground this year.
Sponsor is causing the contribution of $24MM of net ground lease proceeds to the Project as an additional benefit to investors.
The Project is anticipated to be sold in month 48 for gross sales proceeds of $117MM or $319,000 per unit, which is comfortably in line with today's sale comps.
Inclusive of the ground lease, the deal is being financed with a low leverage construction loan of 51% loan-to-cost.
369 unit Best-in-Class, Class A building at full market rate rents.
The Project is shovel ready and expected to break ground this year.
Sponsor is causing the contribution of $24MM of net ground lease proceeds to the Project as an additional benefit to investors.
The Project is anticipated to be sold in month 48 for gross sales proceeds of $117MM or $319,000 per unit, which is comfortably in line with today's sale comps.
Inclusive of the ground lease, the deal is being financed with a low leverage construction loan of 51% loan-to-cost.
369 unit Best-in-Class, Class A building at full market rate rents.
Contact Us
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Management
For more information, view the Sponsor's Investment Memorandum.
Guefen Development

Headquartered in Houston, Texas, Guefen Development specializes in multifamily development of Class A multifamily communities (conventional and student housing) in the Sun Belt States.

Guefen Development is one of Houston's most prominent, vertically integrated real estate development and construction companies. With a focus in multi‐family ownership, development, and construction, Guefen Development has extensive experience in both urban and suburban projects. Since 2005, Guefen and its principals have been involved in a wide variety of projects—garden, mid‐rise, and highrise—totaling in excess of 7,000 Class A multi‐family units and more than $1 billion in total investment.

Sponsor Track Record

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

Website
Management Team
Management
Guillermo Guefen
Principal

Guillermo is the founder of Guefen and has over 30 years of experience in all phases of residential and commercial development, acquisition, project management, and construction. His diverse expertise in the industry includes residential and commercial development and construction and property management throughout Texas, Nevada, Florida, Arkansas, Arizona, California, Illinois, Colorado, and New Mexico. Guillermo is a member of the Board of Trustees for the Houston Holocaust Museum and has served on the advisory board of the Houstonian, Bank of Texas, and the Houston JCC. Guillermo graduated from the Universidad Autonoma del Estado de Mexico with a Bachelor’s Degree in Business Administration.

Management
David Kulkarni
Principal

David is a principal of Guefen. He was previously a Managing Director at Stout Risius Ross Advisors, LLC where he specialized in real estate investment banking and provided a broad range of financing, advisory, and investment services to real estate operating and development companies. This experience means David is well-versed in providing access to equity, debt, mezzanine, and mortgage financing, restructurings, and recapitalizations. Prior to joining SRR, Mr. Kulkarni was a Senior Managing Director of HFBE Capital, LP. where he raised more than $400 million in institutional equity capital, which financed more than $1 billion in real estate property acquisitions and new developments. He also closed over $1 billion in merger and acquisition transactions. He received his Bachelor’s in Business Administration in Accounting and Master’s of Business Administration in Finance from the University of Houston.

Property
For more information, view the Sponsor's Investment Memorandum.

The Site is situated just west of midtown Nashville next to the trendy OneC1ty mixed-use development district, a vibrant, active, and walkable neighborhood with public parks, plazas, courtyards, and gathering areas in addition to the green building design. The Site is currently under contract, and the resulting project will be 7 stories of residential over a 3 story podium garage. 

Unit Mix

Unit Type # of Units Avg SF/Unit Avg Rent  Rent per SF
1x1 S1 28 516 $1,575 $3.05
1x1 A1 160 666 $1,785 $2.68
1x1 A2 63 722 $1,925 $2.67
1x1 A3 56 777 $2,050 $2.64
2x2 B1 9 1,171 $2,750 $2.35
2x2 B2 5 1,195 $2,775 $2.32
2x2 B4 14 1,123 $2,600 $2.32
2x2 B5 28 1,102 $2,550 $2.31
2x2 B6 6 1,472 $3,500 $2.38
Total/Averages 369 764 $1,987 $2.60
Comparables
For more information, view the Sponsor's Investment Memorandum.

