Fourth Time Partners develops projects across the Sunbelt in high-growth markets and in high-growth segments with only the strongest economic fundamentals and trends. Healthcare is among the largest and fastest-growing economic drivers of the U.S. economy, and Fourth Time is deeply involved in healthcare development.
This emphasis on economic fundamentals and high growth means that Fourth Time focuses on large, dynamic, and fast-growing states like Texas, Georgia, and Florida.
Fourth Time’s partners have developed or acquired over $500 million of properties across the Sunbelt over the past 20 years with another dozen or so projects in their development pipeline, including healthcare, medical, and senior living projects in multiple states, with project completions scheduled from 2023 through 2028.
Nutex Health Jacksonville is being developed at the hard corner of Beach and Kernan Boulevards, one of the busiest intersections in the entire Jacksonville MSA. This provides for maximum visibility, nearly 200,000 people in just a 5-mile radius, and broad access to over 1,000,000 people within a short drive. Beach Boulevard is a major retail-commercial corridor, and Kernan Boulevard is a major north-south residential connector. Nutex Health has signed a 15-year triple-net lease for the location.
The Project is located next to a large, new Sprouts-anchored center and across Beach Boulevard from one of Jacksonville's top-performing Publix grocery stores. The Project is also located in the master-planned Tamaya community with single-family, multi-family, and senior living, and thousands of residents.
The Project is a triple net (NNN) build-to-suit for Nutex Health, which means that once the facility is completed and turned over to the tenant for operation, the Tenant and not the property owner is responsible for the payment of property taxes, insurance costs, and common area maintenance - the 3 primary categories of additional rent. These types of investments are popular among long-term investors and owners because (1) they provide a clearly defined income stream, unaffected by property-related costs; (2) the owner does not have to pay for increases in those costs over time; and (3) there is none of the typical property management work required of the owner.
In addition, this Project is being developed with precisely the same footprint, layout, and functionality as the Nutex Health corporate location (the first in the state) currently in the final stages of construction in Tampa, Florida. In addition, Sponsor is using the same architectural and design team for this Jacksonville project as the Tampa corporate location. As a result, the Sponsor is taking advantage of institutional knowledge on the part of the Tenant and design team, and recent learning and experience provided by the Tampa project, which further assists the Sponsor as it leverages this knowledge and experience while building the Jacksonville Nutex Health location.
| Tenant | SF | % of Property (Proforma) | Lease Start (Estimated) | Lease End (Estimated) | Rent PSF (Estimated) | Lease Type |
| Nutex Health | 28,900 | 100% | 4/1/2025 | 3/31/2040 | $104.20 | NNN |
Sales Comparables
| 1205 Monument Rd | 12443 San Jose Blvd | 6138 Kennerly Rd | 13241 Bartram Park Blvd | 4035 Southpoint Blvd | 7015 A Skinner Parkway | 3001 Hartley Rd | 7178 Baymeadows Way | Averages | Nutex Health Jacksonville | |
| Sale Date | 10-21-2022 | 11-03-2021 | 12-01-2021 | 11-04-2022 | 08-05-2021 | 12-15-2021 | 03-31-2022 | 10-27-2022 | 04-02-2022 | Q4 2025 |
| Sales Price | $4,975,000 | $2,816,000 | $109,525,238 | $1,250,000 | $11,180,000 | $13,209,398 | $5,550,000 | $18,485,791 | $20,873,928 | $40,988,228 |
| Year Built | 1991 | 2003 | 1969/2007 | 2007 | 2020 | 2014 | 1984 | 2010 | 2004 | 2025 |
| NRSF | 1,399 | 1,141 | 45,264 | 1,140 | 11,855 | 18,000 | 5,988 | 30,000 | 14,348 | 28,900 |
| Sales Price / SF | $3,556 | $2,468 | $2,420 | $1,096 | $943 | $734 | $927 | $616 | $1,595 | $1,418 |
| Distance from Subject Property | 5.9 miles | 20.7 miles | 12.2 miles | 18.0 miles | 9.0 miles | 9.2 miles | 15.8 miles | 12.3 miles | 12.9 miles | |
| Notes | Condo Sale | Condo Sale | Portfolio Sale | Portfolio Sale | Cancer Specialist |
Total Capitalization
| Sources of Funds | $ Amount | $ / SF |
| Construction Debt | $25,862,500 | $895 |
| GP Equity(1)(2) | $908,548 | $31 |
| LP Equity | $6,991,870 | $242 |
| Total Sources of Funds | $33,762,918 | $1,168 |
| Uses of Funds | $ Amount | $ / SF |
| Land Costs | $5,564,000 | $193 |
| Hard Costs | $22,010,000 | $762 |
| Soft Costs | $2,007,000 | $69 |
| Contingency | $1,000,000 | $35 |
| Capitalized Construction Interest | $1,489,293 | $52 |
| Financing Fees & Costs | $1,692,625 | $59 |
| Total Uses of Funds | $33,762,918 | $1,168 |
(1) This includes $500,000 of deferred development fee, as provided in Documents.
