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Retail
Turtle Crossing -Target Shadow-Anchored Retail
Coral Springs, FL
Completed Equity
100% funded
...
Turtle Crossing -Target Shadow-Anchored Retail
Coral Springs, FL
All Investments > Turtle Crossing -Target Shadow-Anchored Retail
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Overview
Turtle Crossing -Target Shadow-Anchored Retail
Target shadow-anchored retail center being acquired by a repeat RealtyMogul.com sponsor in South Florida.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 8/2017
Estimated Hold Period 5 years
Investment Strategy Core Plus
Investment Type Equity
Year Built 1999-2014
Total Square Feet 99,174
Current Occupancy 86%
Number of Tenants 28
Parking Ratio 6.58 spaces per 1,000 square feet
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
Well located in a strong retail corridor with a current vacancy of 5% according to CoStar
Experienced Sponsor whose managers have closed over $2 billion in acquisitions
Shadow-anchored by SuperTarget providing high visibility and traffic to the Property
Well located at the corner of US Highway 441 and Wiles Road with high traffic counts
Recent leasing by the current owner representing over 22,800 square feet (23% of net rentable area) over the past year
Well located in a strong retail corridor with a current vacancy of 5% according to CoStar
Experienced Sponsor whose managers have closed over $2 billion in acquisitions
Shadow-anchored by SuperTarget providing high visibility and traffic to the Property
Well located at the corner of US Highway 441 and Wiles Road with high traffic counts
Recent leasing by the current owner representing over 22,800 square feet (23% of net rentable area) over the past year
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Management
For more information, view the Sponsor's Investment Memorandum.
Ross Realty Investments

Holding a 50% stake in the joint venture through Ross Turtle Crossing, LLC, Ross Realty is expected to perform the on-site property management and leasing functions.

Founded in 1987 by Barry Ross, Ross Realty Investments, Inc. has grown to be a well-recognized and respected player in the South Florida commercial real estate market. This privately held company specializes in the development, management, and leasing of well-located retail centers in attractive growth areas. Today, the company has a significant portfolio of properties and a track record of success.

This success has been built on successful projects and long term relationships with tenant, brokers, lenders and investors. This full service company consists of four divisions - Development, Acquisitions & Sales, Leasing and Property Management - and focuses on community shopping centers, neighborhood grocery-anchored centers, power centers, stand-alone retailers and office buildings. With corporate headquarters in Davie, Florida on University Drive near Interstate 595, Ross Realty Investments is a preferred source for retail development/redevelopment, acquisitions, sales and leasing.

Sponsor Track Record

Ross Realty - Local Assets Managed

Address Location Product Type Total SF
5380 Coral Ridge Drive Coral Springs, FL Office 45,000
6230-6240 Coral Ridge Drive Coral Springs, FL Retail 40,255
3325 S. University Drive Davie, FL Retail 35,904
2699 Stirling Road Fort Lauderdale, FL Office 80,000
1799 N. University Drive Pembroke Pines, FL Retail 3,316
3105‐3285 N State Road 7 Margate, FL Retail 155,622
7900-7990 Pines Boulevard Pembroke Pines, FL Retail 88,439
8333-8411 Pines Boulevard Pembroke Pines, FL Retail 121,000
16900 Sheridan Street Pembroke Pines, FL Retail 30,000
3400-3436 E. Atlantic Boulevard Pompano Beach, FL Retail 17,000
1398 SW 160th Ave Weston, FL Office 29,000
Total     645,536

*Sponsor information and track record were provided by the Sponsor and have not been independently verified by RealtyMogul.com

Management Team
Management
Scott Auker
Principal, SunCap

Mr. Auker focuses on acquisitions and the associated investment underwriting and due diligence requirements at SunCap.  He also oversees the capital improvements programs and is actively involved in the asset management of each property to ensure investment performance.

Mr. Auker is an accomplished real estate professional having been involved with the acquisition, development, construction, or management of $1 Billion of assets including one million square feet of commercial projects and 5,000 multi-family units across the Midwest and Eastern United States.  His experience includes leading acquisition and development initiatives, land acquisitions, entitlements, project design, debt and equity financing, construction management, leasing and property management, and stabilized project investment sales. 