Lease Comparables

  Aertson Midtown The Morris The Shay Crossroads Comp Averages Haven at Charlotte
Address 905 20th Ave S, Nashville 818 19th Ave, Nashville 9 City Pl, Nashville 803 Division St, Nashville   3025 Charlotte Ave
Year Built 2017 2017 2018 2019 2018 2023
Units 308 271 239 222 260 369
Average Rental Rate $2,656 $2,821 $2,110 $2,680 $2,578 $1,987
Average SF 870 835 884 887 869 764
Average $/SF $3.05   $3.38   $2.39   $3.02 $2.97 $2.60
             
# Units (1x1) 207 193 189 160 187 307
$ (1x1) $2,413 $2,515 $2,011 $1,942 $2,237 $1,843
SF (1x1) 738 730 788 687 738 684
$/SF (1x1) $3.27 $3.45 $2.55 $2.83 $3.03 $2.69
             
# Units (2x2) 101 78 50 62 73 62
$ (2x2) $3,153 $3,577 $2,486 $4,583 $3,457 $2,700
SF (2x2) 1,141 1,095 1,249 1,404 1,203 1,160
$/SF (2x2) $2.76 $3.27 $1.99 $3.26 $2.87 $2.33
             
Distance to Subject 1.7 miles 1.9 miles 0.3 miles 2.7 miles 1.7 Miles N/A

Sales Comparables

Address   Submarket Vintage Units Sale Date Sale Price $/unit Cap Rate Notes
3025 Charlotte Ave Midtown 2024 369 Jul-25 $109,245,016 $296,057 5.15% Subject Property (Basis)
3025 Charlotte Ave Midtown 2024 369 Jul-25 $117,707,927 $318,992 4.75% Subject Property (Exit)
1515 Demonbreun Midtown 2016 430 Jun-21 $157,940,000 $367,302 N/A Buyer - Camden Property Trust
803 Division St S The Gulch 2018 238 Dec-19 $80,750,000 $339,286 4.00% Seller - Alliance Residential
Buyer - Security Properties
222 Stockyard St Germantown 2020 342 Nov-20 $105,000,000 $307,018 N/A Seller - Alliance Residential
Buyer - LivCor LLC
9 City Blvd Midtown 2018 276 Oct-19 $80,600,000 $292,029 N/A Seller - Cambridge Holdings
Buyer - Carter-Haston 
Total/Average         $106,072,500 $326,409    
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses

Total Capitalization

Sources of Funds $ Amount $/Unit
Debt $55,400,000 $150,136
GP Investor Equity $1,984,502 $5,378
LP Investor Equity $17,860,515 $48,402
Ground Lease Sale Proceeds $34,000,000 $92,141
Total Sources of Funds $109,245,016 $296,057
     
Uses of Funds $ Amount $/Unit
Purchase Price $10,000,000 $27,100
Closing Costs(1) $338,889 $918
Hard Costs $80,815,235 $219,011
Soft Costs $10,778,931 $29,211
Financing Costs $7,311,962 $19,816
Total Uses of Funds $109,245,016 $296,057

The Sponsor’s equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor.

(1) RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform. RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the Platform and for Platform-related services.  Please see the Fees and Disclaimers sections below for additional information concerning fees paid to RM Technologies, LLC.  

Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Citizens Bank
  • Term: 4 Years
  • Loan-to-Value(1)50.5%
  • Estimated Proceeds: $55,400,000
  • Interest Type: Floating
  • Spread Above One-Month LIBOR: 2.75%
  • Interest-Only Period: 4 Years
  • Amortization: 30 Years

(1) LTV includes the ground lease as equity. Please see page 27 in the project summary for additional information on the ground lease. 

There can be no assurance that the Sponsor will secure debt on the rates and terms noted above, or at all.  All of the Sponsor’s estimated 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 risk of loss.  If the Sponsor were unable to pay the payments on the borrowed funds (called a "default"), the lender might foreclose, and the Sponsor could lose its investment in its property.

Distributions

Guefen Development intends to make distributions from Haven at Charlotte Holdco, LLC as follows:

  1. To the Investors, pari passu, all operating cash flows to an 8.0% preferred return;
  2. 65% / 35% (65% to Investors / 35% to Promote) of excess cash flow to an 18% IRR; 
  3. 50% / 50% (50% to Investors / 50% to Promote) of excess cash flow thereafter. 

Guefen Development 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 2024 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Guefen Development, who may decide to delay distributions for any reason, including maintenance or capital reserves. Guefen Development will receive a promote as indicated above, and a portion of this promote may be received by RM Admin, LLC for administrative services.

