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Multifamily
Jersey City Portfolio
Multiple Locations
Completed Equity
100% funded
...
Jersey City Portfolio
Multiple Locations
All Investments > Jersey City Portfolio
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Overview
Jersey City Portfolio
Portfolio consisting of seven properties located throughout Jersey City, NJ. The Portfolio is being acquired by an experienced Sponsor who has stated that they own more than $250 million in similar assets.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 9/2018
Estimated Hold Period 3 Years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1880 - 1935
Number of Properties Seven
Number of Units 31
Current Occupancy 84%
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
Experienced Sponsor with a track record of purchasing and adding value to multifamily properties in New York and New Jersey
Strong Market Conditions—Axiometrics predicts average rent growth of 3.15% along with a 3.95% average vacancy rate for the submarket over the next five years
Opportunity for an experienced Sponsor to add value through capital improvements and improved management and leasing efforts
Experienced Sponsor with a track record of purchasing and adding value to multifamily properties in New York and New Jersey
Strong Market Conditions—Axiometrics predicts average rent growth of 3.15% along with a 3.95% average vacancy rate for the submarket over the next five years
Opportunity for an experienced Sponsor to add value through capital improvements and improved management and leasing efforts
Contact Us
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Management
For more information, view the Sponsor's Investment Memorandum.
Rhodium Capital Advisors

Rhodium Capital Advisors ("Rhodium") is a full service real estate firm actively involved in the acquisition of residential assets primarily in the NYC metropolitan area, including the boroughs of New York City and Jersey City, NJ.  Rhodium seeks to acquire assets where it can immediately implement an aggressive strategy to enhance operating profits and capital appreciation by reducing operating costs and/or improving the asset.  Rhodium has strong relationships with large regional banks that specialize in their targeted assets and regularly secures non-recourse loan commitments at attractive rates.  Rhodium currently owns and manages thousands of residential units in New York and New Jersey with a market value of over $250 million.

Sponsor Track Record
Recent Acquisitions
Description Number of Units Purchase Date Purchase Price
Six-building NYC Portfolio  118 December 2015 $34,100,000
Thirteen-building NYC Portfolio 378 January 2016 $98,000,000
Eight-building NYC Portfolio 129 December 2016 $37,000,000

 

Recently Sold Assets
Address Purchase Date # of Residential
Units
Purchase Price Sale Price Sale Date
920 Madison Street, Brooklyn, NY Nov-14 13 $2,125,000 $2,900,000 July 2015
1004 Hegeman Avenue,  Brooklyn, NY May-15 20 $2,450,000 $3,700,000 February 2017
803 East 49th Street,  Brooklyn, NY Nov-15 14 $2,500,000 $3,250,000* -
Total   47 $7,075,000 $9,850,000  
*Under contract to sell

 

The Sponsor's bio and track record were provided by the Sponsor and have not been verified by RealtyMogul.com or NCPS

Website
Management Team
Management
Mark Silber
Managing Member

Mark Silber is a successful entrepreneur who has, in recent years, directed his energies and his capital into the development of a sizeable commercial real estate portfolio with an acquisition, management, and development infrastructure. He has focused on the acquisition and management of income producing residential properties in the New York metropolitan area, including the boroughs of New York City, Rockland County (NY), and New Jersey. He believes that these types of assets and geographies have experienced, and will continue to experience, consistent growth in cash flows and capital appreciation, with limited financial pressures during challenging economic times.