Mr. Auker previously founded ADI, which developed or acquired numerous projects including Puerta de Palmas, a $70 million ground-up development in Coral Gables, and Bahia Delray, a $38 million acquisition in Delray Beach. Mr. Auker was also previously involved with several national developers, including JPI, Altman, and Clark Realty Capital where he led development efforts on numerous projects throughout the country.  Mr. Auker also held various construction management positions for Clark Construction, a national commercial construction company.

Mr. Auker received his bachelors degree from Penn State University and his MBA from the American University in Washington, DC.

Management
Barry Ross
President, Ross Realty Investments

Barry Ross, President of Ross Realty Investments, Inc., has been a developer, broker and manager of shopping centers and office buildings in South Florida since 1978. Having been an integral part of a development team that successfully completed over 3,000,000 square feet of retail and office project. He has also overseen the management and sales of several million square feet throughout the southern United States.

Ross Realty has remained at the forefront of South Florida’s active Real Estate development and Property Management community. Mr. Ross has consulted with numerous private and institutional owners on a wide variety of real estate problem solving and feasibility study matters. Barry has served on SunTrust Bank’s Advisory Board as a real estate consultant, as well as the City of Hollywood’s Annexation Board and has been a court appointed Receiver for SunTrust Bank’s foreclosed commercial property. Barry served as Chairman of the Board of Unifirst Federal Savings Bank from 1991 to 1998. Unifirst was a $140,000,000 institution with branches in southern Broward County and was purchased in July of 1998 by Republic Security Financial Corp.

Born August 19,1940, Barry graduated from Penn State in 1962. He has worked for Girard Trust Bank, Honeywell Corp. and then went into the family retail and real estate business from 1965 until 1978 when he moved to Florida. Barry’s main functions at Ross Realty are as rain maker, acquisition and development quarterback, and the overall guidance of each department. Annette Pappas has served as Barry’s Administrative Assistant and Closing Coordinator for much of her 18 years at Ross Realty.

Management
Brian Mark
Principal, SunCap

Mr. Mark is responsible for all aspects of asset management and due diligence at SunCap to ensure the investment performance for each asset.  He is actively involved in the acquisition and underwriting process, as well as overseeing the finance and accounting department to ensure the highest level of accurate and comprehensive fiscal reporting.

Mr. Mark has worked in the commercial real estate field since 1997 and has been responsible for overseeing the financial reporting functions for 200+ properties throughout his 17-year career.  In addition, Mr. Mark has been involved in over $2 billion worth of commercial real estate transactions. 

Mr. Mark earned his CPA license in 1995 and worked at two public accounting firms where he gained tremendous experience in analyzing and evaluating various companies' accounting and control procedures.  In 1997, he was hired as Controller and later promoted to CFO of DBR & Associates, LLC, a $1 billion real estate asset and property management company.  He was responsible for overseeing the financial reporting for DIM Vastgoed, N.V., a publicly traded real estate fund on the Euronext Stock Exchange in Holland.  In addition, he served as the asset manager / consultant for many private clients advising them on acquisition and disposition strategies as well as handling over 500 lease negotiations, including a wide array of national tenants.

Mr. Mark received his bachelors degree at the University of Wisconsin-Madison and a Masters of Science in Accounting from the University of America in Washington, DC.

Management
AJ Belt, III
Principal, SunCap

AJ Belt, III is a Principal at Avison Young and heads the company's Capital Markets division.

With SunCap, Mr. Belt focuses on the capital markets to assure flexible and responsive equity and debt structures.  He was a principal in the creation and operation of the publicly traded Dutch retail real estate fund DIM Vastgoed, N V (Euronext Amsterdam Exchange) from 1996 through its sale in April 2010, as well as 18 Dutch partnerships (“Maatschaps”) from 1992 – 2000.

Having started his commercial real estate career in 1983 in the office and industrial market and later expanding into the retail class, A.J.’s deep and broad experience is the foundational strength of SunCap's primary mission…investor advocacy via property stabilization, enhancement and net asset value maximization. 

A.J. earned his Bachelor of Science Degree in Business Administration from The University of North Carolina – Chapel Hill (1981).

Management
Wadid Daoud
Principal, SunCap

Mr. Daoud focuses on strategic investor relations at SunCap.  He has extensive experience in the international business arena and understands the needs of foreign investors seeking to place capital in the United States.

Mr. Daoud has been involved in many ventures across the globe for over 20 years. He started with Lincoln Electric running their Latin America and West Africa initiatives.  Later he founded American Supply, an exporter of industrial equipment to multiple international countries in Latin America, the Middle East, and Asia.  Wadid was born in Egypt and has lived in Ghana, Iran, Mexico, Venezuela, Britain, and now the United States. 

