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Multifamily
Village Fair Apartments
Bremerton, WA
Funded
100% funded
...
Village Fair Apartments
Bremerton, WA
All Investments > Village Fair Apartments
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Overview
Village Fair Apartments
Multi-family property being acquired by a repeat Realty Mogul Sponsor in the Pacific Northwest.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 6/2017
Estimated Hold Period 5 years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1984
Number of Units 120
Occupancy 90%
Parking Ratio 1.6 spaces per unit
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
Repeat RealtyMogul.com Sponsor Experienced in the Bremerton Market and with Military Housing
In-Place Cash Flow with Recent Leasing of Unrenovated Units Achieving 99% of Expected Post-Renovation Rents
Well Located Near Demand Drivers with Diverse Tenant Roster
Repeat RealtyMogul.com Sponsor Experienced in the Bremerton Market and with Military Housing
In-Place Cash Flow with Recent Leasing of Unrenovated Units Achieving 99% of Expected Post-Renovation Rents
Well Located Near Demand Drivers with Diverse Tenant Roster
Contact Us
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Speak with our Investor Relations team.
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Management
For more information, view the Sponsor's Investment Memorandum.
New Standard Equities, Inc.

NSE was formed in 2010 in an effort to capitalize on the extraordinary dislocation in the post‐financial crisis real estate investment market. With significant experience in buying and operating large, institutional-quality multifamily properties throughout the Western U.S., the company is deploying private and institutional capital to purchase and operate apartment assets that offer steady, long-term cash flow to its investors. New Standard Equities’ full-service real estate platform is actively engaged in property management, asset management, construction management and project consultation.

NSE has successfully operated multifamily assets in major markets throughout the Western U.S. There are inherent risks in the task of operating apartment assets, but the firm’s strict philosophy is to minimize those risks by targeting markets it knows and understands. In-fill, supply-constrained markets that offer long-term job growth potential are among the most important dynamics.

Sponsor Track Record

The below track record for Edward Ring includes all the apartment acquisitions completed by New Standard Equities, as well as those Mr. Ring was responsible for while at Kennedy Wilson Multifamily.

Address Location Date Acquired # of Units Purchase Price
New Standard Equities (2011 - Present)      
Fountain at Curson Hollywood, CA Jun-11 20 $4,000,000
Crossings at the Bay Long Beach, CA Nov-11 235 $34,500,000
Villa Olivos Canoga Park, CA Aug-12 53 $4,950,000
Parke Pasadena Pasadena, CA Aug-13 22 $3,400,000
Asana at North Park San Diego, CA Oct-14 132 $18,470,000
Anchor Pointe Oak Harbor, WA Aug-15 107 $7,500,000
Rancho Azul San Diego, CA Aug-15 74 $14,000,000
SeaGlass Village Bremerton, WA Mar-16 182 $13,000,000
Venue Renton, WA Jun-16 284 $41,500,000
Subtotal     1,109 $141,320,000
         
Kennedy Wilson Multifamily (2002 - 20008)      
Woodstone Lompoc, CA Mar-05 204 $20,600,000
Rutherford Townhomes Napa, CA Aug-05 66 $7,400,000
College Square Davis, CA Aug-05 240 $24,000,000
Bayside Pinole, CA Aug-05 148 $19,600,000
Villas at La Mesa La Mesa, CA Dec-05 86 $11,100,000
Arbor Creek Beaverton, OR Mar-06 440 $32,800,000
The Courtyards Norwalk, CA Mar-06 153 $18,200,000
Bay Village Vallejo, CA Mar-06 260 $32,000,000
Shorepark at Riverlake Sacramento, CA Mar-06 393 $51,250,000
Mariposa Anaheim, CA Jun-06 286 $46,000,000
Hidden Creek Martinez, CA Sep-06 168 $21,500,000
Cascade Ridge Federal Way, WA Nov-06 518 $58,000,000
The Enclave Paramount, CA Dec-06 306 $51,500,000
Chadwick Los Angeles, CA Feb-07 687 $120,000,000
The Reserve Federal Way, WA Mar-07 401 $46,500,000
The Mill at Mill Creek Mill Creek, WA Jul-07 516 $80,000,000
The Grove San Jose, CA Jul-07 331 $45,750,000
James Street Crossing Kent, WA Feb-08 300 $35,720,000
Indigo Springs Kent, WA Jun-08 278 $36,000,000
Avalon at Redmond Redmond, WA Jun-08 400 $81,250,000
The Lexington Montclair, CA Aug-08 165 $29,250,000
Saybrook Pointe San Jose, CA Sep-08 324 $84,000,000
Plaza del Sol Santa Ana, CA Jan-02 196 $16,675,000
Windwood West Covina, CA Dec-02 116 $11,250,000
Rancho Solana Oxnard, CA Mar-03 168 $22,750,000
La Serena Santa Ana, CA Dec-02 188 $18,000,000
Lakewood Manor Lakewood, CA Aug-04 661 $68,000,000
Andorra & Andalucia Indio & Palm Springs, CA Sep-03 362 $26,200,000
Arrowhead Apartments Stanton, CA Jan-04 168 $19,750,000
Waterbrook Rancho Cucamonga, CA May-04 624 $66,600,000
The Crest Grand Terrace, CA Mar-04 228 $19,305,000
Verona Woods West Covina, CA Mar-04 196 $22,000,000
Somerset on Garfield Montebello, CA Dec-04 256 $31,750,000
Country Oaks Santa Maria, CA May-05 208 $22,800,000
Windscape Village Lompoc, CA Sep-03 328 $27,000,000
Creekside San Jose, CA Nov-05 200 $26,600,000
Westwood Portfolio Westwood Village, CA Mar-05 153 $32,100,000
Summer House Alameda, CA Sep-05 615 $86,750,000
Subtotal     11,337 $1,469,950,000
         
