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Steps we take to mitigate risk on the Platform
Sponsors

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Boots on the ground

Our controls include visiting every property (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.

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Confidentiality Agreement
To access the Sponsor’s private offering documents for this investment, you must first acknowledge and agree to the below.
By clicking the ‘I Agree’ button below:
Funded
Target IRR  19.2%-21.2% *
20.2%
Target Return on Cost* 7.2%
Target Equity Multiple* 1.85X
Estimated Hold Period* 40 Months
FUNDED 100%
...
View our Risk and Quality Controls.
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
Offered By
Ascension
Investment Strategy Development
Investment Type Equity
Estimated First Distribution 7/2025
Minimum Investment 35000
Overview
The Property, Saxon Pond Flats, is a 360-unit Class A multifamily development in the robust multifamily submarket of Northwest Houston.
Basis

The Saxon Pond all-in cost basis is projected to be $172K per unit which compares very favorably with newly constructed properties selling in the market today at $200-230K per unit.

Market

Rent growth was 5.4% year-over-year for the immediate comparables during 2022.

Capital Appreciation

The Sponsor was able to acquire the 14-acre land site in 2021 at an attractive basis of $7.11 PSF versus recent sales at $9.00 PSF. The Sponsor is contributing the land to the partnership at cost, without markup.

Property at a glance
# of Units 360
Commercial Rentable Square Footage 318,498 SF
Land Acquisition Price $4,344,000
First Units Delivered February 2024
Project Stabilization August 2025
Total Development Budget $62,041,000
Investment Highlights
Sponsor has finalized the loan at best-in-market terms
Sponsor has finalized construction contract under a Guaranteed Maximum agreement
The Sponsor's average realized IRR has been 58.0% versus the corresponding 21.6% proforma, and the average realized Equity Multiple of 3.8x outpaces the corresponding 2.3x proforma.
Absorption in this Northwest Houston submarket is one of the best in the nation (per CoStar).
Rent growth was 5.4% year-over-year for the immediate comparables during 2022.
Vacancy rate is 4.4% in the submarket and actually dropped by 1.8% year-over-year.
Land acquired in 2021 at an attractive basis of $7.11 PSF versus recent nearby trades above $9.00 PSF. The Sponsor is contributing the land to the partnership at cost, without markup.
Lack of single-family home inventory and rising mortgage rates are putting positive upward pressure on multifamily rental rates and absorption. 41.4% decrease in single-family home completions from 2007 to 2021 due to rising construction costs. 50.5% increase in home prices since 2017.
Management
Cumulative Distributions

Ascension

Ascension Commercial Real Estate (“ACRE”) is a vertically integrated investment and management firm that specializes in realizing the operational and economic potential of multifamily assets through new development, proven value-add strategies, and hands-on management. ACRE’s foundation combines the entrepreneurial spirit with an institutional-quality approach toward investment underwriting and asset management.

Founded in 2008, ACRE has acquired or developed over 8,000 units across Texas and has experience managing multifamily assets through all stages of the real estate cycle. ACRE has operated a variety of multifamily assets including new construction lease-up projects, stabilized and value add assets, and distressed lender foreclosures/receiverships. ACRE has managed up to 10,000 units. The Principals of Ascension Multifamily Construction have 60 years of combined experience in multifamily construction with 6,900 units representing in excess of $700 million in hard costs. The Sponsor's average realized IRR has been 58.0% versus 21.6% proforma, and the average realized Equity Multiple of 3.8x outpaces 2.3x proforma.

https://www.ascensioncre.com/

Moriah

Moriah Real Estate Company, ("MREC“) provides a platform for its investors to leverage the experience and success of the principals as private equity investors and managers in commercial real estate. Since 2009, MREC has completed $2.2 billion in real estate transactions, including $466 million of equity. Together the Principals have over eighty years of combined experience in owning and managing a real estate investment portfolio that includes office, industrial, multifamily, hotel, retail, and ground-up development in 19 states. MREC has invested across multiple real estate asset classes including office, multifamily, condominium, university housing, hospitality, industrial, retail, manufactured housing communities, and commercial land.

http://www.moriahgroup.net/

  • James G. Wood
    President, Ascension
  • Charles Crane
    Senior Vice President, Ascension
  • Alfred Branch
    President and Co-Founder, Moriah
  • Tod Brown
    Co-Founder, Moriah
  • Brock Lytton
    Principal, Moriah
James G. Wood
President, Ascension

