Confidentiality Agreement
To access the Sponsor’s private offering documents for this investment, you must first acknowledge and agree to the below.
By clicking the ‘I Agree’ button below:
Multifamily
Prospect Hill
Greenville, SC
Open to Invest
...
Prospect Hill
Greenville, SC
All Investments > Prospect Hill
...
Overview
Prospect Hill
Prospect Hill is a shovel-ready multifamily development in the heart of downtown Greenville, SC, one of the fastest-growing markets in the country. Strategically located at the entrance of the city’s transformative 60-acre Unity Park, this asset benefits from high visibility, premier design, and long-term value creation. The site was acquired approximately 50% below market in a high-barrier-to-entry Opportunity Zone, providing significant upside potential. With strong supply-demand fundamentals and a market poised for continued growth, Prospect Hill represents a rare, high-impact investment opportunity in a thriving urban core.
current
current
current
current
current
Videos
More
Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 9/2028
Minimum Investment 35000
Estimated Hold Period 10 Years
Investment Strategy Development
Investment Type Equity
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: Sponsorship is anchored by former JBG Companies (NYSE: JBGS) executives and Managing Partners Brian Coulter (Chief Development Officer) and Rob Stewart (chair of the Investment Committee). Gordon Road Capital has already invested $6.3M in the Project, representing more than 20% of the required equity investment. This is a repeat sponsor on the RealtyMogul Platform and their second Carolina Qualified Opportunity Zone development on the Platform.
Strategic Acquisition: The Sponsor acquired the site in May 2022 at a compelling land basis of $21k/unit or $2.7M/acre, which is substantially lower than a similar site in downtown Greenville recently listed for $13.1M/acre. The Project also offers the potential return of capital in Years 3-4 upon the refinance of a low-leverage construction loan.
High Quality Asset with Competitive Rents: Prospect Hill is strategically positioned to compete with other properties in downtown Greenville by offering a highly amenitized rooftop, a large fitness center with dry sauna and yoga room, a saltwater pool, electric charging stations, and a pet spa. Despite having the highest level of finishes and amenities in the market, underwritten rents are in-line or at a discount to the main comparable project, which will be 8 years older at Project stabilization.
Fast-Growing Market: South Carolina is the fastest-growing state in the country based on inbound migration, per the 2024 U-Haul migration data. The Greenville MSA is growing 2x faster than the state average, with this transformation being fueled by major corporate commitments to the region. A wide array of firms like Prisma Health (16k employees), BMW (11k employees), Michelin North America (7k employees), and General Electric (3k employees) drive the region’s economic activity.
Shovel-Ready: Since the acquisition, the Sponsor has completed key pre-development milestones, including securing Design Review Board approval. At the time of investment closing, the Project is expected to have a signed GMP construction contract with full approvals, making it shovel-ready.
Opportunity Zone Benefits: Potential investor tax benefits include the deferral of capital gains until December 31, 2026, and potential elimination of taxes on new capital gains if the investment is held for at least 10 years. Please note that RealtyMogul does not provide tax advice. We strongly encourage investors to see guidance from their CPA/Tax advisor about their specific situation prior to making any investment decisions.
Experienced Sponsor: Sponsorship is anchored by former JBG Companies (NYSE: JBGS) executives and Managing Partners Brian Coulter (Chief Development Officer) and Rob Stewart (chair of the Investment Committee). Gordon Road Capital has already invested $6.3M in the Project, representing more than 20% of the required equity investment. This is a repeat sponsor on the RealtyMogul Platform and their second Carolina Qualified Opportunity Zone development on the Platform.
Strategic Acquisition: The Sponsor acquired the site in May 2022 at a compelling land basis of $21k/unit or $2.7M/acre, which is substantially lower than a similar site in downtown Greenville recently listed for $13.1M/acre. The Project also offers the potential return of capital in Years 3-4 upon the refinance of a low-leverage construction loan.
High Quality Asset with Competitive Rents: Prospect Hill is strategically positioned to compete with other properties in downtown Greenville by offering a highly amenitized rooftop, a large fitness center with dry sauna and yoga room, a saltwater pool, electric charging stations, and a pet spa. Despite having the highest level of finishes and amenities in the market, underwritten rents are in-line or at a discount to the main comparable project, which will be 8 years older at Project stabilization.
Fast-Growing Market: South Carolina is the fastest-growing state in the country based on inbound migration, per the 2024 U-Haul migration data. The Greenville MSA is growing 2x faster than the state average, with this transformation being fueled by major corporate commitments to the region. A wide array of firms like Prisma Health (16k employees), BMW (11k employees), Michelin North America (7k employees), and General Electric (3k employees) drive the region’s economic activity.
Shovel-Ready: Since the acquisition, the Sponsor has completed key pre-development milestones, including securing Design Review Board approval. At the time of investment closing, the Project is expected to have a signed GMP construction contract with full approvals, making it shovel-ready.
Opportunity Zone Benefits: Potential investor tax benefits include the deferral of capital gains until December 31, 2026, and potential elimination of taxes on new capital gains if the investment is held for at least 10 years. Please note that RealtyMogul does not provide tax advice. We strongly encourage investors to see guidance from their CPA/Tax advisor about their specific situation prior to making any investment decisions.
Contact Us
Questions before investing?
Speak with our Investor Relations team.
Schedule a Call
Management
For more information, view the Sponsor's Investment Memorandum.
Gordon Road Capital