Prior to establishing Rhodium, (a) from 2008 to 2012, Mark founded and built Innovative Credit Consultants ("ICC"), a credit consulting firm with offices in New York, New Jersey, and Florida; (b) from 2008 to 2012, Mark was a principal in the family business (generally doing business as ACX Capital), acquiring, financing, and consulting with respect to life settlements, and providing litigation finance; and, (c) from 2010 to 2012, Mark worked with prominent owners of apartment buildings in New York City where he developed his acquisition and management expertise. In 2012, Mark rolled up his real estate holdings and activities into Rhodium Capital Advisors, a full service real estate acquisition, management, maintenance, and development firm. Through a subsidiary, Rhodium Management, real estate management services are also offered to third party real estate owners in New York City and Rockland County. Rhodium Management is also a licensed general contractor in New York City, resulting in efficiencies and cost effectiveness that has benefited the entire real estate portfolio. To date, he has been involved in real estate transactions with an aggregate value of over $400 million.

Management
Fredrick Schulman
Managing Member

Fredrick Schulman has over 35 years of experience as an investment banker, business and real estate principal, and attorney, with great expertise in corporate, commercial, and real estate finance. In addition to his position and interest in Rhodium, Fred is currently (a) the Chairman (and one of the founding shareholders) of NewBank, a New York-based community commercial bank with branch offices in Manhattan, Flushing (Queens), NY, Fort Lee, NJ, and Closter, NJ, (b) the President of East Coast Capital Holdings, Ltd., a Specialized Small Business Investment Company and Community Development Entity based in Manhattan and licensed by the U.S. Small Business Administration, and (c) the President of Targeted Capital Funding LLC, with offices in Manhattan and Wall, NJ, specializing in asset-based finance and equipment leasing.

Prior to his involvement with Rhodium and the various finance entities, Fred simultaneously managed his interests in (a) various consumer products, retail, and real estate companies, and (b) his law practice (which began at Kahr Spitzer and Howard in Manhattan, followed by his law partnership called Bragar Spiegel Schulman Rubin & Driggin (which specialized in commercial real estate syndications), and followed by his own offices). From 1994 to 1999, he grew from General Counsel to Director of Investment Banking at RAS Securities Corp. in Manhattan (with over seventy transactions funded, involving over $1 billion). Fred holds a Bachelor of Arts Degree from Clark University and a Juris Doctor Degree from Boston College School of Law.

Management
Jerald Belofsky
General Counsel

Jerald Belofsky is an investment banker and attorney, and has originated or managed billions of dollars of transactions, mostly in the real estate arena.

In addition to his position at Rhodium, Jerry is currently the Chairman (and the founder) of Oldfield Capital Group, a New York based broker-dealer regulated by FINRA and the SEC, engaged in investment banking activities. He is also the General Counsel to Oldfield's Registered Investment Advisor, and to Targeted Capital Funding, an asset-based finance company (of which Fredrick Schulman is the principal).

Prior to forming Oldfield in 2011, Jerry worked for Oppenheimer AG (with offices in Zurich and New York) from 2005 to 2010. He started and ran the New York-based investment activities of this Swiss family office, growing the New York office from two employees to twenty employees. During his time with Oppenheimer, he (a) managed projects in Oman, Bahrain, Dubai, China, Singapore, and Eastern Europe that produced $48 million in fee income over a five-year period; (b) led teams of lawyers, accountants, and investment bankers in a $950 million global bond offering for a real estate project in Oman; (c) managed consulting assignments for governments in restructuring alternative investments in Kuwait, workouts of real estate and industrial projects in Dubai, Bahrain, Greece, and Albania, and a bank restructuring in Bosnia; and (d) over a three year period, mediated disputes between Greek and Turkish contractors, architects, and royal families in Bahrain and Oman, involving a Middle Eastern mixed use real estate development project roughly the size of Manhattan.

Prior to Oppenheimer, Jerry was President of the North American asset-based and structured finance operations for affiliates of ABN-AMRO Bank, growing the U.S. offices from one to five. Prior to ABN-AMRO, Jerry oversaw the global equipment leasing and project finance activities for Bear Stearns.

Jerry holds a BS Degree in Business from Boston University, a Master’s Degree in Finance from New York University, and a JD from George Washington University Law School.