Before starting Ascension, James Wood had 15 years of work experience. He worked for eight years at Texas American Bank in the 1980s, where he dedicated his time to resolving problem loans secured by various property types across Texas. During the 1990s, he was a Vice President of American General, where he assembled and managed a $2.5 billion portfolio of Commercial Mortgaged-Backed Securities (CMBS) and Real Estate Investment Trust (REIT) bonds. In addition, he led the firm’s commercial mortgage management group; the $3.7 billion portfolios comprised mortgages secured by various commercial property types across the United States. In 2002, he founded InvestWood Capital and completed over $15 billion of due diligence consulting for third-party lenders and investors. He has his BBA from Texas A&M University (Cum Laude) and MBA from the University of Texas. He is also a licensed Texas Real Estate Broker and a Chartered Financial Analyst (CFA).

Charles Crane
Senior Vice President, Ascension

Charles Crane has been with Ascension since 2017 and has over 30 years of commercial real estate finance, development, investment, and operations experience. His financing experience includes commercial real estate workouts, debt restructuring, originating construction project financing, and creating permanent debt financing on various commercial property types from his previous positions at Arthur Anderson & Company, JP Morgan Chase Bank, Legg Mason Wood Walker, CBRE, and others. His development experience includes over $300 million of multifamily properties in nine projects containing over 2200 units, including ownership interests in seven multifamily partnerships. He is a graduate of Baylor University’s Hankamer School of Business (Beta Gamma Sigma honors) with a BBA-Accounting and MBA-Finance, and he is a CPA registered in Texas. He has been an active member of the National Multi Housing Council, Houston Apartment Association, Urban Land Institute, Houston Real Estate Council, and Association of Commercial Real Estate Professionals.

Alfred Branch
President and Co-Founder, Moriah

Alfred co-founded Moriah Real Estate Company in 2008 and serves as its President. Prior to that, he was Managing Director of Trammell Crow Company, "TCC" in Oklahoma City. His responsibilities at TCC included the brokerage, property management, and development operations for 150 employees and over 6 million square feet of property including the management of the corporate facilities for Kerr-McGee and Hertz corporations. During Mr. Branch's twelve-year tenure with TCC, he gained extensive experience in project leasing, investment acquisitions, dispositions, and project management prior to his appointment to manage the operations. Mr. Branch also served as the Executive Vice President, Acting President, and Chief Operating Officer at Oklahoma Christian University. Mr. Branch oversaw all day-to-day operations of the university including its annual $40mm budget. He also served as president of two of the university's subsidiary corporations that own, manage, and develop commercial and senior living real estate to support the university. He oversaw the development of more than $38 million in retail and multifamily housing projects. Mr. Branch is a 1984 graduate of Oklahoma Christian University and graduated with honors with an MBA at the University of Texas in Austin.

Tod Brown
Co-Founder, Moriah

Tod co-founded MREC in 2008. Tod also co-founded MRI and Petroleum Strategies, Inc. MRI was formed in 1992 to acquire oil and natural gas reserves. Petroleum Strategies, Inc. was formed in 1991 to serve as a qualified intermediary in connection with the execution of Section 1031 transactions. The company has come to be recognized as the leader in the industry, facilitating $40 billion in real property transactions. Tod obtained a Bachelor of Science degree, with honors, from Abilene Christian University and serves on ACU's Board of Trustees.

Brock Lytton
Principal, Moriah

Brock joined the MREC team in 2016. Brock is responsible for the oversight of MREC’s assets and contributes to deal origination. Additionally, Brock is a licensed commercial Real Estate Broker in Oklahoma and directs MREC’s Oklahoma City commercial brokerage presence. Brock graduated from Oklahoma Christian University with a Bachelor of Business Administration and a Master of Business Administration.