Gordon Road Capital (“Gordon Road”) is a real estate investment firm focused on identifying and executing high-value opportunities in the Southeast’s fastest-growing markets.

Led by Chairmen Brian Coulter and Rob Stewart—who bring over 40 years of experience each—Gordon Road is built on a legacy of institutional excellence. As former leaders of The JBG Companies (NYSE: JBGS), they spearheaded more than 235 investments, developed over 80 projects, and deployed nearly $4 billion in capital. Their decision to invest their own capital in high-growth markets led to a strategic partnership with Justin Coulter and Martin Pawlik.

Justin Coulter and Martin Pawlik, who met at Harvard Business School, bring extensive institutional real estate experience across acquisitions, development, financing, and capital markets. Collectively, they have executed over $19 billion in equity and debt transactions across a broad spectrum of asset classes.

Backed by some of the country’s most prominent real estate investors, Gordon Road Capital combines deep industry expertise with a hands-on, data-driven approach to unlock exceptional value in dynamic markets.

Sponsor Track Record
Residential Product Type Units  Market 
Multifamily development Multi 417 D.C.
Multifamily development Multi 424 D.C.
Multifamily development Multi 384 D.C.
Senior housing development Multi 95 Atlanta
Senior housing development Multi 85 Augusta
Senior housing development Multi 145 Savannah
Multifamily development Multi 269 Durham 
Multifamily renovation  Multi 475 Raleigh MSA
Multifamily development Multi 144 D.C.
Multifamily development Multi 296 D.C.
Multifamily development Multi 130 D.C.
Multifamily development Multi 125 D.C.
Multifamily development Multi 263 D.C.
Multifamily development Multi 200 D.C.
Multifamily development Multi 303 D.C.
Multifamily development Multi 310 D.C.
Multifamily development Multi 256 D.C.
Multifamily development Multi 377 Northern VA
Multifamily development Multi 358 D.C.
Multifamily development Multi 245 D.C.
Multifamily development Multi 345 D.C.
Multifamily development Multi 356 D.C.
Multifamily development Multi 253 D.C.
Multifamily development Multi 141 D.C.
Multifamily development Multi 74 Northern VA
Multifamily development Multi 253 Northern VA
Multifamily development Multi 385 Northern VA
Multifamily development Multi 474 Northern VA
Multifamily development Multi 457 Silver Spring, MD
Multifamily development Multi 210 Silver Spring, MD
Multifamily development Multi 214 Rockville, MD
Multifamily development Multi 279 Rockville, MD
Multifamily development Multi 225 D.C.
Multifamily development Multi 266 D.C.
Multifamily development Multi 264 D.C.
Multifamily development Multi 93 D.C.
Multifamily development Multi 465 D.C.
Multifamily development Multi 385 Bethesda, MD
Multifamily development Multi 204 Northern VA
Condo development Condo 116 Northern VA
Condo development Condo 246 D.C.
Condo development Condo 60 Northern VA
Condo development Condo 46 D.C.
Condo development Condo 160 D.C.
Condo development Condo 62 D.C.
Condo development Condo 141 D.C.
Condo development Condo 194 Northern VA
Condo development Condo 81 Northern VA
Condo development Condo 159 Northern VA
Townhome Development Townhome 116 D.C.
Townhome Development Townhome 237 D.C.
Townhome Development Townhome 63 Northern VA
Townhome Development Townhome 152 Bethesda, MD
Townhome Development Townhome 30 Bethesda, MD
Townhome Development Townhome 137 Northern VA
Townhome Development Townhome 249 Northern VA
Townhome Development Townhome 168 Northern VA
Townhome Development Townhome 407 Rockville, MD
Townhome Development Townhome 86 Charlotte, NC
Townhome Development Townhome 100 Charlotte, NC
Townhome Development Townhome 50 Greenville, SC
Total Residential (units)   13,704  
       