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

The Portfolio is comprised of seven two and three-story walkup buildings totaling 27 apartment units and four ground floor commercial units.  The residential units consist of four one-bedroom units, 17 two-bedroom units, and six three-bedroom units.  15 of the residential units are subject to rent control and 12 are currently fair-market.

Portfolio Summary
Building # of Stories Year Built Number of Commercial Units Number of Residential Units Average In-Place Residential Rent
308 Clerk Street 3 1880   6 $1,077
207 Mallory Avenue 2 1935 1 2 $1,000
207A Mallory Avenue 2 1935 1 2 $960
209 Mallory Avenue 2 1935 1 2 $883
118 Old Bergen Road 2 1925 1 3 $1,000
21 Gray Street 3 1912   9 $1,093
33 Madison Avenue 3 1870   3 -
Total/ Average 2 - 3  1913 4 27 $1,041
Unit Mix - All Residential Units
Unit Type Number of Units Vacant Units In-Place Avg.  Rent Proforma Rent  $ Increase % Increase
One Bedroom 4 0 $962 $962 $0 0.0%
Two Bedroom 17 3 $1,024 $1,526 $503 49.1%
Three Bedroom 6 1 $1,142 $1,643 $501 43.9%
Total/ Average 27 4 $1,041 $1,469 $428 40.7%
Unit Mix - Units to be Renovated
Unit Type Number of Units Vacant Units In-Place Avg.  Rent Proforma Rent  $ Increase % Increase
Two Bedroom 10 3 $941 $1,820 $879 93.5%
Three Bedroom 3 1 $1,050 $2,083 $1,033 98.4%
Total/ Average 13 4 $966 $1,881 $783 94.6%
Commercial Rent Roll
Building Tenant Type In-Place Rent Proforma Rent  $ Increase % Increase
207 Mallory Nail Salon $1,650 $1,650 $0 0.0%
207A Mallory Grocery $1,600 $1,600 $0 0.0%
209 Mallory 99¢ Store $1,900 $1,900 $0 0.0%
118 Old Bergen Road Vacant - $1,200 - -
Total/ Average   $1,717 $1,588 $0 0.0%
Comparables
For more information, view the Sponsor's Investment Memorandum.
Lease Comps
Property Name Miles from Subject Built Renovated Total Units 2-Bedroom 3-Bedroom
Units Rents SF Units Rents SF
613 Bramhall Avenue 0.1 1915 - 7 3 $2,004 - 4 $3,006 1,100
457 Wayne Street 0.1 - - 4 - - - 2 $2,200 1,000
347-353 Summit Ave 0.2 1870 - 17 - - - 2 $1,692 1,200
236 Van Horne St 0.5 1980 2012 6 4 $1,564 850 2 $1,879 1,450
25 Baldwin Ave 1.2 1900 2016 2 - - - 1 $2,200 1,150
Comp Set Average   1916   7   $1,784 850   $2,195 1,180
 
Subject - Turning Units Only - In-place 1913   2-3 10 $941 - 3 $1,050 -
Variance from Comp Set -90% -   -109% -
 
Subject - Turning Units Only - Targeted Post-renovation 2-3 10 $1,820 - 3 $2,083 -
Variance from Comp Set 2% -   -5% -

 

Sales Comps
Property Miles From Subj. Year Built Stories # Of Units Sale Date Sale Price Price / Unit
35 Orchard Street 1 - 3 5 Dec-15 $860,000 $172,000
18 Fulton Ave 1.2 1926 4 8 Aug-15 $2,150,000 $268,750
130 Woodlawn Ave 1.2 1915 3 6 Apr-15 $1,284,848 $214,141
175 Van Nostrand Ave 1.2 1922 3 6 Aug-15 $845,000 $140,833
96 Duncan Ave 1.5 1910 4 9 Aug-16 $1,700,000 $188,889
Total / Average 1.2 1918 3 7   $1,367,970 $196,923
               