Track Record

Track Record of Ascension and Moriah

Property Location Date of Acquisition Date of Exit Units Purchase Price Total Project Costs Realized Investor IRR Realized Multiple
Vista at Plum Creek Kyle Nov-13 Oct-18 264 $24,500,000 $25,600,000 17.5% 2.0x
Faudree Ranch Odessa Nov-12 May-17 300 $29,812,239 $39,581,239 30.3% 2.7x
Aria Plum Creek Kyle Dec-14 Jul-17 180 $18,975,000 $15,275,000 20.2% 1.6x
Westchase Grand Houston Jul-11 Jul-18 556 $11,591,000 $19,002,000 60.3% 7.4x
Westchase Preserve Houston Jul-11 Jul-18 468 $9,074,000 $16,649,000 54.6% 5.9x
Westchase Estates Houston Jul-11 Jul-18 307 $6,184,000 $9,833,000 55.7% 7.0x
Sheffield Square Houston Jul-11 Jun-17 190 $4,278,000 $5,658,000 65.8% 6.1x
Pointe at Steeplechase Houston Jul-11 Sep-15 316 $7,585,000 $11,886,000 42.5% 2.8x
Berkshire Houston Jul-11 Jul-15 227 $3,656,000 $5,429,000 50.1% 3.1x
Park on Burke Pasadena Jul-11 Apr-15 160 $4,420,000 $6,967,000 33.9% 2.4x
Shadow Creek Houston Jul-11 Feb-15 296 $3,753,000 $6,984,000 75.7% 4.8x
The Bays Houston Jul-11 Feb-15 289 $8,837,000 $8,837,000 38.1% 2.6x
Timber Run Houston Jul-11 Sep-13 120 $1,427,000 $2,073,000 94.4% 3.8x
Princeton Club Houston Jul-11 Dec-12 291 $4,259,000 $6,185,000 200.4% 4.1x
Aubry Hills Austin Jul-11 Dec-12 192 $5,873,000 $8,529,000 30.4% 1.4x
      Total: 4,156 units $144,224,239 $188,488,239 58.0% 3.8x

 

Track Record of Ascension

Property Location Date of Acquisition Date of Exit Units Original Cost Realized Investor IRR Realized Multiple
Faudree Ranch Odessa Nov-12 May-17 300 $29,812,239 30.3% 2.7x
Aria Victoria Victoria Feb-14 Jun-18 240 $23,122,119 22.0% 2.9x
Aria Plum Creek Kyle Dec-14 Jul-17 180 $18,975,000 21.7% 1.6x
Retreat at Cinco Ranch Cinco Ranch Jun-07 Jul-10 268 $23,300,000 22.0% 1.8x
2125 Yale Houston Jul-06 Dec-12 195 $29,075,000 15.1% 2.5x
Retreat at The Woodlands The Woodlands Jul-11 Oct-13 240 $23,200,000 75.0% 3.9x
Retreat at Conroe Conroe  Dec-11 Jul-14 210 $18,515,000 21.0% 2.0x
Retreat at Riverstone Sugar Land Apr-12 Apr-20 249 $33,816,000 25.0% 2.7x
Harpers Retreat Conroe  Dec-13 Sep-18 216 $25,500,000 15.0% 1.8x
New Construction Total/Average     2,098 $225,315,358    
               
Value-Add Properties Various     5,947 $203,844,000 53.6% 3.9x
      Total: 8,045 units $429,159,358 45.4% 3.4x

The above biographies and track records 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.

Saxon Pond Flats will be a 360-unit Class A multifamily property beginning construction in early 2023. The Project is currently shovel-ready and permits are being pulled. The Property will feature 204 one-bedroom units, 138 two-bedroom units, and 18 three-bedroom units. It will feature built-in desks with cabinets, black stainless appliances, first-floor private yards, and larger balconies on the second and third floors. The Property also includes a walking path around a natural pond. The clubhouse and first residential building will be delivered in 1Q2024, approximately twelve months after construction commences. The Sponsor is underwriting that the Property will reach stabilization in 3Q2025. The Saxon Pond all-in cost basis is projected to be $172K per unit which compares very favorably with newly constructed properties trading the market today at $200-230K per unit. Submarket fundamentals are strong and absorption of multifamily units in Northwest Houston is one of the highest in the nation (according to Costar).