Cash Flow Summary
    Year 1 Year 2 Year 3 Year 4
Effective Gross Revenue   $0 $0 $4,029,262 $10,439,529
Total Operating Expenses   $0 $0 $3,604,071 $4,878,734
Net Operating Income   $0 $0 $425,191 $5,560,795
               
Project-Level Cash Flows
  Year 0 Year 1 Year 2 Year 3 Year 4
Net Cash Flow ($19,845,016) $0 $0 $475,517 $65,891,230
               
Investor-Level Cash Flows(1)
  Year 0 Year 1 Year 2 Year 3 Year 4
Net Cash Flow ($5,000,000) $0 $0 $113,158 $12,165,927
               
Investor-Level Cash Flows - Hypothetical $50,000 Investment(1)
  Year 0 Year 1 Year 2 Year 3 Year 4
Net Cash Flow ($50,000) $0 $0 $1,132 $121,659

Unlike debt, the ground lease does not require repayment and thus will be assumed by the next buyer. Accordingly, underwriting assumes that the sale proceeds pay off the construction loan with all remaining proceeds distributed to equity. ​

(1) Returns are net of all fees.  Such Fees include fees paid to RM Admin, an affiliate of RealtyMogul, who charges an annual fixed administrative fee for providing certain ongoing administrative services to the Sponsor.  Please see the Fees and Disclaimers sections and Disclaimers sections below for additional information concerning fees paid to RM Admin. 

RM Technologies, LLC and its affiliates does not provide any assurance of returns.  The content on this Page, including Sponsor’s pro forma projections, was provided by the Sponsor or an affiliate thereof.  Although RM Technologies, LLC believes the Sponsor reliably produced this content, RM Technologies, LLC makes no representations or warranties as to the accuracy of such information and accepts no liability therefor.  The assumptions and projections included in the content on this Page, including the Sponsor’s pro forma projections, are not reflective of the position of RM Technologies, LLC or any other person or entity other than the Sponsor or its affiliates.  There can be no assurances that all or any of the Sponsor’s assumptions will be true, that actual performance will bear any relation to these hypothetical illustrations, or that the Sponsor’s investment objectives will be achieved.  For additional information concerning the Sponsor’s assumptions and projections, and the significant risks involved in investing in real estate, please see the Disclaimers section below. 

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to Guefen Development'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 Costs Guefen Development JV
General Contractor Fee 5.0% of Total Hard Costs General Contractor JV
Overhead Reimbursement Fee $350,000 Guefen Development JV
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 2.0% of EGI Guefen Development 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, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform.  RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the RM Technologies, LLC’s proprietary Platform and receive Platform-related services.  An estimate of this fee is included in the Closing Costs above and is intended to be capitalized into the transaction at the discretion of the Sponsor.  The Platform fees received by RM Technologies, LLC are disclosed in the relevant operating agreement(s).  RM Technologies LLC’s receipt of Platform fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

(3) RM Admin, an affiliate of RealtyMogul, charges an annual fixed administrative fee for providing certain ongoing administrative services to the Sponsor.  RM Admin’s administrative services and fees are disclosed in the relevant operating agreement(s). RM Admin’s receipt of administrative fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

Sources & Uses

Total Capitalization

Sources of Funds $ Amount $/Unit
Debt $55,400,000 $150,136
GP Investor Equity $1,984,502 $5,378
LP Investor Equity $17,860,515 $48,402
Ground Lease Sale Proceeds $34,000,000 $92,141
Total Sources of Funds $109,245,016 $296,057
     
Uses of Funds $ Amount $/Unit
Purchase Price $10,000,000 $27,100
Closing Costs(1) $338,889 $918
Hard Costs $80,815,235 $219,011
Soft Costs $10,778,931 $29,211
Financing Costs $7,311,962 $19,816
Total Uses of Funds $109,245,016 $296,057

The Sponsor’s equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor.

(1) RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform. RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the Platform and for Platform-related services.  Please see the Fees and Disclaimers sections below for additional information concerning fees paid to RM Technologies, LLC.  

Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Citizens Bank
  • Term: 4 Years
  • Loan-to-Value(1)50.5%
  • Estimated Proceeds: $55,400,000
  • Interest Type: Floating
  • Spread Above One-Month LIBOR: 2.75%
  • Interest-Only Period: 4 Years
  • Amortization: 30 Years

(1) LTV includes the ground lease as equity. Please see page 27 in the project summary for additional information on the ground lease. 

