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Office
Harvester Office
Burr Ridge, IL
Canceled
100% funded
...
Harvester Office
Burr Ridge, IL
All Investments > Harvester Office
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Overview
Harvester Office
The Harvester Office Portfolio is a two-property, office portfolio located in the affluent town of Burr Ridge, IL (Chicago MSA) with an attractive Cash on Cash profile.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 8/2022
Minimum Investment 35000
Estimated Hold Period 9 Years
Investment Strategy Core Plus
Investment Type Equity
Gross SF 157,401
# of Buildings 2
Year Built 2005 & 2006
Parking Ratio 5.6:1,000 SF
Current Occupancy 98%
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 Sponsor is acquiring the Properties for $39.3MM ($249 per square foot) at a blended going-in cap rate of 8.2%.
The Properties benefit from a desirable, credit-rated tenant base with embedded rent growth.
The investment opportunity exhibits a high projected annual cash return due to durable cash flows.
The Properties are currently 98% occupied with a weighted average remaining lease term of 8.3 years.
The University of Chicago Medical Center (A1/AA-) occupies 56% of total rentable space across the Properties.
The seller, who developed the Properties and has managed them since will continue in that capacity under the Sponsor.
The Properties are located in an affluent community as exemplified by high median incomes and an excellent school system.
The Sponsor is acquiring the Properties for $39.3MM ($249 per square foot) at a blended going-in cap rate of 8.2%.
The Properties benefit from a desirable, credit-rated tenant base with embedded rent growth.
The investment opportunity exhibits a high projected annual cash return due to durable cash flows.
The Properties are currently 98% occupied with a weighted average remaining lease term of 8.3 years.
The University of Chicago Medical Center (A1/AA-) occupies 56% of total rentable space across the Properties.
The seller, who developed the Properties and has managed them since will continue in that capacity under the Sponsor.
The Properties are located in an affluent community as exemplified by high median incomes and an excellent school system.
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Management
For more information, view the Sponsor's Investment Memorandum.
Morning Sky Capital

Morning Sky Capital (the "Sponsor") is a private real estate investment firm with a focus on acquiring undervalued, mispriced, or "special-situation" real estate, with a history of producing returns that are both outsized and uncorrelated with the larger market. Morning Sky Capital invests with a long-term perspective, and is asset-class and location-indifferent, investing in all major asset classes. The Sponsor currently owns real estate valued in excess of $500mm. Based in Philadelphia, PA, Morning Sky Capital has a sterling track record dating back to 1978. To date, the Sponsor has the unique distinction of never having returned a property to a lender or engaged in a workout.

Sponsor Track Record

Morning Sky Capital Track Record(1)

Property State Asset Class Acquisition Date Sale Date SF Purchase Price Acquisition Equity Distributed Cash Sale Price Realized IRR
Villa Park VA Office Jan-17 Mar-21 701,321 $38,000,000 $6,363,000 $103,689,969 $220,852,136 95.46%
Cargill Hazelton PA Industrial Sep-05 Dec-11 230,000 $31,511,221 $2,979,537 $5,714,350 $32,000,000 10.98%
Value City OH Office/Industrial Apr-99 May-06 410,388 $17,442,681 $1,725,500 $5,196,076 $19,500,000 16.83%
Cargill Chambly QC Industrial May-06 Mar-13 113,932 $15,293,654 $1,000,000 $3,552,078 $15,447,689 20.36%
AT&T Call Center KY Office Mar-04 Jan-19 104,320 $13,078,730 $1,207,134 $3,368,238 $8,317,107 7.16%
Cargill Newnan GA Industrial Jun-05 Sep-18 104,880 $9,774,529 $948,233 $8,043,000 $11,600,000 16.76%
Trailbridge Townhomes OH Multifamily Apr-12 Jul-21 152,364 $4,500,000 $1,370,474 $2,004,445 $8,000,000 4.19%
CVS Edina MN Retail Dec-11 Dec-18 11,000 $3,000,650 $211,798 $447,693 $2,716,158 11.28%
Houghton Lake MI Retail Jun-10 Sep-21 33,708 $1,500,000 $1,503,541 $1,751,514 $1,749,000 1.36%
401 Pine St MO Office Jul-17 Dec-19 42,000 $1,420,000 $2,125,000 $2,711,612 $2,195,000 10.60%
Towers at Wyncote PA Multifamily/Retail Apr-14 - 1,758,471 $113,524,000 $25,000,000 $34,500,000 - -
Princeton Place NJ Office Oct-17 - 306,534 $72,600,000 $16,650,000 $1,248,750 - -
Home Depot Tech Center TX Office Aug-21 - 199,408 $63,171,670 $5,595,844 - - -
Trion Raleigh NC Industrial Jun-21 - 270,017 $20,001,259 $13,303,500 - - -
ASC Raleigh NC Industrial Mar-21 - 192,878 $16,950,000 $6,240,660 - - -
Museum Lofts TN Multifamily Jul-21 - 68,000 $12,535,000 $4,458,567 - - -
ASC El Paso TX Industrial Aug-21 - 161,348 $9,219,886 $3,058,496 - - -
251 DeKalb TIC PA Multifamily Nov-21 - 804,184 $7,673,760 $2,100,000 - - -
Walmart Portfolio Multiple Retail/Industrial Jun-09 - 263,584 $5,750,000 $5,750,000 $16,460,000 - -
Cintas NY Industrial Jun-19 - 48,703 $5,500,000 $2,050,000 $615,000 - -
Wyoming Hills OH Multifamily Jul-19 - 88,212 $4,950,000 $2,000,000 $2,100,000 - -
Saint Clair OH Multifamily/Retail Dec-10 - 146,275 $3,150,000 $675,903 $2,260,000 - -
Stone Creek FL Multifamily Oct-10 - 149,510 $1,600,000 $1,594,553 $4,813,451 - -
Total/Average         6,361,037 $473,147,039 $107,911,241 $198,476,177   19.50%