Commercial Product Type SF (million) Market 
Office sale Office 1.8 NY Metro
Office refinancing Office 3.4 Houston
Office recapitalization Office 2.3 NY Metro
Office acquisition/redevelopment Office 2.3 NY Metro
Office refinancing Office 2.3 NY Metro
Office acquisition/redevelopment Office 0.4 NY Metro
Office refinancing Office 1.7 NY Metro
Multi-Asset REIT acquisition Lab 2.3 Multiple Markets
Office acquisition/redevelopment Office 1.3 NY Metro
Total Commercial (million SF)   17.7  

The above bios and track record were provided by Gordon Road Capital and have not been independently verified by RealtyMogul

Management Team
Management
Justin Coulter
Managing Partner

Justin is responsible for the firm’s day-to-day activities. Prior to founding GRC, Justin led acquisitions, dispositions, and asset management activity for Brookfield Asset Management and Brookfield Properties in its office business in New York and Boston. During his time at Brookfield, Justin executed over $19 billion in equity and debt transactions and led the completion of over one million square feet of commercial leases. Justin has also consulted for Tidewater Capital in San Francisco, CA, the Boundary Companies in Washington, DC, and WeWork in New York where he underwrote and analyzed multifamily acquisitions and developments, the development of single-family rental communities, industrial acquisitions, self-storage acquisitions, and coworking/coliving concepts. Justin is a graduate of Harvard Business School where he was a Copresident of the Real Estate Club. He completed his undergraduate studies at Haverford College where he studied political science and economics, graduated cum laude, and played varsity baseball.

Management
Martin Pawlik
Managing Partner

Martin is responsible for the firm’s day-to-day activities. Prior to founding GRC, Martin led sourcing, financing, acquisitions, and developments across asset types and geographies for Drake Real Estate Partners. Martin was also a member of the acquisitions team at Canyon Partners, working on both debt and equity investments across asset types and geographies. Martin first started his real estate career at J.P. Morgan in the real estate investment banking group. Martin graduated with distinction from Harvard Business School where he was a Copresident of the Real Estate Club. He completed his undergraduate studies at Washington University in St. Louis, where he graduated summa cum laude and valedictorian of his class. He is also an adjunct instructor at New York University teaching real estate courses.

Management
Brian Coulter
Chairman

Brian is a former Managing Partner, Chief Development Officer, and member of the Investment and Executive Committees at the JBG Companies (“JBG”) (now JBG Smith, NYSE: JBGS). Brian has over 38 years of experience in the commercial real estate industry. During his time with JBG, he focused primarily on managing pre-development and development activities as well as on other value-creation strategies for existing properties. He received his Bachelor of Arts, Summa Cum Laude, Phi Beta Kappa from Rutgers College, and a Master of Business Administration from Harvard Business School.