Total     12,446 $1,611,270,000

The above track record information was provided by the Real Estate Company and has not been independently verified by RealtyMogul.com​.

Website
Management Team
Management
Edward Ring – Founder & CEO

With over 24 years of real estate and financial consulting experience, Ring’s expertise includes providing strategic leadership for all aspects of the investment process, including sourcing new projects, business plan development, optimizing capital structures and actively overseeing each project’s execution phase from soup to nuts.

Previously, Ring was chief operating officer at Kennedy Wilson Multifamily Management Group, where he was responsible for the acquisition and operation of approximately 13,000 apartment units. At the time of his departure, roughly half of those acquisitions had been sold for a project level profit of over $100 million and had achieved a 1.80 multiple on equity, a 28.5 percent IRR, and an ROI of 55.4 percent. Ring also forged key partnerships with institutional investors, such as The Dubai Investment Group, General Electric, Mitsubishi Corporation, General Motors, AIG, RREEF and Wachovia Securities, among others.

In addition to his background as a real estate professional, Ring is an Emeritus member of the Writers Guild of America (WGA). He wrote for a variety of television comedies for NBC, UPN, Saban Entertainment, VH1 and HBO, where he earned a Cable ACE nomination for his work on “The Larry Sanders Show.”

A graduate of U.C. Berkeley in 1988, Ring went on to earn his MFA from New York University in 1992 and his MBA from UCLA Anderson in 2003. Ring served on the Executive Committee of the Anderson School’s Alumni Association and currently serves on The Board of Governors at Cedars Sinai Medical Center in Los Angeles. He is also a member of Mensa.

Management
Cyrus Blourtchi – Executive Vice President & Chief Financial Officer

Cyrus Blourtchi brings 26 years of financial accounting and senior management experience to the company, including 19 years in the multifamily industry. Prior to joining New Standard Equities, Cyrus served as Director of Accounting/Controller with Kennedy Wilson Multifamily for seven years.  Prior to that, Cyrus held accounting positions at Welk Real Estate and RCMI in Southern California.

Mr. Blourtchi is responsible for maintaining all aspects of the accounting records for New Standard Equities' assets and management assignments.  He is highly trained in GAAP accounting procedures and professional protocols, including a strict adherence to Sarbanes-Oxley regulatory compliance standards for public investors.​  Cyrus also provided financial accounting services for organizations outside the real estate sector, including spending two years as a finance officer for the United Nations. ​

Management
Lisa Moore - Executive Vice President of Operations

Lisa brings over 25 years of experience in multifamily property management on the West Coast. Prior to joining NSE, she was a regional manager for the Laramar Group, JB Partners, Pinnacle, Legacy Partners and AIMCO. Ms. Moore is an industry-recognized leader in the property management space and has a first-class reputation for integrity and responsiveness to rapidly changing market dynamics. Ms. Moore is responsible for all aspects of property operations, including business plan implementation, asset management and investor reporting.

Management
Todd Weiss – Managing Director of Construction Management

Todd Weiss joined New Standard Equities in 2013 and is primarily responsible for NSE's acquisitions, asset management and construction management activities. In addition, he is involved with sourcing new debt and equity for all of NSE’s acquisitions. 