Subject     2 - 3 2 - 9   $5,200,000 167,742
               
Subject Total Cost Basis           $5,948,649 191,892
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds  
Debt $3,640,000
Equity $2,326,650
Total Sources of Funds $5,966,650
 
Uses of Funds  
Purchase Price $5,200,000
Acquisition Fee (1.00%) $52,000
NC BD Placement Fee (3.50%) $64,750
Eastern Union BD Fee (1.00%) $18,500
Capital Expenditures $447,000
Title $30,000
Legal $30,000
Lender Legal $10,000
Lender Fees (0.50%) $18,200
Mortgage Broker Fee (1.00%) $36,400
33 Madison Escrow $37,800
Misc. Reserve $22,000
Total Uses of Funds $5,966,650
Debt Assumptions

The proposed terms of the debt financing are as follows:

  • Lender: The Westchester Bank
  • Proceeds: $3,640,000
  • Term: 3 years
  • Rate: 4.00% fixed
  • Amortization: 30 Years
  • Interest Only: None
  • Recourse: Unlimited, joint and several personal guaranty of Fredrick Schulman.
  • Prepayment: 5% in Year One, 4% in Year Two, 3% in Year Three. However, in the event that the prepayment is from internally generated cash flow and not through a refinance with another financial institution, the prepayment will not be subject to the prepayment fees mentioned above. Therefore, a prepayment using proceeds from the sale of the Property will not incur these fees.
  • Loan to Value: 70%
  • Loan to Cost: 61%

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

RH JC 5 Holdings, LLC is to make distributions to Investors (Realty Mogul 77, LLC, and Sponsor, collectively, the "Members") per the priority order below. Realty Mogul 77, LLC is to distribute 100% of its share of excess cash flow (after expenses) to the members of Realty Mogul 77, LLC (the RealtyMogul.com investors). 

Order of Distributions to Members (Operating Income, Sales or Refinance Proceeds - after first lien debt repayment)

  • First, to the Members in proportion to their respective unpaid 8% preferred return until the unpaid preferred return of each Member is reduced to zero;
  • Second, to the Members pro-rata, until such time as their respective unreturned capital contributions are reduced to zero;
  • Third, seventy percent (70%) to the Members on a pro rata basis, and thirty percent (30%) to the Sponsor, until such time as the Members have received aggregate distributions in an amount sufficient to provide such Members with an eighteen percent (18.0%) IRR with respect to all of their aggregate capital contributions;
  • Fourth, sixty percent (60%) to the Members on a pro rata basis and forty percent (40%) to the Sponsor, until such time as the Members have received aggregate distributions in an amount sufficient to provide such Members with a twenty percent (20.0%) IRR with respect to all of their aggregate capital contributions;
  • Thereafter, fifty percent (50%) to the Members on a pro rata basis and fifty percent (50%) to the Sponsor.

Distributions are targeted to begin in September 2018 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 Targets
  12/31/2017 12/31/2018 12/31/2019
Effective Gross Revenue $206,051 $504,357 $541,501
Total Operating Expenses $97,500 $178,021 $184,183
Net Operating Income $108,551 $326,335 $357,318
Distributions to Realty Mogul 77, LLC Investors $0 $60,319 $2,727,449
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 $52,000 Sponsor Capitalized Equity Contribution 1.0% of the Portfolio purchase price
Broker-Dealer Fee 3.5% North Capital (1) Capitalized Equity Contribution 3.5% based on the amount of equity invested by Realty Mogul 77, LLC
Broker-Dealer Fee 1.0%
Palladium Capital Advisors, LLC
Capitalized Equity Contribution 1.0% based on the amount of equity invested by Realty Mogul 77, LLC 
Recurring Fees:
Property Management Fee 5.0% of Effective Gross Income Sponsor Operating Cash Flow 5.0% of Effective Gross Income
Asset Management Fee 1.0% of Effective Gross Income Sponsor Operating Cash Flow 1.0% of Effective Gross Income
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 77, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of Realty Mogul 77, 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 77, 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 $3,640,000
Equity $2,326,650
Total Sources of Funds $5,966,650
 