Management
Rob Stewart
Chairman

Rob is a former Managing Partner, Chair of the Investment Committee, and member of the Executive Committee at the JBG Companies (“JBG”) (now JBG Smith, NYSE: JBGS). Rob has over 38 years of experience in the commercial real estate industry. Over the course of Rob’s career at JBG, he led acquisition, financing, and disposition efforts for JBG’s real estate private equity and development business and was integrally involved in conceiving the development programs for JBG projects. Rob received his Bachelor of Arts from Princeton University and his Master of Business Administration from The Wharton School of the University of Pennsylvania.

Management
Adam Peters
Project Manager, Red Fox Development

Gordon Road’s “boot-on-the-ground” project manager is Red Fox Development, led by Adam Peters. He has over 20 years of experience managing highly complex projects in high barrier-to-entry markets. Prior to founding Red Fox, Mr. Peters led development activities for The JBG Companies, Vornado / Charles E. Smith, and PerseusTDC. 

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

Lease Comparables

  Deca Camperdown The McClaren 408 Jackson Averages Subject (Post-Reno)
Year Built 2020 2023 2022 2022 2027
Class A A A A A
# of Units 217 246 227 230 153
Avg. Unit Size 1,022 SF 1,025 SF 928 SF 992 SF 857 SF
           
$/Unit (Studio) $2,521 $1,937 $1,900 $2,119 $2,200
SF (Studio) 642 SF 583 SF 676 SF 634 SF 595 SF
$/SF (Studio) $3.93 $3.32 $2.32 $3.19 $3.70
           
$/Unit (1-Bedroom) $3,141 $2,148 $1,724 $2,338 $2,968
SF (1-Bedroom) 749 SF 714 SF 749 SF 737 SF 743 SF
$/SF (1-Bedroom) $4.19 $3.01 $2.36 $3.19 $3.98
           
$/Unit (2-Bedroom) $4,002 $2,893 $3,062 $3,319 $4,100
SF (2-Bedroom) 1,142 SF 1,219 SF 1,176 SF 1,179 SF 1,112 SF
$/SF (2-Bedroom) $3.50 $2.37 $2.02 $2.63 $3.64
           
$/Unit (Penthouse - 2-Bedroom + Den) $5,050 $4,700 N/A $4,875 $4,500
SF (Penthouse - 2-Bedroom + Den) 1,630 SF 1,700 SF N/A 1,665 SF 1,196 SF
$/SF (Penthouse - 2-Bedroom + Den) $3.09 $2.76 N/A $2.93 $3.76

 

Sales Comparables

  Deca Camperdown The Irby Subject
Date Sold Jun-22 Aug-21  
Year Built 2020 2020 2027
# of Units 217 277 159
Avg. Unit Size 1,022 SF 724 SF 857 SF
Sale Price $125,000,000 $115,550,000 $66,198,260
$/Unit $576,037 $417,148 $416,341
$/SF $676 $420 $486
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Sources of Funds Amount
LP Equity $23,611,944
GP Equity (1) $6,304,596
Senior Loan $36,564,660
Total Sources of Funds $66,481,200

 

Uses of Funds Amount
Land $3,348,688
Pre Development $275,000
Hard Costs $48,956,100
Soft Costs $11,168,515
Development Fee $2,732,897
Total Uses of Funds $66,481,200

(1) The Sponsor’s equity contribution may consist of friends and family equity, equity from funds controlled by the Sponsor, as well as some third-party investments.

Debt Assumptions

The expected terms of the debt financing are as follows:

Construction Loan

  • Lender: Centennial Bank
  • Loan Amount: $36,564,660
  • Initial Loan Term: 3 Years
  • Extension Options: 2 one-year extensions (2)
  • Interest Rate: SOFR + 4.25% (with a SOFR floor of 3.5%)
  • Interest Rate Type: Floating
  • Interest-Only Period: Interest-only during the initial term.
  • Amortization: 30 Years (3)
  • Stabilized Loan-to-Value: 36.0%
  • Loan-to-Cost: 55.0%

Refinance Loan Assumptions

  • Lender: TBD
  • Loan Amount: $70,281,859
  • Loan Term: 10 Years
  • Extension Options: N/A
  • Interest Rate: 5.25%
  • Interest Rate Type: Fixed
  • Interest-Only Period: N/A
  • Amortization: 30 Years
  • Loan-to-Value: 66.3%

(1) A substantial portion of the total acquisition for the Property will be paid with borrowed funds, i.e., debt. Please carefully review the Disclosures section below for additional information concerning the Sponsor's use of debt.