(2) The Sponsor’s equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor.
The expected terms of the debt financing are as follows:
- Lender: NRE Capital Partners
- Loan Type: Construction Loan
- Term: 24 Months & Borrower to be afforded one six (6)-month extension option, subject to terms and conditions to be set forth in loan documents, at a cost of 1% of the total maximum loan amount.
- Loan-to-Cost: 76.6%
- Estimated Proceeds: $25,862,500
- Interest Type: Floating
- Interest Rate: 7.940% over 30-Day SOFR, with floor at 5.06%
- Interest-Only Period: 24 Months
- Exit Fee: 1% of the Maximum Total Loan Amount
- Prepayment Terms: Minimum of eighteen (18) months interest payments collected. Thereafter the loan may be prepaid in full without a prepayment penalty.
- Recourse Description: Limited Recourse
(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.
(2) In addition, the Sponsor intends to buy a rate cap or rate swap instrument to ensure that the cost of the construction loan does not increase over the projected interest rate currently modeled for the construction period. It is increasingly likely that interest rates will move downward before they move up during the projected construction term, so the cost of the rate cap will likely be less than originally anticipated.
Fourth Time Partners intends to make distributions from 4TP Jax BB Investors, LLC as follows:
- Pari passu all cash flow available for distribution to the Equity Investors until the Equity Investors receive a 10.0% IRR;
- 80% / 20% (80% to Equity Investors / 20% to Promoted/Carried Interest) of all cash flow available for distribution to a 15.0% IRR;
- 75% / 25% (75% to Equity Investors / 25% to Promote/Carried Interest) of all cash flow available for distribution to a 21.0% IRR;
- 70% / 30% (70% to Equity Investors / 30% to Promote/Carried Interest) of all cash flow available for distribution thereafter.
Fourth Time Partners intends to make distributions to investors after the payment of the company's liabilities (loan payments, operating expenses, and other fees as more specifically set forth in the LLC agreements, in addition to any member loans or returns due on member loan).
Distributions are expected in February 2026. Distributions are at the discretion of Fourth Time Partners, who may decide to delay distributions for any reason, including maintenance or capital reserves.
Fourth Time Partners will receive a promoted/carried interest as indicated above.
| Cash Flow Summary | |||
| Year 1 | Year 2 | ||
| Effective Gross Revenue | $0 | $2,509,483 | |
| Total Operating Expenses | $0 | $0 | |
| Net Operating Income | $0 | $2,509,483 | |
| Project-Level Cash Flows | |||
| Year 0 | Year 1 | Year 2 | |
| Net Cash Flow | ($7,900,418) | $0 | $13,896,081 |
| Investor-Level Cash Flows(1) | |||
| Year 0 | Year 1 | Year 2 | |
| Net Cash Flow | ($6,991,870) | $0 | $11,310,997 |
| Investor-Level Cash Flows - Hypothetical $50,000 Investment(1) | |||
| Year 0 | Year 1 | Year 2 | |
| Net Cash Flow | ($50,000) | $0 | $80,887 |
(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.
Certain fees and compensation will be paid over the life of the transaction; please refer to Fourth Time Partners' 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 |
| Disposition Fee | 1.0% of total sale price paid after equity investors have received a 10% IRR | Sponsor | Cash Flow |
| 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 | $8,000 per month during development period | Sponsor | Capitalization |
| Construction Management Fee | $7,500 per month during construction | Sponsor | Construction Expenditure Budget |
| Development Fee | $650,000 ($150,000 at loan closing and remainder to be in a capital account treated as invested GP equity accruing a preferred return from inception and not subject to clawbacks) | Sponsor | Construction Expenditure Budget |
| General Contractor Fee | Approx. 3.0% of Construction Costs | Third-Party General Contractor | Construction Expenditure Budget |
| 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 | Capitalization |
(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.
