The team at our affiliated broker-dealer, RM Securities, conducts diligence on of the issuer, including detailed background checks, criminal checks, bad actor checks, and reference checks on sponsors. In addition to screening for any criminal background, we may also turn down sponsors due to poor reference checks, even if the background and criminal checks are satisfactory.
We require unaffiliated sponsors to use an unaffiliated third-party escrow agent.* When an investor makes an investment with such sponsors using the RealtyMogul platform, the investor’s money is transferred directly into a third-party escrow account. All closing conditions in connection with a sponsor’s contingency offering need to be met before the third-party escrow agent will approve releasing investor funds to the issuer or general partner. For example, if an issuer or general partner plans to use funds for a real estate acquisition that does not ultimately transact, the third-party escrow agent will not transfer investor funds to the issuer or general partner, and funds will be returned to investors.
Unless otherwise disclosed, escrow accounts are not required for some investments that accommodate 1031 investments where the property is already acquired.
Our processes typically includes visiting certain properties (or a subset of properties if it's a fund) to confirm the real estate is what and where the real estate is supposed to be. For certain properties that accommodate 1031 exchange investments, the team will review third-party prepared due diligence reports in lieu of a site visit.
We have formalized processes and checklists for every private placement deal listed on the platform.
Haven at Charlotte is located in Nashville, Tennessee. According to Forbes.com, Nashville ranks as the 6th best city in the United States for job growth, and the Urban Land Institute lists Nashville as the 7th most attractive real estate investment and development market in the country. Nashville MSA's domestic product has grown an average of 4.9% over the past five years, far outpacing state and national averages. Its diverse economic base has become a regional economic growth engine with an average employment growth of 3.7% annually from 2015 to 2020 and has added 165,000+ jobs in the same time period.
Due to the creative financing with the ground lease, Haven at Charlotte is lowly levered with only its +/- 51% loan-to-cost construction loan requiring repayment at refinance or sale. The 99-year ground lease does not require prepayment at refinance or sale, further reducing future sale or refinance risk.
Haven at Charlotte’s basis is significantly lower than recent trades in Nashville and similar markets, affording equity investors significant downside protection on their investment. Additionally, the projected sale number in four years is in line with the comp set of today.
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.
https://guefen.com/The above bios and track record were provided by Guefen Development and have not been independently verified by RealtyMogul.
The business plan is to develop a Class A multifamily project for $297,000 per unit in a highly amenitized, mixed-use district, home to the rapidly growing healthcare and technology sectors in Nashville. The Site is under contract for purchase from the current landowner for $10.0MM or $67/SF at a discount compared to recent comparable land trades of $250/SF. To monetize this material discount, the Sponsor will sell the land to Safehold Inc. for $34.0MM and lease it back for a customary 99-year ground lease term at 0.95% over the 30-year treasury (approximately 3.4% fixed), which will be set at closing. Investors will benefit from the $24MM of profit generated from the sale of the ground lease. The 99-year ground lease is Freddie and Fannie compliant and does not require repayment. Deal capitalization includes a $55.4MM construction loan (50.5% LTC), $34.0MM in ground lease funds, $10.0MM in preferred equity, $12.7MM in LP equity, and $7.6MM in sponsor equity. Construction is anticipated to complete in 24 months and will stabilize 12 months later in month 36. The Project is anticipated to be sold in month 48 for gross sales proceeds of $117MM or $319,000 per unit representing a 4.75% cap rate on tax-adjusted NOI.