There can be no assurance that the Sponsor will secure debt on the rates and terms noted above, or at all.  All of the Sponsor’s estimated 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 risk of loss.  If the Sponsor were unable to pay the payments on the borrowed funds (called a "default"), the lender might foreclose, and the Sponsor could lose its investment in its property.

Distributions

Guefen Development intends to make distributions from Haven at Charlotte Holdco, LLC as follows:

  1. To the Investors, pari passu, all operating cash flows to an 8.0% preferred return;
  2. 65% / 35% (65% to Investors / 35% to Promote) of excess cash flow to an 18% IRR; 
  3. 50% / 50% (50% to Investors / 50% to Promote) of excess cash flow thereafter. 

Guefen Development 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 2024 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Guefen Development, who may decide to delay distributions for any reason, including maintenance or capital reserves. Guefen Development will receive a promote as indicated above, and a portion of this promote may be received by RM Admin, LLC for administrative services.

Cash Flow Summary
    Year 1 Year 2 Year 3 Year 4
Effective Gross Revenue   $0 $0 $4,029,262 $10,439,529
Total Operating Expenses   $0 $0 $3,604,071 $4,878,734
Net Operating Income   $0 $0 $425,191 $5,560,795
               
Project-Level Cash Flows
  Year 0 Year 1 Year 2 Year 3 Year 4
Net Cash Flow ($19,845,016) $0 $0 $475,517 $65,891,230
               
Investor-Level Cash Flows(1)
  Year 0 Year 1 Year 2 Year 3 Year 4
Net Cash Flow ($5,000,000) $0 $0 $113,158 $12,165,927
               
Investor-Level Cash Flows - Hypothetical $50,000 Investment(1)
  Year 0 Year 1 Year 2 Year 3 Year 4
Net Cash Flow ($50,000) $0 $0 $1,132 $121,659

Unlike debt, the ground lease does not require repayment and thus will be assumed by the next buyer. Accordingly, underwriting assumes that the sale proceeds pay off the construction loan with all remaining proceeds distributed to equity. ​

(1) Returns are net of all fees.  Such Fees include fees paid to RM Admin, an affiliate of RealtyMogul, who charges an annual fixed administrative fee for providing certain ongoing administrative services to the Sponsor.  Please see the Fees and Disclaimers sections and Disclaimers sections below for additional information concerning fees paid to RM Admin. 

RM Technologies, LLC and its affiliates does not provide any assurance of returns.  The content on this Page, including Sponsor’s pro forma projections, was provided by the Sponsor or an affiliate thereof.  Although RM Technologies, LLC believes the Sponsor reliably produced this content, RM Technologies, LLC makes no representations or warranties as to the accuracy of such information and accepts no liability therefor.  The assumptions and projections included in the content on this Page, including the Sponsor’s pro forma projections, are not reflective of the position of RM Technologies, LLC or any other person or entity other than the Sponsor or its affiliates.  There can be no assurances that all or any of the Sponsor’s assumptions will be true, that actual performance will bear any relation to these hypothetical illustrations, or that the Sponsor’s investment objectives will be achieved.  For additional information concerning the Sponsor’s assumptions and projections, and the significant risks involved in investing in real estate, please see the Disclaimers section below. 

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to Guefen Development'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 Costs Guefen Development JV
General Contractor Fee 5.0% of Total Hard Costs General Contractor JV
Overhead Reimbursement Fee $350,000 Guefen Development JV
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 2.0% of EGI Guefen Development 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, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform.  RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the RM Technologies, LLC’s proprietary Platform and receive Platform-related services.  An estimate of this fee is included in the Closing Costs above and is intended to be capitalized into the transaction at the discretion of the Sponsor.  The Platform fees received by RM Technologies, LLC are disclosed in the relevant operating agreement(s).  RM Technologies LLC’s receipt of Platform fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

(3) RM Admin, an affiliate of RealtyMogul, charges an annual fixed administrative fee for providing certain ongoing administrative services to the Sponsor.  RM Admin’s administrative services and fees are disclosed in the relevant operating agreement(s). RM Admin’s receipt of administrative fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