(1) The above biography and track record were provided by the Sponsor and have not been independently verified by RM Technologies, LLC or its affiliates. Past performance is not indicative of future results. Please carefully review the Disclaimers section below.

Website
Management Team
Management
Zell Kravinsky
Principal

Zell Kravinsky is the lead principal of Morning Sky Capital, heading MSC's investment strategy. He has been investing in commercial real estate since 1978. He is a net lease specialist, with specific expertise in complex real estate financing/structuring. He is known for his philanthropy, including gifts to the CDC and the Ohio State College of Public Health. He has been praised by President Bill Clinton for his philanthropic efforts, and is widely known for giving his kidney away to a stranger in a non-directed gift. He has two PhDs from the University of Pennsylvania.

Management
Lev Kravinsky
Principal

Lev Kravinsky is a principal of Morning Sky Capital, focused on acquisitions and asset management. Since 2017 he has transacted $1bn+ in deal volume, with counterparties ranging from private investors to S&P 500 corporations and public REITs, with debt financing from CMBS/GSE/CTL lenders. He has particular interest in deal structuring, real estate arbitrage opportunities, and sale-leaseback transactions.

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

150 and 180 Harvester Drive, Burr Ridge, IL 60527 (the "Property" or "Properties") is a Class A, 157,428 SF (gross) office portfolio consisting of two buildings: 180 Harvester is a 49,687 SF single-story building with an adjacent parking parcel at 120 Harvester; 150 Harvester is a three-story 107,741 SF Class A multi-tenant office building with heated underground parking. 180 Harvester was constructed in 2005, 150 Harvester was constructed in 2006, and the parking lot at 120 Harvester was completed in 2019. The Property is located at the four-way interchange of County Line Road and I-55, giving them outstanding access to the western suburbs, both Midway and O’Hare Airports, and the City of Chicago.

Office Tenant Mix

Tenant (Credit) Use / Industry SF Leased Current Rent Lease Start Lease Expiry Remaining Lease Term
180 Harvester            
The University of Chicago Medical Center (AA-/A1) Health Plan / Physicians Group 49,687 $22.61 12/1/2005 3/31/2034 11.9 years
             