Prior to joining New Standard Equities, Todd was an independent commodities trader at The Chicago Board of Trade where he specialized in agricultural commodities. Todd received his BA from The University of Arizona’s College of Agriculture in 2000.  Todd co-chaired the 2007 Maccabi USA golf team to successful gold medal victories in the youth, open and senior divisions.

Management
Pauline Imamura – Director of Training and Compliance

Pauline Imamura has served NSE since its inception, following 15 years of site and multi-site management for Fore Properties, Kennedy Wilson Multifamily, and FPI Management.  She has supervised over $3,000,000 in unit-level property improvements, spearheaded successful marketing and repositioning programs in properties throughout California, and produced same-store income growth of above 6% on stabilized assets, and nearly 20% on value-add repositioning projects.

At New Standard Equities, Ms. Imamura is responsible for all site-level operations, including enforcing standard operating procedures, preparing week and monthly operational reports, conducting quarterly asset inspections and conducting regular safety training seminars to ensure properties are compliant with company policies, Fair Housing Standards and OSHA regulations.​

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

Built in 1984, the Property is a Class B, 120-unit garden-style apartment complex that is currently 90% leased to a diverse tenant roster. The asset has a balanced mix of one, two and three bedroom units that allow it to cater to a variety of tenants including singles, couples and families. Unit interiors include both vinyl and carpeted floors, dishwashers and patios or balconies. All three (3) bedroom units at the Property have full-size washer/dryers. Each unit is individually metered for electricity, with water and sewer reimbursed by tenants based on occupancy using a ratio utility billing system ("RUBS").

Unit Mix
Unit Type # of Units Avg SF/Unit In-Place Rent Rent/SF Post-Renovation Rent Rent/SF
1 Bed, 1 Bath 26 623 $848 $1.36 $1,075 $1.73
2 Bed, 1 Bath 30 800 $988 $1.24 $1,220 $1.53
2 Bed, 2 Bath 36 913 $1,060 $1.16 $1,290 $1.41
3 Bed, 2 Bath 28 1,100 $1,289 $1.17 $1,550 $1.41
Total 120 866 $1,050 $1.21 $1,287 $1.49

The Property is situated on 9.4 acres, providing for low density of only 12.8 units per acre. Property amenities include a pool, clubhouse, fitness center and multiple laundry rooms. The Property's 197 parking spaces equates to 1.6 spaces per unit. The Property consists of wood-frame construction with wood siding and concrete slab foundation. Roofs are pitched composition shingle with copper plumbing, copper electrical and cadet wall heaters. 