Development Costs

  $ Amount Per Unit
Hard Costs    
General Conditions & Insurance $2,351,517 $6,532
Concrete $2,592,801 $7,202
Masonry $159,100 $442
Steel $828,629 $2,302
Woods & Plastics $13,475,427 $37,432
Thermal & Moisture Protection $1,327,386 $3,687
Doors & Windows $1,904,795 $5,291
Finishes $4,517,227 $12,548
Special Conditions $381,608 $1,060
Equipment $1,777,478 $4,937
Furnishings $2,236,814 $6,213
Special Construction $219,630 $610
Fire Protection $632,800 $1,758
Plumbing $2,804,507 $7,790
Mechanical $1,585,690 $4,405
Electrical $2,937,281 $8,159
Communications $137,001 $381
Electronic Safety & Security $360,330 $1,001
Earthwork $1,368,293 $3,801
Exterior Improvements $2,055,528 $5,710
Utilities $1,791,000 $4,975
Total Hard Costs $45,444,842 $126,236
     
Additional Contingency $2,387,158 $6,631
     
Grand Total $47,832,000 $132,867
Summary

Investor Q&A 3/14/2023

Property Information

Saxon Pond Flats will be a 360-unit Class A multifamily property beginning construction in early 2023. The Property will feature 204 one-bedroom units, 138 two-bedroom units, and 18 three-bedroom units. It will feature built-in desks with cabinets, the latest black stainless appliances, first-floor private yards, and larger balconies on the second and third floors. The Property also includes a walking path around a natural pond.

Unit Mix

Unit # of Units % of Total Style Unit Sq.Ft. Total Sq. Ft. Total $/Month $ Per Sq. Ft. $ Per Month
A1 120 33.33% 1B - 1B 674 80,880 $148,440 $1.84 $1,237
A2 48 13.33% 1B- 1B 798 38,304 $69,072 $1.80 $1,439
A2 - End Con. 36 10.00% 1B - 1B 809 29,124 $52,380 $1.80 $1,455
B1 30 8.33% 2B - 2B 1,025 30,750 $51,180 $1.66 $1,706
B1 - End Con. 48 13.33% 2B - 2B 1,033 49,584 $82,368 $1.66 $1,716
B2 24 6.67% 2B - 2B 1,098 26,352 $43,488 $1.65 $1,812
B2 - End Con. 36 10.00% 2B - 2B 1,105 39,780 $65,808 $1.65 $1,828
C1 18 5.00% 3B - 2B 1,318 23,724 $35,118 $1.48 $1,951
Total 360       318,498 $547,854    
Avg       885     $1.72 $1,522
Comparables

Lease Comparables

  Ariza Gosling Berkshire Exchange Harmony Park Canopy at Springwoods Abbey at Northpoint Averages Subject
Year Built May 2021 Apr 2019 Jun 2016 Jan 2021 Sept 2016    
# of Units 316 352 273 332 307 316 360
Average Unit Size 873 SF 934 SF 921 SF 940 SF 872 SF 908 SF 885 SF
Levels 3 3 3 3 4 3  
Occupancy 94.7% 94.8% 99.2% 96.1% 93.1% 95.6%  
Distance from Subject 4.4 mi 1.9 mi 6.5 mi 2.6 mi 4.3 mi 3.9 mi  
               
$/Unit (1 BR) $1,375 $1,223 $1,384 $1,597 $1,413 $1,398 $1,323
SF (1 BR) 751 SF 665 SF 754 SF 779 SF 703 SF 730 SF 727 SF
$/SF (1 BR) $1.83/SF $1.84/SF $1.84/SF $2.05/SF $2.01/SF $1.91/SF $1.82/SF
               
$/Unit (2 BR) $1,697 $1,448 $1,728 $1,898 $1,896 $1,733 $1,760
SF (2 BR) 1,042 SF 809 SF 1,104 SF 1,171 SF 1,142 SF 1,054 SF 1,061 SF
$/SF (2 BR) $1.63/SF $1.79/SF $1.57/SF $1.62/SF $1.66/SF $1.65/SF $1.66/SF
               
$/Unit (3 BR) $2,004 $1,844 $2,189 $2,490 $2,484 $2,202 $1,951
SF (3 BR) 1,214 SF 1,279 SF 1,438 SF 1,541 SF 1,588 SF 1,412 SF 1,318 SF
$/SF (3 BR) $1.65/SF $1.44/SF $1.52/SF $1.62/SF $1.56/SF $1.56/SF $1.48/SF

 