Mr. Daoud has extensive real estate investment experience.  He founded a development company in Mexico which has acquired or developed 26 assets valued at over $35 million.  He also heads various land development ventures in Texas which have acquired 10 assets valued at over $7 million.

Mr. Daoud received his bachelors degree from LeTourneau University in Longview, Texas.

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

Turtle Crossing (“Property”) is a 99,174 square foot SuperTarget shadow-anchored retail center in Coral Springs, FL with a diversified mix of 28 national and local tenants. The Property is comprised of six buildings of inline store space and two retail pads leased to Buffalo Wild Wings and AutoZone, respectively. Four of the inline store space buildings were built in 2008, while the other was built in 1999 and renovated in 2008 when the site was redeveloped. The remaining inline building was built in 2014 and contains Visionworks and Panda Express. The two outparcels were built in 2010 and 2013. The Property is situated on 12.75 acres and features 653 parking spaces, resulting in a parking ratio of 6.6 spaces per 1,000 square feet. The Property has excellent access provided by five entrances, two from US Highway 441, two from Wiles Road and one from Turtle Creek Drive. Additionally, the Property can be accessed via two points behind the center from Creekside Drive.

The Property is institutional quality with concrete tilt-wall panels on a concrete slab on grade foundation. The exterior walls consist of painted stucco with commercial grade windows and glass store fronts.

Major Tenants

Tuesday Morning (NASDAQ: TUES) operates as a retailer of upscale decorative home accessories, housewares, seasonal goods and gifts in the United States. The company offers various products, such as home décor, furniture, bed and bath, kitchen, toys, crafts, pets and seasonal goods, as well as home furnishings items. It also provides a range of branded merchandise, including Peacock Alley, Sferra, Lenox, Waterford, and Hartmann. The company operates 750 discount retail stores in 41 states. Tuesday Morning Corporation was founded in 1974 and is headquartered in Dallas, Texas. (source: finance.yahoo.com)

 

Phenix Salon Suites is the fastest growing “Salon Suite” concept in the US. The company began expanding in 2012 and opened 26 new locations in 2012. The company has 100 new locations that are to open during the next year and a half and over 300 locations are currently scheduled to be opened in the next couple of years. (source: www.phenixsalonsuites.com)

 

Panera Bread (NASDAQ: PNRA) together with its subsidiaries, owns, operates, and franchises retail bakery-cafes. As of April 26, 2016, it operated 916 company-owned bakery-cafes and 1,081 franchise-operated bakery-cafes in the United States, the District of Columbia and Ontario. The company was formerly known as Au Bon Pain Co., Inc. and changed its name to Panera Bread Company in August 1998. Panera Bread Company was founded in 1981 and is based in St. Louis, Missouri. (source: finance.yahoo.com)

Site Plan


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

Sales Comps

Property Sale Date Size (Square Feet) Price $/Square Foot
Village Shoppes of Coconut Creek Feb-15 53,709 $19,600,000 $365
Riverstone Shoppes Nov-15 61,698 $13,200,000 $214
Royal University Plaza Feb-15 98,500 $26,000,000 $264
Promenade at Coconut Creek Apr-16 297,557 $85,600,000 $288
Average   127,866 $36,100,000 $283
Subject   99,174 $27,350,000 $276

Leasing Comps

Property Size (Square Feet) Avg. Rental Rate Occupancy Lease Type
Coral Landings II 102,825 $26.00 98% NNN
Coral Landings III 169,917 $25.50 83% NNN
Pine Ridge Square 117,744 $28.00 97% NNN
Royal Eagle Plaza 192,092 $22.00 100% NNN
Coral Creek Shops 109,312 $32.00 94% NNN
Average 138,378 $26.70 94%  
Subject (In-Place) 99,174 $25.53 86% NNN

The comparables included in the above tables were either sourced from CoStar, Real Capital Analytics or they were provided by the Sponsor 

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses

Total Capitalization

Sources of Funds
Debt $19,145,000
Equity $10,396,000
Total Sources of Funds $29,541,000
Uses of Funds
Purchase Price $27,350,000
Acquisition Fee $547,000
Tenant Improvements $440,000
Leasing Commissions $237,000
Capital Reserves $373,000
Financing Costs $519,000
SunCap Costs $75,000
Total Uses of Funds $29,541,000
Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: Loews – Continental Casualty Company
  • Proceeds: $19,145,000                                     
  • Estimated Rate: 4.77% fixed
  • Amortization: 30 years, with two (2) years of interest-only
  • Term: Five (5) years
  • Extension Option: None
  • Recourse: Non-recourse

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender controlled capital reserve account.