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Comparables
For more information, view the Sponsor's Investment Memorandum.
Tracyton-Meadowdale/Bremerton Leasing Comps
Property Subject (Post-Renovation) Olympic Village The Vineyards Weatherstone Total / Averages
# of Units 120 340 150 144 211
Occupancy 95% 97% 93% 97% 96%
Year Built 1984 1995 1988 1986 1990
1 Bedroom 1 Bathroom         
# of Units 26 48 88 26 54
Average SF (1/1) 623 698 612 576 632
Rental Rate (1/1) $1,075 $1,180 $1,056 $979 $1,080
Average $/SF (1/1) $1.73 $1.69 $1.73 $1.70 $1.71
2 Bedroom 1 Bathroom        
# of Units 30 72 22 50 48
Average SF (2/1) 800 890 898 893 892
Rental Rate (2/1) $1,220 $1,303 $1,211 $1,179 $1,246
Average $/SF (2/1) $1.53 $1.46 $1.35 $1.32 $1.40
2 Bedroom 2 Bathroom        
# of Units 36 87 22 20 43
Average SF (2/2) 913 980 949 1,054 986
Rental Rate (2/2) $1,290 $1,380 $1,301 $1,279 $1,351
Average $/SF (2/2) $1.41 $1.41 $1.37 $1.21 $1.37
3 Bedroom 2 Bathroom        
# of Units 28 65 18 28 37
Average SF (3/2) 1,100 1,200 1,138 1,193 1,188
Rental Rate (3/2) $1,550 $1,565 $1,540 $1,529 $1,552
Average $/SF (3/2) $1.41 $1.30 $1.35 $1.28 $1.31
Quality - Superior Inferior Inferior -
Distance from Subject (miles) - 0.6 0.3 0.3 0.4
Silverdale Leasing Comps
Property Subject (Post-Renovation) Reserve at Bucklin Hill The Wellington The Trillium Total / Averages
# of Units 120 154 240 225 206
Occupancy 95% 97% 93% 98% 96%
Year Built 1984 1988 1988 1989 1988
1 Bedroom 1 Bathroom         
# of Units 26 60 58 24 47
Average SF (1/1) 623 612 736 596 660
Rental Rate (1/1) $1,075 $1,201 $1,250 $1,244 $1,228
Average $/SF (1/1) $1.73 $1.96 $1.70 $2.09 $1.86
2 Bedroom 1 Bathroom        
# of Units 30 48 8 45 34
Average SF (2/1) 800 850 976 776 827
Rental Rate (2/1) $1,220 $1,363 $1,481 $1,334 $1,359
Average $/SF (2/1) $1.53 $1.60 $1.52 $1.72 $1.64
2 Bedroom 2 Bathroom        
# of Units 36 22 68 135 75
Average SF (2/2) 913 920 1,017 914 946
Rental Rate (2/2) $1,290 $1,433 $1,599 $1,410 $1,469
Average $/SF (2/2) $1.41 $1.56 $1.57 $1.54 $1.55
3 Bedroom 2 Bathroom        
# of Units 28 24 40 21 28
Average SF (3/2) 1,100 1,160 1,211 1,028 1,151
Rental Rate (3/2) $1,550 $1,640 $1,660 $1,629 $1,647
Average $/SF (3/2) $1.41 $1.41 $1.37 $1.58 $1.43
Quality - Superior Superior Superior -
Distance from Subject (miles) - 2.4 3.8 4.2 3.5
Sale Comps
Property Subject Silverdale Ridge Santa Fe Ridge Treetops The Wellington Ridgetop Total / Averages
Sale Date - May-16 Jan-16 Dec-15 Sep-15 Sep-15 -
# of Units 120 118 240 270 240 221 218
Year Built 1984 2009 1993 1992 1988 1988 1994
Purchase Price $13,100,000 $20,100,000 $37,380,000 $40,250,000 $38,130,000 $31,500,000 $33,472,000
$/Unit $109,167 $170,339 $155,750 $149,074 $158,875 $142,534 $153,682
Cap Rate 6.58% - 5.90% 5.80% 6.00% 6.00% 5.93%
Quality - Superior Superior Superior Superior Superior -
Distance from Subject (miles) - 3.6 3.6 4.0 3.8 3.4 3.7

Sale and Leasing Comp information provided by Axiometrics and Real Capital Analytics.

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $10,600,000
Equity $5,075,000
Total Sources of Funds $15,675,000
Uses of Funds Cost
Purchase Price $13,100,000
Acquisition Fee $132,500
Broker-Dealer Fee $50,000
Other LP Equity Fees $74,550
Capital Expenditure Reserve $1,836,650
Loan Fee & Interest Rate Cap Fee $152,600
Closing Costs & Prepaid Expense Reserves $328,700
Total Uses of Funds $15,675,000
Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: CBRE
  • Loan Type: Agency (Freddie Mac - DUS)
  • Proceeds: $10,600,000
  • Loan to Cost: 68%
  • Term: Seven years
  • Rate: One-Month LIBOR plus 291 basis points (3.52% as of November 28, 2016) 
  • Interest Rate Cap: One-Month LIBOR cap of 3.09%
  • Amortization: 30 years
  • Interest-Only Period: 24 months
  • Recourse: None except bad-boy carve-outs
  • Yield Maintenance: Open to prepay after 12 months for a 1% exit fee

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

Fairgrounds Investors, LLC intends to make distributions to investors (Realty Mogul 75, LLC, Other LP investors and Sponsor, collectively, the "Members") as follows:

  1. To the Members, pari passu, all excess cash flows and appreciation to a 8.0%% IRR to the Members.
  2. 66.9% / 33.1% (66.9% to the Members, not including the Sponsor / 33.1% to the Sponsor) of excess cash flows and appreciation to a 15.0% IRR to the Members not including the Sponsor. 
  3. 56.9% / 43.1% (56.9% to the Members, not including the Sponsor / 43.1% to the Sponsor) of excess cash flow and appreciation thereafter.  

Note that these distributions will occur after the payment of the Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

Realty Mogul 75, LLC will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of Realty Mogul 75, LLC (the RealtyMogul.com investors). 