(2) Subject to: (a) payment of an extension fee of 0.25% of the Total Loan Amount for the first Extension Period and 0.35% of the Total Loan Amount for the second Extension Period (each an “Extension Fee”); (b) delivery of thirty (30) days prior written notice by Borrower to Lender; (c) no prior or existing events of default under the loan documentation governing or evidencing the Loan; (d) no material adverse effect shall have occurred; (e) all representations, warranties, and covenants in the loan documentation being true and correct in all material respects prior to and as of the commencement of each extension period; (f) for the first Extension Period: (i) lien free completion, (ii) certificate of occupancy, and (iii) a 54% LTV test (“As-Complete”); (g) for the second Extension Period: (iv) 1.20x DSCR test and (v) 47.5% LTV test (“As-Is”); and (h) there are adequate Loan Reserves for the remaining term, determined by Lender.

(3) Upon the earlier of (a) 1.10x DSCR; or (b) the second Extension Period, if applicable

Distributions

Gordon Road Capital intends to make distributions from Gordon Road Capital Westfield LP QOF LLC as follows:

  1. Pari-passu all cash flow available for distribution to the Equity Investors(1) until the Equity Investors(1) receive a Preferred Return of 7.0% IRR;
  2. 80% / 20% (80% to Equity Investors(1) / 20% to Promoted/Carried Interest) of all cash flow available for distribution to a 10.0% IRR;
  3. 70% / 30% (70% to Equity Investors(1) / 30% to Promoted/Carried Interest) of all cash flow available for distribution to a 12.0% IRR;
  4. 60% / 40% (60% to Equity Investors(1) / 40% to Promoted/Carried Interest) of all cash flow available for distribution thereafter.

Gordon Road Capital 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 to start in September 2028 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Gordon Road Capital, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Gordon Road Capital will receive a promoted/carried interest as indicated above.

Promote Crystallization: To further align incentives between Sponsor and Investor, there is a promote crystallization upon a refinance of the construction loan (currently anticipated at Month 37). A hypothetical promote is calculated using the above waterfall assuming a sale at fair market value. Next, the theoretical promote is calculated as a percent of the total distributable cash, which is estimated to be ~18% based on current underwriting. After the refinance event, the promote is “locked” and 18% of every dollar is paid as promote until the end of the hold period including sales proceeds upon exit (the waterfall is not “run” again at exit). This helps align incentives for both Sponsor and investor by allowing the Sponsor to participate in promote cash flow upon refinance. Importantly, the promote crystallization yields a materially higher multiple to investors. It is estimated that for every dollar invested, the promote crystallization will yield 16 cents more to the investor over a 10-year period.

(1) Equity Investors include all members part of the Limited Partnership and General Partnership, including the Sponsorship Group.

Fees

You will pay certain fees and compensation over the life of the transaction; please refer to Gordon Road Capital's materials for details. The following fees and compensation will be paid (1)(4):

One-Time Fees:

Type of Fee Amount of Fee Received By Paid From
Development Fee Approximately $2.8M or 5% of Hard and Soft Costs Sponsor or Affiliate Capitalized Equity Contribution
Refinance Fee 75 bps Sponsor Refinance Loan Proceeds
Platform Fee Flat One-Time Fee of $15,000 RM Securities, LLC Capitalized Equity Contribution
Placement Fee (4) 4.00% of the Raised Amount up to $2 million, plus 3.50% of the Raised Amount in excess of $2 million. RM Securities, LLC Capitalized Equity Contribution

Recurring Fees:

Type of Fee Amount of Fee Received By Paid From
Asset Management Fee (2) 1.5% of Equity on an annual basis, paid monthly (0.125% each month) Sponsor Cash Flow
Property Management Fee (3) 2.75% of Effective Gross Income Third-Party Cash Flow
Administration Solution Licensing Fee (4) 1.00% per annum of the aggregate capital contributions of the RM platform investor for whom RM Technologies provides the Administration Solution. RM Securities, LLC Cash Flow / Capitalized Equity Contribution

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

(2) Does not commence until the earlier of (i) the Development Fee is earned and paid, or (ii) the 23-month anniversary of the construction loan closing date.