150 Harvester            
The University of Chicago Medical Center (AA-/A1) Health Plan / Physicians Group 38,341 $27.62 4/1/2017 3/31/2034 11.9 years
Edward D Jones Financial/Investment Advisor; Founded 1922 1,396 $26.00 11/1/2021 4/30/2032 10.0 years
Mars 2 Family Office Investment Group; founded 1995 7,331 $26.00 10/1/2006 5/31/2026 4.1 years
Brookfield Global Relocation Company (Founded 1964, 1300 global employees) 29,861 $25.50 6/1/2013 1/31/2026 3.8 years
RML Health Long-Term Acute Care; Founded 1987 7,294 $26.75 12/1/2017 6/30/2025 3.2 years
Axsun Corp Canadian freight transportation/trucking company 2,914 $26.00 5/1/2014 9/30/2024 2.6 years
Daubert Chemical Specialty coatings, lubricants, adhesives; Founded 1935 4,786 $26.50 9/1/2012 11/30/2023 1.6 years
Permasteelisa Global Curtain Wall Company; Founded 1973 6,367 $26.50 1/1/2017 4/1/2023 0.9 years
Kyle Wetzel (Farmer's) Insurance Agency Insurance; Founded 1928 1,776 $26.50 12/1/2016 8/31/2026 4.4 years
Inspiring Technologies Corp Technology and IT Solutions; Founded in 2013 3,856 $26.50 3/1/2022 3/31/2025 3.0 years
Vacant**   3,379        
Office Total/Avg   156,988 $25.94 Average Tenure 10.2 years 8.3 years WALT*

*Weighted Average Remaining Lease Term

**New Lease proposed at $26.50 per square foot through July 2026

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

Lease Comparables

Lease Comps 1000 Burr Ridge Parkway 1333 Burr Ridge Pkwy IPM Professional Center 145 Tower Dr Woodland Park Willowbrook Averages 150 Harvester 180 Harvester
Year Built 1995 1996 2003 2000 2000 1999 2006 2005
Costar Class B (Costar 4 Star) A (Costar 4 Star) B (Costar 3 Star) B (Costar 3 Star) B (Costar 3 Star)   A B
SF 57,222 150,000 45,684 63,933 33,832 70,134 107,301 49,687
Occupancy 88% 91% 91% 91% 100% 92% 95% 100%
Lease Type Modified Gross Modified Gross Modified Gross Modified Gross Modified Gross   Modified Gross Modified Gross
Contracted Lease/SF $25.00/SF $26.05/SF $25.00/SF $22.05/SF $18.95/SF $24.33/SF $26.59/SF $22.61/SF
Asking Lease/SF $26.00/SF $26.05/SF $25.00/SF $22.05/SF $18.95/SF $24.49/SF $26.50/SF  
Address 1000 Burr Ridge Parkway 1333 Burr Ridge Pkwy 60 N Frontage Rd 145 Tower Dr 535 Plainfield Rd   150 Harvester Drive 180 Harvester Drive
Distance from Subject (mi.) 0.6 miles 0.5 miles 0.3 miles 0.5 miles 1.0 miles 0.5 miles    

Sales Comparables

Sale Comps Oakmont Point West Advocate Good Samaritan Outpatient Center (Medical) 901 N Elm St (Medical) 8 Salt Creek Ln (Medical) 8255 Lemont Rd Averages 150 Harvester 180 Harvester
Year Built 1989 2008 1968 2016 1990 1994 2006 2005
SF 92,553 35,011 26,816 32,000 33,068 43,890 107,301 49,687
Class A A B A B   A B
Sale Date 12/21 8/21 8/20 8/20 5/21 8/26    
Sale Price $21,700,000 $17,390,000 $8,800,000 $16,000,000 $7,200,000 $14,218,000 $20,750,000 $18,500,000
Price per SF $234/SF $497/SF $328/SF $500/SF $218/SF $355/SF $193/SF $372/SF
Cap Rate N/A N/A N/A N/A N/A N/A 9.4% 6.4%
Address 700 Oakmont Ln 6840 Main St 901 Elm St 8 Salt Creek Ln 8255 Lemont Rd      
Distance from Subject (mi.) 7.1 miles 6.3 miles 7.5 miles 7.4 miles 8.1 miles 7.3 miles    
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses

Total Capitalization

Sources of Funds $ Amount $/SF
Debt $26,070,000 $165.63
GP Investor Equity $1,499,355 $9.53
LP Investor Equity $13,494,195 $85.73
Total Sources of Funds $41,063,550 $260.88
     
Uses of Funds $ Amount $/SF
Purchase Price $39,300,000 $249.68
Morning Sky Capital  Acquisition Fee $589,500 $3.75
RM Adviser  Acquisition Fee $393,000 $2.50
Loan Closing Costs $391,050 $2.48
Title $70,000 $0.44
Legal $120,000 $0.76
Misc. $100,000 $0.64
3rd Party Fees $70,000 $0.44
Other Closing Costs $30,000 $0.19
Total Uses of Funds $41,063,550 $260.88

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

Debt Assumptions

The expected terms of the debt financing are as follows:

150 Harvester

  • Lender: Societe Generale
  • Term: 8.75 Years ARD
  • Maturity Date: March 31, 2034
  • Loan-to-Value: 66.5%
  • Estimated Proceeds: $13,800,000
  • Interest Type: Fixed
  • Annual Interest Rate: 4.975%
  • Interest-Only Period: Full Term
  • Amortization: Non-Amortizing
  • Prepayment Terms: TBD
  • Extension Requirements: TBD

180 Harvester

  • Lender: Societe Generale
  • Term: 9 years
  • Loan-to-Value: 66.2%
  • Estimated Proceeds: $12,270,000
  • Interest Type: Fixed
  • Annual Interest Rate: 4.625%
  • Interest-Only Period: Full Term
  • Amortization: Non-Amortizing
  • Prepayment Terms: TBD
  • Extension Requirements: TBD

(3) A substantial portion of the total acquisition for the Property will be paid with borrowed funds, i.e., debt.  Please carefully review the Disclaimers section below for additional information concerning the Sponsors use of debt. 

Distributions

Morning Sky Capital intends to make distributions as follows:

  1. To the Investors, pari passu, all operating cash flows to an 8.0% IRR;
  2. 75% / 25% (75% to Investors / 25% to Promote/Carried Interest) of excess cash flow to a 15.0% IRR;
  3. 65% / 35% (65% to Investors / 35% to Promote/Carried Interest) of excess cash flow thereafter.

Morning Sky Capital intends to make distributions to investors after the payment of the 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 2022 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Morning Sky Capital, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Morning Sky Capital will receive a promoted/carried interest as indicated above, and a portion of this promoted/carried interest may be received by RM Admin, LLC.

Cash Flow Summary
    Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Effective Gross Revenue   $4,367,150 $4,373,494 $4,526,506 $4,268,907 $4,338,471 $4,907,508 $4,928,736 $5,051,272 $5,071,134
Total Operating Expenses   $1,146,464 $1,153,199 $1,182,279 $1,199,633 $1,227,408 $1,270,785 $1,298,365 $1,329,634 $1,358,490
Net Operating Income   $3,220,686 $3,220,296 $3,344,227 $3,069,274 $3,111,063 $3,636,722 $3,630,370 $3,721,637 $3,712,644
                     
Project-Level Cash Flows
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Net Cash Flow ($14,993,550) $1,686,994 $1,533,855 $1,825,551 $523,687 $1,492,961 $2,278,735 $2,127,537 $2,251,788 $20,014,908
                     
Investor-Level Cash Flows(4)
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Net Cash Flow ($13,494,195) $1,383,352 $1,245,527 $1,508,054 $336,377 $1,208,723 $1,915,920 $1,779,841 $1,891,667 $15,791,469
                     
Investor-Level Cash Flows - Hypothetical $50,000 Investment(4)
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Net Cash Flow ($50,000) $5,126 $4,615 $5,588 $1,246 $4,479 $7,099 $6,595 $7,009 $58,512

(4) RM Technologies, LLC and its affiliates do not provide any assurance of returns.  Returns presented are net of all fees.  Please carefully review the Fees and Disclaimers sections below for additional information concerning Sponsor’s use or projected returns and fees paid to Sponsor and RM Technologies, LLC. 

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to Morning Sky Capital's materials for details. The following fees and compensation will be paid(5)(6)(7):

One-Time Fees:
Type of Fee Amount of Fee Received By Paid From
Morning Sky Capital Acquisition Fee 1.5% of Purchase Price Morning Sky Capital Capitalization
RM Adviser Acquisition Fee 1.0% of Purchase Price RM Adviser, LLC Capitalization
Disposition Fee 0.5% of Gross Sale Proceeds RM Adviser, LLC Distributable Cash
       
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 1.5% of EGI Morning Sky Capital Cash Flow
Administrative Services Fee 1.0% of Equity(1) RM Admin(3) Cash Flow

(5) Only applies to equity raised through the RealtyMogul Platform

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

(7) 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 $/SF
Debt $26,070,000 $165.63
GP Investor Equity $1,499,355 $9.53
LP Investor Equity $13,494,195 $85.73
Total Sources of Funds $41,063,550 $260.88
     