Development Budget
Acquisition Cost | $ Amount | Per Unit | Per SF |
Purchase Price | $10,000,000 | $27,100 | $35.47 |
Closing Costs | $338,889 | $918 | $1.20 |
Total Acquisition Costs | $10,338,889 | $28,019 | $36.67 |
Hard Costs | $ Amount | Per Unit | Per SF |
Base hard costs | $73,301,800 | $198,650 | $260.00 |
GC hard cost contingency | $1,832,545 | $4,966 | $6.50 |
Owners hard cost contingency (% of hard costs) | $1,832,545 | $4,966 | $6.50 |
GC Fee | $3,848,345 | $10,429 | $13.65 |
Total Hard Costs | $80,815,235 | $219,011 | $286.65 |
Soft Costs | $ Amount | Per Unit | Per SF |
Architecture & Engineering | $1,514,000 | $4,103 | $5.37 |
Materials Testing | $300,000 | $813 | $1.06 |
Permits fees | $250,000 | $678 | $0.89 |
Impact fees | $1,100,000 | $2,981 | $3.90 |
FF&E (i.e. club, pool, a/v, etc.) | $350,000 | $949 | $1.24 |
Cable & internet build out | $950,000 | $2,575 | $3.37 |
Start up expenses | $200,000 | $542 | $0.71 |
Marketing | $200,000 | $542 | $0.71 |
Insurance | $350,000 | $949 | $1.24 |
Project team incentive bonus | $100,000 | $271 | $0.35 |
Working capital and consultants | $200,000 | $542 | $0.71 |
Property taxes (during construction) | $400,000 | $1,084 | $1.42 |
Overhead reimbursement fee | $350,000 | $949 | $1.24 |
Soft cost contingency | $313,200 | $849 | $1.11 |
Development fees (% of Costs) | $4,201,731 | $11,387 | $14.90 |
Total Soft Costs | $10,778,931 | $29,211 | $38.23 |
Financing Costs | $ Amount | Per Unit | Per SF |
Bank origination fee | $415,500 | $1,126 | $1.47 |
Interest and Operating reserve | $3,000,000 | $8,130 | $10.64 |
Title & closing | $400,000 | $1,084 | $1.42 |
Legal | $350,000 | $949 | $1.24 |
Capital Placement costs and fees | $256,462 | $695 | $0.91 |
Ground Lease construction reserve | $2,890,000 | $7,832 | $10.25 |
Total Financing Costs | $7,311,962 | $19,816 | $25.94 |
Grand Total | $109,245,016 | $296,057 | $387.49 |
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 |
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 |
Market Overview
Nashville has experienced extreme economic and cultural growth in recent years, building off an existing diverse employment base. Healthcare, state government, higher education, music, tourism, publishing, and automotive industries have grown and expanded, propelling Nashville to become one of the highest-ranking cities for job growth. According to Forbes.com, Nashville ranks as the #6 best US city for job growth with employment growing annually by 3.4% over the last 5 years. This ranking puts Nashville ahead of larger cities such as Tampa and Houston, as well as regional competitors such as Louisville, Charleston, and Savannah. Furthermore, Nashville has become a destination for fortune 500 companies and real estate development with a low cost to do business and an attractive tax structure. Companies such as Amazon and Oracle have announced expansions and the addition of 13,500 jobs over the next few years.
Submarket Overview
The Haven at Charlotte development is located in the downtown Nashville submarket of ONEC1TY, a vibrant, active, and walkable neighborhood with public parks, plazas, courtyards, and gathering areas. It serves as a center of technology-enabled commercial, residential, research, and retail corridor catering to the idea that mindful healthy living can be made easy. ONEC1TY has access to nationally recognized teaching hospitals, medical schools, healthcare institutions, and universities conveniently located near the center of Nashville’s urban core. This area anchors the West Side’s innovation district catalyzing the established “Eds and Meds” and evolving technology sector of Nashville.
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.
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.
Guefen Development intends to make distributions from Haven at Charlotte Holdco, LLC as follows:
- To the Investors, pari passu, all operating cash flows to an 8.0% preferred return;
- 65% / 35% (65% to Investors / 35% to Promote) of excess cash flow to an 18% IRR;
- 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.
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.
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, LLCSponsor 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 DocumentsThe 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 InvestmentThis 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 AssumptionsSponsor 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 PerformanceAny 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 DebtA 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 RegisteredSponsor’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 AdviceNothing 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 RiskInternal 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.