(3) The property management fee may end up being 3% if another third-party manager is used (not expected, but possible). 2.75% is currently being underwritten.

(4) For more information on the fees paid to RM Securities and its affiliates 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 CRSRegulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

Sources & Uses
Sources of Funds Amount
LP Equity $23,611,944
GP Equity (1) $6,304,596
Senior Loan $36,564,660
Total Sources of Funds $66,481,200

 

Uses of Funds Amount
Land $3,348,688
Pre Development $275,000
Hard Costs $48,956,100
Soft Costs $11,168,515
Development Fee $2,732,897
Total Uses of Funds $66,481,200

(1) The Sponsor’s equity contribution may consist of friends and family equity, equity from funds controlled by the Sponsor, as well as some third-party investments.

Debt Assumptions

The expected terms of the debt financing are as follows:

Construction Loan

  • Lender: Centennial Bank
  • Loan Amount: $36,564,660
  • Initial Loan Term: 3 Years
  • Extension Options: 2 one-year extensions (2)
  • Interest Rate: SOFR + 4.25% (with a SOFR floor of 3.5%)
  • Interest Rate Type: Floating
  • Interest-Only Period: Interest-only during the initial term.
  • Amortization: 30 Years (3)
  • Stabilized Loan-to-Value: 36.0%
  • Loan-to-Cost: 55.0%

Refinance Loan Assumptions

  • Lender: TBD
  • Loan Amount: $70,281,859
  • Loan Term: 10 Years
  • Extension Options: N/A
  • Interest Rate: 5.25%
  • Interest Rate Type: Fixed
  • Interest-Only Period: N/A
  • Amortization: 30 Years
  • Loan-to-Value: 66.3%

(1) A substantial portion of the total acquisition for the Property will be paid with borrowed funds, i.e., debt. Please carefully review the Disclosures section below for additional information concerning the Sponsor's use of debt.

(2) Subject to: (a) payment of an extension fee of 0.25% of the Total Loan Amount for the first Extension Period and 0.35% of the Total Loan Amount for the second Extension Period (each an “Extension Fee”); (b) delivery of thirty (30) days prior written notice by Borrower to Lender; (c) no prior or existing events of default under the loan documentation governing or evidencing the Loan; (d) no material adverse effect shall have occurred; (e) all representations, warranties, and covenants in the loan documentation being true and correct in all material respects prior to and as of the commencement of each extension period; (f) for the first Extension Period: (i) lien free completion, (ii) certificate of occupancy, and (iii) a 54% LTV test (“As-Complete”); (g) for the second Extension Period: (iv) 1.20x DSCR test and (v) 47.5% LTV test (“As-Is”); and (h) there are adequate Loan Reserves for the remaining term, determined by Lender.

(3) Upon the earlier of (a) 1.10x DSCR; or (b) the second Extension Period, if applicable

Distributions

Gordon Road Capital intends to make distributions from Gordon Road Capital Westfield LP QOF LLC as follows:

  1. Pari-passu all cash flow available for distribution to the Equity Investors(1) until the Equity Investors(1) receive a Preferred Return of 7.0% IRR;
  2. 80% / 20% (80% to Equity Investors(1) / 20% to Promoted/Carried Interest) of all cash flow available for distribution to a 10.0% IRR;
  3. 70% / 30% (70% to Equity Investors(1) / 30% to Promoted/Carried Interest) of all cash flow available for distribution to a 12.0% IRR;
  4. 60% / 40% (60% to Equity Investors(1) / 40% to Promoted/Carried Interest) of all cash flow available for distribution thereafter.

Gordon Road Capital 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 to start in September 2028 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Gordon Road Capital, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Gordon Road Capital will receive a promoted/carried interest as indicated above.