Distributions

SunCap 8 - Turtle Crossing, LLC intends to make distributions to Investors (Realty Mogul 69, LLC, other LP investors, and Sponsor, collectively, the "Members" or "Member") per the priority order below.

Cash Flow

  • Pro rata share of cash flow to an 8% preferred return
  • ​Excess cash flow will be split 85% to Members pari passu and 15% to Sponsor

Capital Events (Sale or Refinance)

  • Pro rata share of cash flow to an 8% Internal Rate of Return ("IRR") hurdle
  • ​Excess balances will be split pro rata 85% to Members and 15% to Sponsor to a 13% IRR hurdle
  • Excess balances will then be split pro rata 70% to Members and 30% to Sponsor to a 17% IRR hurdle
  • Any excess balance will be split pro rata 55% to Members ​and 45% to Sponsor

Distributions are projected to start in August 2017 and are projected to continue on a quarterly basis thereafter. Note that the return of initial capital occurs only upon a capital event (sale or refinance). These distributions are at the discretion of the Sponsor, who may decide to delay distributions for any reason, including maintenance or capital reserves. Realty Mogul 69, LLC is to to distribute 100% of its share of excess cash flow (after expenses and fees) to the Members of Realty Mogul 69, LLC (the RealtyMogul.com investors).

Targeted Cash Flows

  Year 1 Year 2 Year 3 Year 4   Year 5  
Effective Gross Revenue $2,779,267 $3,225,637 $3,429,355 $3,523,970 $3,616,855
Total Operating Expenses $983,555 $1,106,338 $1,143,271 $1,177,280 $1,212,149
Net Operating Income $1,795,712 $2,119,299 $2,286,084 $2,346,690 $2,404,706
Distributions to Realty Mogul 69, LLC Investors $136,401 $173,525 $158,533 $164,240 $3,132,673
Fees

Certain fees and compensation will be paid over the life of the transaction.  The following fees and compensation will be paid:

 
Type of Fee Amount of Fee Received By Paid From Notes
One-Time Fees
Acquisition Fee $547,000 (2% of purchase price) Ross Realty Investments, Inc. and Avison Young - Florida, LLC, an affiliate of SunCap 8 - Turtle Crossing, LLC Capitalized Equity Contribution Each entity receives half of the fee
Broker-Dealer Fee  $76,000 North Capital (1) SunCap / Realty Mogul 69, LLC SunCap and Realty Mogul 69, LLC shall each pay half of the fee
Leasing Commissions Standard recurring leasing and renewal commissions Ross Realty Investments, Inc. Operating Cash Flow  
Sale Commissions One-half (1/2) of all standard sale commissions Ross Realty Investments, Inc. and Avison Young - Florida, LLC Operating Cash Flow Each entity is entitled to half of the sale commissions paid to Ross Realty Investments, Inc.
Recurring Fees
Property Management Fee 3.5% of effective gross income Avison Young Property Management (USA), LLC, an affiliate of SunCap, and Ross Realty Investments, Inc. Operating Cash Flow Each entity is entitled to receive half of the fee
Asset Management Fee $55,000 per year SunCap Opportunity Fund Operating Cash Flow  
Management and Administrative Fee 1.0% of investment assets in Realty Mogul 69, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of Realty Mogul 69, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

Notes:
(1) Certain employees of Realty Mogul, Co. are also registered representatives of, and are paid commissions by, North Capital Private Securities Corporation, a Delaware Corporation ("North Capital"). In addition, North Capital pays a technology provider services fee to Realty Mogul Co. for licensing and access to certain technology, reporting, communications, branding, entity formation and administrative services performed from time to time by Realty Mogul, Co., and North Capital, Co. are parties to a profit sharing arrangement. 