Distributions are expected to start in June 2017 and are expected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Sponsor, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Projections
  Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue $1,644,687 $1,864,535 $1,978,087 $2,048,214 $2,085,793
Total Operating Expenses $775,713 $795,946 $818,357 $843,716 $859,735
Net Operating Income $868,973 $1,068,589 $1,159,730 $1,204,497 $1,226,058
Annual Debt Service $401,780 $449,090 $655,058 $676,179 $690,228
Distributions to Realty Mogul 75, LLC Investors $95,599 $133,112 $104,830 $110,654 $1,801,914
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 $132,500 Sponsor Capitalized Equity Contribution 1.01% of the property purchase price
Broker-Dealer Fee $50,000 North Capital (1) Capitalized Equity Contribution 4.00% of equity raised by RealtyMogul.com or a minimum of $50,000
Other LP Equity Fees $74,550 Various non-Sponsor affiliated parties Capitalized Equity Contribution 2.36% of equity raised from other LP investors
Recurring Fees
Property Management Fee 4.0% of Effective Gross Income Sponsor Distributable Cash  
Construction Management Fee 9.0% of Total Rehab Costs Sponsor Capital Expenditure Reserve  
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 75, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 75, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

Notes:
(1) Certain employees of Realty Mogul, Co. are registered representatives of, and are paid commissions by, North Capital Private Securities Corp., 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 and Realty Mogul, 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 Sponsor or others. Realty Mogul, Co., RM Manager, LLC, and Realty Mogul 75, 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 Cost
Debt $10,600,000
Equity $5,075,000
Total Sources of Funds $15,675,000
Uses of Funds Cost
Purchase Price $13,100,000
Acquisition Fee $132,500
Broker-Dealer Fee $50,000
Other LP Equity Fees $74,550
Capital Expenditure Reserve $1,836,650
Loan Fee & Interest Rate Cap Fee $152,600
Closing Costs & Prepaid Expense Reserves $328,700
Total Uses of Funds $15,675,000
Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: CBRE
  • Loan Type: Agency (Freddie Mac - DUS)
  • Proceeds: $10,600,000
  • Loan to Cost: 68%
  • Term: Seven years
  • Rate: One-Month LIBOR plus 291 basis points (3.52% as of November 28, 2016) 
  • Interest Rate Cap: One-Month LIBOR cap of 3.09%
  • Amortization: 30 years
  • Interest-Only Period: 24 months
  • Recourse: None except bad-boy carve-outs
  • Yield Maintenance: Open to prepay after 12 months for a 1% exit fee

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

Fairgrounds Investors, LLC intends to make distributions to investors (Realty Mogul 75, LLC, Other LP investors and Sponsor, collectively, the "Members") as follows:

  1. To the Members, pari passu, all excess cash flows and appreciation to a 8.0%% IRR to the Members.
  2. 66.9% / 33.1% (66.9% to the Members, not including the Sponsor / 33.1% to the Sponsor) of excess cash flows and appreciation to a 15.0% IRR to the Members not including the Sponsor. 
  3. 56.9% / 43.1% (56.9% to the Members, not including the Sponsor / 43.1% to the Sponsor) of excess cash flow and appreciation thereafter.  

Note that these distributions will occur after the payment of the Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

Realty Mogul 75, LLC will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of Realty Mogul 75, LLC (the RealtyMogul.com investors). 

Distributions are expected to start in June 2017 and are expected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Sponsor, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Projections
  Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue $1,644,687 $1,864,535 $1,978,087 $2,048,214 $2,085,793
Total Operating Expenses $775,713 $795,946 $818,357 $843,716 $859,735
Net Operating Income $868,973 $1,068,589 $1,159,730 $1,204,497 $1,226,058
Annual Debt Service $401,780 $449,090 $655,058 $676,179 $690,228
Distributions to Realty Mogul 75, LLC Investors $95,599 $133,112 $104,830 $110,654 $1,801,914
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 $132,500 Sponsor Capitalized Equity Contribution 1.01% of the property purchase price
Broker-Dealer Fee $50,000 North Capital (1) Capitalized Equity Contribution 4.00% of equity raised by RealtyMogul.com or a minimum of $50,000
Other LP Equity Fees $74,550 Various non-Sponsor affiliated parties Capitalized Equity Contribution 2.36% of equity raised from other LP investors
Recurring Fees
Property Management Fee 4.0% of Effective Gross Income Sponsor Distributable Cash  
Construction Management Fee 9.0% of Total Rehab Costs Sponsor Capital Expenditure Reserve  
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 75, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 75, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

Notes:
(1) Certain employees of Realty Mogul, Co. are registered representatives of, and are paid commissions by, North Capital Private Securities Corp., 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 and Realty Mogul, 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 Sponsor or others. Realty Mogul, Co., RM Manager, LLC, and Realty Mogul 75, 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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