RM Securities, LLC, its registered representatives, affiliates, associated persons, and personnel of its affiliates who may also be associated with it, including our associated persons and personnel of our affiliates who are also be associated with RM Securities, LLC (it (“RM Securities,” “we,” “our,” or “us”) will receive fees, expense reimbursements, and other compensation (“Fees”) from the issuer of this investment offering, its sponsor, or an affiliate thereof (“Sponsor”), or otherwise in connection with Sponsor’s offering. The Fees paid to us are in addition to other fees you will pay to Sponsor or in connection with Sponsor’s investment offering. You will pay Fees to Sponsor, either directly or indirectly as an investor in the Sponsor’s offering. Sponsor will use the Fees you pay, as well as funds you invest in the relevant offering, to compensate us. The Fees paid to us will directly or indirectly be borne by you as the investor (typically, but not always, in the form of an expense of the Sponsor’s offering in which you invest) because such Fees will reduce the proceeds available for distribution to you and reduce the amount you earn over time.
For more information on the Fees paid to us, or any other Fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.
No Approval, Opinion or Representation, or Warranty by RM Securities, LLCSponsor has provided, approved, and is solely responsible in all aspects for the information on this webpage (“Page”), including Sponsor’s offering documentation, which may include without limitation the Private Placement Memorandum, Operating or Limited Partnership Agreement, Subscription Agreement, the Project Summary and all exhibits and other documents attached thereto or referenced therein (collectively, the “Investment Documents”). The Investment Documents linked on this page have been prepared and posted by Sponsor, and not by RM Securities. We did not assist in preparing, do not adopt or endorse, and we are not otherwise responsible for, the Sponsor’s Investment Documents. We make no representations or warranties as to the accuracy of information on this Page or in the Sponsor’s Investment Documents and we accept no liability therefor. No part of the information on this Page or in the Sponsor’s Investment Documents is intended to be binding on us.
Sponsor’s Information Qualified by Investment DocumentsThe information on this Page is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s Investment Documents. The information on this Page is not complete and subject to change at the Sponsor’s discretion at any time up to the closing date. The Sponsor’s Investment Documents and supplements thereto contain important information about the Sponsor’s offering including relevant investment objectives, the business plan, risks, charges, expenses, and other information, which you should consider carefully before investing. The information on this Page should not be used as a basis for an investor’s decision to invest.
Risk of InvestmentThis investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor’s assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor’s business plans (“Assumptions”) will be true or that actual performance will bear any relation to Sponsor’s Assumptions, and no guarantee or representation is made that Sponsor’s Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor’s Assumptions should not be relied upon as the primary basis for your decision to invest.
No Reliance on Forward-Looking Statements; Sponsor AssumptionsSponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor’s Investment Documents, which you should carefully review. Neither RM Securities nor Sponsor are obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor’s forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor’s investment objectives, detailing Sponsor’s anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor’s forward-looking statements as a basis to invest.
Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor’s Assumptions or forward-looking statements.
No Reliance on Past PerformanceAny description of past performance is not a reliable indicator of future performance and should not be relied upon as the primary basis to invest.
Sponsor’s Use of DebtA substantial portion of the total cost of the real estate asset acquired by the Sponsor with investor funds (“Property”) will be paid with borrowed funds, i.e., debt. Sponsor’s estimated rates and terms of the debt financing are subject to lender approval, and there is no assurance that the Sponsor will secure debt at the rates and terms presented on this Page or in the Sponsor’s Investment Documents, or at all. The use of borrowed money to acquire real estate is referred to as leveraging, which can amplify losses and could result in lender foreclosure. In addition, if the debt includes a variable (or “floating”) interest rate, the total amount of interest paid over the term of the debt will fluctuate and can increase. As a result, Sponsor’s use of debt can result in a loss of some or all of your investment.
Sponsor’s Offering is Not RegisteredSponsor’s securities offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act (“Private Placement”). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for “Accredited Investors,” as that term is defined in Rule 501(a) under the Securities Act.
No Investment AdviceNothing on this Page should be regarded as investment advice (either with respect to a particular security or regarding an overall investment strategy), a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised to understand and assess the risks associated with real estate or private placement investments. For additional information on RM Securities’ involvement in this offering, please carefully review the Sponsor’s Investment Documents, and RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.
1031 Exchange RiskInternal Revenue Code Section 1031 (“Section 1031”) contains complex tax concepts and certain tax consequences may vary depending on the individual circumstances of each investor. RM Securities and its affiliates make no representation or warranty of any kind with respect to the tax consequences of your investment or that the IRS will not challenge any such treatment. You should consult with and rely on your own tax advisor about the tax aspects with respect to your particular circumstances.