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

The above presentation is based upon information supplied by the Sponsors. Realty Mogul, Co., RM Manager, LLC, and Realty Mogul 69, LLC, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein. The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

Sources & Uses

Total Capitalization

Sources of Funds
Debt $19,145,000
Equity $10,396,000
Total Sources of Funds $29,541,000
Uses of Funds
Purchase Price $27,350,000
Acquisition Fee $547,000
Tenant Improvements $440,000
Leasing Commissions $237,000
Capital Reserves $373,000
Financing Costs $519,000
SunCap Costs $75,000
Total Uses of Funds $29,541,000
Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: Loews – Continental Casualty Company
  • Proceeds: $19,145,000                                     
  • Estimated Rate: 4.77% fixed
  • Amortization: 30 years, with two (2) years of interest-only
  • Term: Five (5) years
  • Extension Option: None
  • Recourse: Non-recourse

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender controlled capital reserve account.

Distributions

SunCap 8 - Turtle Crossing, LLC intends to make distributions to Investors (Realty Mogul 69, LLC, other LP investors, and Sponsor, collectively, the "Members" or "Member") per the priority order below.

Cash Flow

  • Pro rata share of cash flow to an 8% preferred return
  • ​Excess cash flow will be split 85% to Members pari passu and 15% to Sponsor

Capital Events (Sale or Refinance)

  • Pro rata share of cash flow to an 8% Internal Rate of Return ("IRR") hurdle
  • ​Excess balances will be split pro rata 85% to Members and 15% to Sponsor to a 13% IRR hurdle
  • Excess balances will then be split pro rata 70% to Members and 30% to Sponsor to a 17% IRR hurdle
  • Any excess balance will be split pro rata 55% to Members ​and 45% to Sponsor

Distributions are projected to start in August 2017 and are projected to continue on a quarterly basis thereafter. Note that the return of initial capital occurs only upon a capital event (sale or refinance). These distributions are at the discretion of the Sponsor, who may decide to delay distributions for any reason, including maintenance or capital reserves. Realty Mogul 69, LLC is to to distribute 100% of its share of excess cash flow (after expenses and fees) to the Members of Realty Mogul 69, LLC (the RealtyMogul.com investors).

Targeted Cash Flows

  Year 1 Year 2 Year 3 Year 4   Year 5  
Effective Gross Revenue $2,779,267 $3,225,637 $3,429,355 $3,523,970 $3,616,855
Total Operating Expenses $983,555 $1,106,338 $1,143,271 $1,177,280 $1,212,149
Net Operating Income $1,795,712 $2,119,299 $2,286,084 $2,346,690 $2,404,706
Distributions to Realty Mogul 69, LLC Investors $136,401 $173,525 $158,533 $164,240 $3,132,673
Fees

Certain fees and compensation will be paid over the life of the transaction.  The following fees and compensation will be paid:

 
Type of Fee Amount of Fee Received By Paid From Notes
One-Time Fees
Acquisition Fee $547,000 (2% of purchase price) Ross Realty Investments, Inc. and Avison Young - Florida, LLC, an affiliate of SunCap 8 - Turtle Crossing, LLC Capitalized Equity Contribution Each entity receives half of the fee
Broker-Dealer Fee  $76,000 North Capital (1) SunCap / Realty Mogul 69, LLC SunCap and Realty Mogul 69, LLC shall each pay half of the fee
Leasing Commissions Standard recurring leasing and renewal commissions Ross Realty Investments, Inc. Operating Cash Flow  
Sale Commissions One-half (1/2) of all standard sale commissions Ross Realty Investments, Inc. and Avison Young - Florida, LLC Operating Cash Flow Each entity is entitled to half of the sale commissions paid to Ross Realty Investments, Inc.
Recurring Fees
Property Management Fee 3.5% of effective gross income Avison Young Property Management (USA), LLC, an affiliate of SunCap, and Ross Realty Investments, Inc. Operating Cash Flow Each entity is entitled to receive half of the fee
Asset Management Fee $55,000 per year SunCap Opportunity Fund Operating Cash Flow  
Management and Administrative Fee 1.0% of investment assets in Realty Mogul 69, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of Realty Mogul 69, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

Notes:
(1) Certain employees of Realty Mogul, Co. are also registered representatives of, and are paid commissions by, North Capital Private Securities Corporation, a Delaware Corporation ("North Capital"). In addition, North Capital pays a technology provider services fee to Realty Mogul Co. for licensing and access to certain technology, reporting, communications, branding, entity formation and administrative services performed from time to time by Realty Mogul, Co., and North Capital, Co. are parties to a profit sharing arrangement. 

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

The above presentation is based upon information supplied by the Sponsors. Realty Mogul, Co., RM Manager, LLC, and Realty Mogul 69, LLC, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein. The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

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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