Uses of Funds $ Amount $/SF
Purchase Price $39,300,000 $249.68
Morning Sky Capital  Acquisition Fee $589,500 $3.75
RM Adviser  Acquisition Fee $393,000 $2.50
Loan Closing Costs $391,050 $2.48
Title $70,000 $0.44
Legal $120,000 $0.76
Misc. $100,000 $0.64
3rd Party Fees $70,000 $0.44
Other Closing Costs $30,000 $0.19
Total Uses of Funds $41,063,550 $260.88

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

Debt Assumptions

The expected terms of the debt financing are as follows:

150 Harvester

  • Lender: Societe Generale
  • Term: 8.75 Years ARD
  • Maturity Date: March 31, 2034
  • Loan-to-Value: 66.5%
  • Estimated Proceeds: $13,800,000
  • Interest Type: Fixed
  • Annual Interest Rate: 4.975%
  • Interest-Only Period: Full Term
  • Amortization: Non-Amortizing
  • Prepayment Terms: TBD
  • Extension Requirements: TBD

180 Harvester

  • Lender: Societe Generale
  • Term: 9 years
  • Loan-to-Value: 66.2%
  • Estimated Proceeds: $12,270,000
  • Interest Type: Fixed
  • Annual Interest Rate: 4.625%
  • Interest-Only Period: Full Term
  • Amortization: Non-Amortizing
  • Prepayment Terms: TBD
  • Extension Requirements: TBD

(3) A substantial portion of the total acquisition for the Property will be paid with borrowed funds, i.e., debt.  Please carefully review the Disclaimers section below for additional information concerning the Sponsors use of debt. 

Distributions

Morning Sky Capital intends to make distributions as follows:

  1. To the Investors, pari passu, all operating cash flows to an 8.0% IRR;
  2. 75% / 25% (75% to Investors / 25% to Promote/Carried Interest) of excess cash flow to a 15.0% IRR;
  3. 65% / 35% (65% to Investors / 35% to Promote/Carried Interest) of excess cash flow thereafter.

Morning Sky Capital intends to make distributions to investors after the payment of the 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 2022 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Morning Sky Capital, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Morning Sky Capital will receive a promoted/carried interest as indicated above, and a portion of this promoted/carried interest may be received by RM Admin, LLC.

Cash Flow Summary
    Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Effective Gross Revenue   $4,367,150 $4,373,494 $4,526,506 $4,268,907 $4,338,471 $4,907,508 $4,928,736 $5,051,272 $5,071,134
Total Operating Expenses   $1,146,464 $1,153,199 $1,182,279 $1,199,633 $1,227,408 $1,270,785 $1,298,365 $1,329,634 $1,358,490
Net Operating Income   $3,220,686 $3,220,296 $3,344,227 $3,069,274 $3,111,063 $3,636,722 $3,630,370 $3,721,637 $3,712,644
                     
Project-Level Cash Flows
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Net Cash Flow ($14,993,550) $1,686,994 $1,533,855 $1,825,551 $523,687 $1,492,961 $2,278,735 $2,127,537 $2,251,788 $20,014,908
                     
Investor-Level Cash Flows(4)
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Net Cash Flow ($13,494,195) $1,383,352 $1,245,527 $1,508,054 $336,377 $1,208,723 $1,915,920 $1,779,841 $1,891,667 $15,791,469
                     
Investor-Level Cash Flows - Hypothetical $50,000 Investment(4)
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Net Cash Flow ($50,000) $5,126 $4,615 $5,588 $1,246 $4,479 $7,099 $6,595 $7,009 $58,512

(4) RM Technologies, LLC and its affiliates do not provide any assurance of returns.  Returns presented are net of all fees.  Please carefully review the Fees and Disclaimers sections below for additional information concerning Sponsor’s use or projected returns and fees paid to Sponsor and RM Technologies, LLC. 

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to Morning Sky Capital's materials for details. The following fees and compensation will be paid(5)(6)(7):

One-Time Fees:
Type of Fee Amount of Fee Received By Paid From
Morning Sky Capital Acquisition Fee 1.5% of Purchase Price Morning Sky Capital Capitalization
RM Adviser Acquisition Fee 1.0% of Purchase Price RM Adviser, LLC Capitalization
Disposition Fee 0.5% of Gross Sale Proceeds RM Adviser, LLC Distributable Cash
       
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 1.5% of EGI Morning Sky Capital Cash Flow
Administrative Services Fee 1.0% of Equity(1) RM Admin(3) Cash Flow

(5) Only applies to equity raised through the RealtyMogul Platform

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

(7) 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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