Sales Comparables

  Woodbridge at Grand Central The Sarah at Lake Houston Pavilion at the Groves Magnolia by Watermark Alta Cathedral Lakes Enclave at Woodland Lakes Averages Subject (Project Cost)
Date Sold Aug-22 Jul-22 Mar-22 Mar-22 Dec-21 Nov-21    
Year Built Mar 2021 Nov 2020 May 2021 Jul 2020 Dec 2020 May 2021    
# of Units 288 350 318 336 300 316 318 360
Average Unit Size 947 SF 908 SF 955 SF 976 SF 919 SF 873 SF 930 SF 885 SF
Sale Price $64,000,000 $79,250,150 $68,500,062 $64,000,000 $65,100,000 $67,249,856 $68,016,678 $62,041,000
$/Unit $222,222 $232,857 $215,409 $209,003 $217,000 $212,816 $218,218 $172,336
$/SF $164/SF $302/SF $216/SF $191/SF $325/SF $283/SF $247/SF $195/SF
Building Size 389,369 SF 262,500 SF 316,000 SF 335,258 SF 200,000 SF 237,000 SF 290,021 SF  
Distance from Subject 17.2 mi 24.0 mi 21.6 mi 4.5 mi 5.4 mi 4.5 mi 12.9 mi  
Location Information

Market Overview

Houston has been the nation's second most active real estate market over the last decade. Houston MSA reports 3.3 million jobs in the area; with the world's #1 largest medical center and the 11th large tech workforce. Houston is the primary destination for newcomers moving to Texas. 

Vacancy rate is 8.3% city-wide and is expected to remain at its historical average in the near term. Vacancy rate is 4.4% in the submarket which is considerably better than the city as a whole. Rent growth was 3.0% year-over-year for the Houston MSA over the same time period.  While rent growth was 5.4% year-over-year for the immediate comparables during 2022.

New construction sales average over $200,000 per unit in the suburbs, which far exceeds the construction cost. Multifamily investment volume in Houston totaled nearly $9 billion through the end of the third quarter of 2022.

Submarket Overview

The Northwest Submarket of Houston has been one of the most vibrant in the region. Almost 80% of all population growth has happened in the unincorporated area of Harris County, in which the Northwest Submarket is located. Saxon Pond Flats is located at the intersection of two major regional highway systems: Interstate 45 (leading to Downtown Houston) and The Grand Parkway (the newest major freeway that has seen billions of dollars in commercial development).  

Saxon Pond Flats is located in the Klein Independent School District. It is ranked in the top 8% of best school districts in the state, top 7% of best places to teach in Texas, and top 1% of most diverse school districts in Texas. The Property is located less than two miles from Klein Collins High School.

Cap Stack
Sources & Uses

Total Capitalization(1)

Sources of Funds $ Amount $/Unit
Debt $40,326,650 $112,018
GP Investor Equity(2)(3) $1,086,350 $3,018
LP Investor Equity $20,628,000 $57,300
Total Sources of Funds $62,041,000 $172,336
     
Uses of Funds $ Amount $/Unit
Land Acquisition Price $4,344,000 $12,067
Hard Costs $47,832,000 $132,867
Office / Models / Signage $856,393 $2,379
Architect $491,801 $1,366
Government Fees $506,139 $1,406
Engineering $481,801 $1,338
Interest Rate Cap $734,327 $2,040
Construction Loan Fee $483,920 $1,344
Developer Fee $2,172,000 $6,033
Closing Costs(4) $1,125,359 $3,126
Contingency $1,910,000 $5,306
Operating Deficit $392,386 $1,090
Interest Deficit $710,874 $1,975
Total Uses of Funds $62,041,000 $172,336

(1) Moriah is funding $10MM in LP Equity.

(2) The Sponsor is contributing the land to the partnership at cost, without markup.

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

(4) 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: IBC
  • Initial Term: 48 months
  • Extension: 24 months extension option
  • LTC: 65.0%
  • Estimated Proceeds: $40,326,650
  • Interest Type: Floating
  • Spread: New York Prime index + 0%
  • Interest-Only Period: 48 months
  • Amortization: 25 years
  • Modeled Refinance: No

(1) 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

Ascension and Moriah intend to make distributions from AM 2920, LLC as follows:

  1. To the Investors, pari passu, all operating cash flows to an 8.0% Preferred Return compounded quarterly;
  2. 70% / 30% (70% to Investors / 30% to Promoted/Carried Interest) of excess cash flow to a 16.0% IRR;
  3. 50% / 50% (50% to Investors / 50% to Promote/Carried Interest) of excess cash flow thereafter.

Ascension and Moriah intend 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 July 2025 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Ascension and Moriah, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Ascension and Moriah will receive a promoted/carried interest as indicated above.