Disclosures
RM Securities, LLC and its Affiliates Compensation

RM Securities, LLC, its registered representatives, affiliates, associated persons, and personnel of its affiliates who may also be associated with it, including our associated persons and personnel of our affiliates who are also be associated with RM Securities, LLC (it (“RM Securities,” “we,” “our,” or “us”) will receive fees, expense reimbursements, and other compensation (“Fees”) from the issuer of this investment offering, its sponsor, or an affiliate thereof (“Sponsor”), or otherwise in connection with Sponsor’s offering. The Fees paid to us are in addition to other fees you will pay to Sponsor or in connection with Sponsor’s investment offering. You will pay Fees to Sponsor, either directly or indirectly as an investor in the Sponsor’s offering. Sponsor will use the Fees you pay, as well as funds you invest in the relevant offering, to compensate us. The Fees paid to us will directly or indirectly be borne by you as the investor (typically, but not always, in the form of an expense of the Sponsor’s offering in which you invest) because such Fees will reduce the proceeds available for distribution to you and reduce the amount you earn over time.

For more information on the Fees paid to us, or any other Fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

No Approval, Opinion or Representation, or Warranty by RM Securities, LLC

Sponsor has provided, approved, and is solely responsible in all aspects for the information on this webpage (“Page”), including Sponsor’s offering documentation, which may include without limitation the Private Placement Memorandum, Operating or Limited Partnership Agreement, Subscription Agreement, the Project Summary and all exhibits and other documents attached thereto or referenced therein (collectively, the “Investment Documents”). The Investment Documents linked on this page have been prepared and posted by Sponsor, and not by RM Securities. We did not assist in preparing, do not adopt or endorse, and we are not otherwise responsible for, the Sponsor’s Investment Documents. We make no representations or warranties as to the accuracy of information on this Page or in the Sponsor’s Investment Documents and we accept no liability therefor. No part of the information on this Page or in the Sponsor’s Investment Documents is intended to be binding on us.

Sponsor’s Information Qualified by Investment Documents

The information on this Page is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s Investment Documents. The information on this Page is not complete and subject to change at the Sponsor’s discretion at any time up to the closing date. The Sponsor’s Investment Documents and supplements thereto contain important information about the Sponsor’s offering including relevant investment objectives, the business plan, risks, charges, expenses, and other information, which you should consider carefully before investing. The information on this Page should not be used as a basis for an investor’s decision to invest.

Risk of Investment

This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor’s assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor’s business plans (“Assumptions”) will be true or that actual performance will bear any relation to Sponsor’s Assumptions, and no guarantee or representation is made that Sponsor’s Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor’s Assumptions should not be relied upon as the primary basis for your decision to invest.

No Reliance on Forward-Looking Statements; Sponsor Assumptions

Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor’s Investment Documents, which you should carefully review. Neither RM Securities nor Sponsor are obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor’s forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor’s investment objectives, detailing Sponsor’s anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor’s forward-looking statements as a basis to invest.

Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor’s Assumptions or forward-looking statements.

No Reliance on Past Performance

Any description of past performance is not a reliable indicator of future performance and should not be relied upon as the primary basis to invest.

Sponsor’s Use of Debt

A substantial portion of the total cost of the real estate asset acquired by the Sponsor with investor funds (“Property”) will be paid with borrowed funds, i.e., debt. Sponsor’s estimated rates and terms of the debt financing are subject to lender approval, and there is no assurance that the Sponsor will secure debt at the rates and terms presented on this Page or in the Sponsor’s Investment Documents, or at all. The use of borrowed money to acquire real estate is referred to as leveraging, which can amplify losses and could result in lender foreclosure. In addition, if the debt includes a variable (or “floating”) interest rate, the total amount of interest paid over the term of the debt will fluctuate and can increase. As a result, Sponsor’s use of debt can result in a loss of some or all of your investment.

Sponsor’s Offering is Not Registered

Sponsor’s securities offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act (“Private Placement”). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership 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 Private Placements on the Platform are intended solely for “Accredited Investors,” as that term is defined in Rule 501(a) under the Securities Act.

No Investment Advice

Nothing on this Page should be regarded as investment advice (either with respect to a particular security or regarding an overall investment strategy), a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised to understand and assess the risks associated with real estate or private placement investments. For additional information on RM Securities’ involvement in this offering, please carefully review the Sponsor’s Investment Documents, and RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

1031 Exchange Risk

Internal Revenue Code Section 1031 (“Section 1031”) contains complex tax concepts and certain tax consequences may vary depending on the individual circumstances of each investor. RM Securities and its affiliates make no representation or warranty of any kind with respect to the tax consequences of your investment or that the IRS will not challenge any such treatment. You should consult with and rely on your own tax advisor about the tax aspects with respect to your particular circumstances.

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