Uses of Funds  
Purchase Price $5,200,000
Acquisition Fee (1.00%) $52,000
NC BD Placement Fee (3.50%) $64,750
Eastern Union BD Fee (1.00%) $18,500
Capital Expenditures $447,000
Title $30,000
Legal $30,000
Lender Legal $10,000
Lender Fees (0.50%) $18,200
Mortgage Broker Fee (1.00%) $36,400
33 Madison Escrow $37,800
Misc. Reserve $22,000
Total Uses of Funds $5,966,650
Debt Assumptions

The proposed terms of the debt financing are as follows:

  • Lender: The Westchester Bank
  • Proceeds: $3,640,000
  • Term: 3 years
  • Rate: 4.00% fixed
  • Amortization: 30 Years
  • Interest Only: None
  • Recourse: Unlimited, joint and several personal guaranty of Fredrick Schulman.
  • Prepayment: 5% in Year One, 4% in Year Two, 3% in Year Three. However, in the event that the prepayment is from internally generated cash flow and not through a refinance with another financial institution, the prepayment will not be subject to the prepayment fees mentioned above. Therefore, a prepayment using proceeds from the sale of the Property will not incur these fees.
  • Loan to Value: 70%
  • Loan to Cost: 61%

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

RH JC 5 Holdings, LLC is to make distributions to Investors (Realty Mogul 77, LLC, and Sponsor, collectively, the "Members") per the priority order below. Realty Mogul 77, LLC is to distribute 100% of its share of excess cash flow (after expenses) to the members of Realty Mogul 77, LLC (the RealtyMogul.com investors). 

Order of Distributions to Members (Operating Income, Sales or Refinance Proceeds - after first lien debt repayment)

  • First, to the Members in proportion to their respective unpaid 8% preferred return until the unpaid preferred return of each Member is reduced to zero;
  • Second, to the Members pro-rata, until such time as their respective unreturned capital contributions are reduced to zero;
  • Third, seventy percent (70%) to the Members on a pro rata basis, and thirty percent (30%) to the Sponsor, until such time as the Members have received aggregate distributions in an amount sufficient to provide such Members with an eighteen percent (18.0%) IRR with respect to all of their aggregate capital contributions;
  • Fourth, sixty percent (60%) to the Members on a pro rata basis and forty percent (40%) to the Sponsor, until such time as the Members have received aggregate distributions in an amount sufficient to provide such Members with a twenty percent (20.0%) IRR with respect to all of their aggregate capital contributions;
  • Thereafter, fifty percent (50%) to the Members on a pro rata basis and fifty percent (50%) to the Sponsor.

Distributions are targeted to begin in September 2018 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 Targets
  12/31/2017 12/31/2018 12/31/2019
Effective Gross Revenue $206,051 $504,357 $541,501
Total Operating Expenses $97,500 $178,021 $184,183
Net Operating Income $108,551 $326,335 $357,318
Distributions to Realty Mogul 77, LLC Investors $0 $60,319 $2,727,449
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 $52,000 Sponsor Capitalized Equity Contribution 1.0% of the Portfolio purchase price
Broker-Dealer Fee 3.5% North Capital (1) Capitalized Equity Contribution 3.5% based on the amount of equity invested by Realty Mogul 77, LLC
Broker-Dealer Fee 1.0%
Palladium Capital Advisors, LLC
Capitalized Equity Contribution 1.0% based on the amount of equity invested by Realty Mogul 77, LLC 
Recurring Fees:
Property Management Fee 5.0% of Effective Gross Income Sponsor Operating Cash Flow 5.0% of Effective Gross Income
Asset Management Fee 1.0% of Effective Gross Income Sponsor Operating Cash Flow 1.0% of Effective Gross Income
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 77, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of Realty Mogul 77, 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 77, 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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