Cash Flow Summary
    Month 1-12 Month 13-24 Month 25-36 Month 37-42
Effective Gross Revenue   $3,509 $2,657,186 $6,863,978 $1,911,057
Total Operating Expenses   $256,096 $1,224,907 $2,060,452 $590,967
Net Operating Income   ($252,587) $1,432,279 $4,803,526 $1,320,090
           
Project-Level Cash Flows
  Month 0 Month 1-12 Month 13-24 Month 25-36 Month 37-42
Net Cash Flow ($21,714,350) $0 $0 $1,481,107 $44,909,230
           
Investor-Level Cash Flows(1)
  Month 0 Month 1-12 Month 13-24 Month 25-36 Month 37-42
Net Cash Flow ($6,120,000) $0 $0 $349,252 $10,747,589
           
Investor-Level Cash Flows - Hypothetical $50,000 Investment(1)
  Month 0 Month 1-12 Month 13-24 Month 25-36 Month 37-42
Net Cash Flow ($50,000) $0 $0 $2,910 $89,563

(1) 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 Ascension and Moriah's materials for details. The following fees and compensation will be paid(1)(2):

One-Time Fees:
Type of Fee Amount of Fee Received By Paid From
Development Fee 3.5% of all costs Ascension/Moriah Capitalized Equity Contribution
Brokerage Fee 3% of land purchase price Ascension Land Seller
Fund Equity Fee 3% of Moriah equity Moriah Capitalized Equity Contribution
Construction Management Fee 4.25% of development hard costs Ascension Capitalized Equity Contribution
Refinance Fee 0.50% of loan proceeds Ascension/Moriah Capitalized Equity Contribution
Disposition Fee If Project sale price is over $70MM, 1%; if less than $70MM, $50k fee Ascension/Moriah Capitalized Equity Contribution
Technology Solution Licensing Fee(2) Flat one-time licensing fees of $15,000 plus $1,500 per each prospective investor onboarded by Sponsor through its license and use of RM Technologies’ Technology Solution RM Technologies, LLC

Capitalization (at Sponsor’s discretion)

       
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 0.75% of EGI Moriah Cash Flow
Property Management Fee 3.25% of EGI Ascension Cash Flow
Administration Solution Licensing Fee(2) Flat quarterly licensing fee of $125 per investor serviced by Sponsor through the license and use of  RM Technologies’ Administration Solution RM Technologies, LLC Cash Flow

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

(2) Please see the Fees and Disclaimers sections below for additional information concerning fees paid to RM Technologies, LLC.

.

Sponsor’s Projects and Targets

*Assumptions and projections included in the information on this Page, including pro forma projections (collectively “Projections”) were provided by the Sponsor or an affiliate thereof and are not reflective of the position or opinions of, nor are they endorsed by, RM Technologies, LLC or its affiliates, or any other person or entity other than the Sponsor or its affiliates.  RM Technologies, LLC and its affiliates do not provide any assurance of returns or the accuracy or reasonableness of the Projections provided by the Sponsor or its affiliates.   There can be no assurance that the Sponsor’s methodology used for calculating any Projections, including Target IRR, Target Annualized Cash-on-Cash Return, and Target Equity Multiple (“Targets”), are appropriate or adequate.  The Sponsor’s Projections and Targets are hypothetical, are not based on actual investment results, and are presented solely for the purpose of providing insight into the Sponsor’s investment objectives, detailing its anticipated risk and reward characteristics and for establishing a benchmark for future evaluation of the Sponsor’s performance. The Sponsor’s Projections and Targets are not a predictor, projection or guarantee of future performance.  There can be no assurance that the Sponsor’s Projections or Targets will be met or that the Sponsor will be successful in meeting these Projections and Targets.  Projections and Target returns should not be used as a primary basis for an investor’s decision to invest.

No Approval, Opinion or Representation, or Warranty by RM Technologies, LLC or it Affiliates

The information on this Page, including the 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”) was provided by the Sponsor or an affiliate thereof.  RM Technologies, LLC makes no representations or warranties as to the accuracy of such information and accepts no liability therefor.  No part of the information on this Page is intended to be binding on RM Technologies, LLC or its affiliates, or to supersede any of the Sponsor’s Investment Documents.  The opinions expressed on this page are solely the opinions of the Sponsor and its affiliates and none of the opinions expressed on this Page are the opinions of, nor are they endorsed by, RM Technologies, LLC or its affiliates.

Sponsor’s Information Qualified by Investment Documents

The Information on this Page, including of the principal terms of the Sponsor’s offering, 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 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.  The information on this page should not be used as a primary basis for an investor’s decision to invest.  In the event of an inconsistency between the information on this Page and the Investment Documents, investors should rely on the information contained in the Investment Documents.  The information on this Page and the information in the Investment Documents are subject to last minute changes up to the closing date at the sole discretion of the Sponsor and its affiliates.

Risk of Investment

This real estate investment is speculative and involves substantial risk.  There can be no assurances that all or any of the assumptions will be true or that actual performance will bear any relation to the hypothetical illustrations herein, and no guarantee or representation is made that investment objectives of the Sponsor will be achieved.  In the event that actual performance is below the Sponsor’s Targets, your investment could be materially and adversely affected, and there can be no assurance that investors will not suffer significant losses.  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.  Please see the Sponsor’s Investment Documents for additional information, including the Sponsor’s discussion concerning risk factors.

Risk of Forward-Looking Statements

Forward-looking statements are found here and in the applicable Investment Documents and may include words like “expects,” “intends,” “anticipates,” “estimates” and other similar words. These statements are intended to convey the Project Sponsor’s projections or expectations as of the date made. These statements are inherently subject to a variety of risks and uncertainties. Please see the applicable Investment Documents for disclosure relating to forward-looking statements.  All forward-looking statements attributable to the Sponsor or its affiliates apply only as of the date of the offering and are expressly qualified in their entirety by the cautionary statements included elsewhere in 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.

Sponsor’s use of Debt

A substantial portion of the total acquisition for the Property will be paid with borrowed funds, i.e., debt.  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 the annual interest rate and possible increases in capital reserve requirements for funds to be held in a lender-controlled capital reserve account. 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.

In addition, unless the debt provides for a fixed rate of interest during the term of the loan and/or any subsequent extensions, the total amount of interest paid over the term of the debt will increase by the same amount as the related index. For example, if the index rate increases by 0.50% (50 basis points) the interest rate on the loan will increase by the same amount. The amount of such interest rate increases may be capped either by its terms or as the result of the Sponsor entering into an arrangement that caps the interest rate with respect to the debt at a particular rate.

Sponsor’s Offering is Not Registered

The interests offered by the Sponsor 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 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 Private Placements on the RealtyMogul Platform are intended solely for “Accredited Investors,” as that term is defined Rule 501(a) of the Securities Act.  Prospective investors must certify that they are Accredited Investors and provide either certain supporting documents or third party verification, and must acknowledge that they have received and read all investment materials.

RM Technologies, LLC Fees and Conflicts

RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform.  RM Technologies, LLC charges a fixed, non-percentage-based licensing fee for real estate companies and their sponsors to license and use the RM Technologies LLC’s proprietary Platform, including one-time flat licensing fees for its Technology Solution and an ongoing quarterly flat licensing fees for its Administration Solution.  An estimate of the Technology Solution licensing fee is included in the Closing Costs above and is intended to be capitalized into the transaction at the discretion of the Sponsor.  The licensing fees received by RM Technologies, LLC are disclosed in the relevant operating agreement(s). Additionally, from time to time, employees of RM Technologies, LL C and its affiliates invest in Sponsor’s offering.  RM Technologies LLC’s receipt of licensing fees and its employee’s investments in Sponsor’s offering creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

No Investment Advice

None of RM Technologies nor any affiliate are registered as a broker, dealer, investment adviser, or funding portal (except with respect to RM Adviser, LLC, which has no involvement in the transactions to be consummated hereby or contemplated herein and solely for the purposes hereof, shall not be deemed an affiliate or RM Technologies). They do not provide investment advice or recommend the purchase of any securities that are the subject of this agreement or the Sponsor’s offering with respect to the Project. Project Sponsor’s use of the Platform, including Project Sponsor’s license to utilize the Platform and any related technology, software and supporting services, Project Sponsor’s posting of offering documents and all related information on the Platform does not constitute the approval of or endorsement by RM Technologies or any of its affiliates of Project Sponsor’s securities offering with respect to the Project or signify the suitability thereof in any manner.

For additional information on risks and disclosures visit https://www.realtymogul.com/investment-disclosure.

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