Promote Crystallization: To further align incentives between Sponsor and Investor, there is a promote crystallization upon a refinance of the construction loan (currently anticipated at Month 37). A hypothetical promote is calculated using the above waterfall assuming a sale at fair market value. Next, the theoretical promote is calculated as a percent of the total distributable cash, which is estimated to be ~18% based on current underwriting. After the refinance event, the promote is “locked” and 18% of every dollar is paid as promote until the end of the hold period including sales proceeds upon exit (the waterfall is not “run” again at exit). This helps align incentives for both Sponsor and investor by allowing the Sponsor to participate in promote cash flow upon refinance. Importantly, the promote crystallization yields a materially higher multiple to investors. It is estimated that for every dollar invested, the promote crystallization will yield 16 cents more to the investor over a 10-year period.

(1) Equity Investors include all members part of the Limited Partnership and General Partnership, including the Sponsorship Group.

Fees

You will pay certain fees and compensation over the life of the transaction; please refer to Gordon Road Capital's materials for details. The following fees and compensation will be paid (1)(4):

One-Time Fees:

Type of Fee Amount of Fee Received By Paid From
Development Fee Approximately $2.8M or 5% of Hard and Soft Costs Sponsor or Affiliate Capitalized Equity Contribution
Refinance Fee 75 bps Sponsor Refinance Loan Proceeds
Platform Fee Flat One-Time Fee of $15,000 RM Securities, LLC Capitalized Equity Contribution
Placement Fee (4) 4.00% of the Raised Amount up to $2 million, plus 3.50% of the Raised Amount in excess of $2 million. RM Securities, LLC Capitalized Equity Contribution

Recurring Fees:

Type of Fee Amount of Fee Received By Paid From
Asset Management Fee (2) 1.5% of Equity on an annual basis, paid monthly (0.125% each month) Sponsor Cash Flow
Property Management Fee (3) 2.75% of Effective Gross Income Third-Party Cash Flow
Administration Solution Licensing Fee (4) 1.00% per annum of the aggregate capital contributions of the RM platform investor for whom RM Technologies provides the Administration Solution. RM Securities, LLC Cash Flow / Capitalized Equity Contribution

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

(2) Does not commence until the earlier of (i) the Development Fee is earned and paid, or (ii) the 23-month anniversary of the construction loan closing date.

(3) The property management fee may end up being 3% if another third-party manager is used (not expected, but possible). 2.75% is currently being underwritten.

(4) For more information on the fees paid to RM Securities and its affiliates 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 CRSRegulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

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.
JOIN REALTYMOGUL
Create an account or sign in.
Are you an Accredited Investor?
Must be 8 characters or more with an uppercase and lowercase character, a number, and a symbol.
By clicking "JOIN REALTYMOGUL" you are agreeing to our Terms of Service and Privacy Policy, and that you've had an opportunity to review RM Securities, LLC's Form Customer Relationship Summary.
SIGN IN
Don't have an account yet? Join RealtyMogul.
Forgot Password?
Questions? Our Investor Relations team is available to help 9 AM - 8 PM ET Monday to Friday. Contact us at (877) 977-2776.
Forgot Password
Enter your email address to receive a code to reset your password.
Enter the code sent to your email address below and your new password.

Resend Code

WELCOME
Welcome,

Welcome to RealtyMogul! We need to ask a few additional questions to get to know you.

Your Net Worth
Are you interested in 1031 exchanges?
Thank you!

We’ve received your information and updated your Investor Profile.

Welcome to RealtyMogul

As part of RealtyMogul's commitment to transparency, we want to inform you that you have been directed to our website from an unaffiliated third-party marketing company who is compensated up to $250 for each investor who registers on our site. RealtyMogul and its affiliates have no relationship with the marketing company other than this compensation arrangement. RealtyMogul and its affiliates are not responsible for the preparation or accuracy of, and do not explicitly or implicitly adopt or endorse, any content provided by the unaffiliated marketing company.

SECURITY SETUP

Secure Your Account

Add a layer of protection to your RealtyMogul account. Set up two-factor authentication below.

Select your preferred method of two-factor authentication to continue:

Set Up SMS Verification

Receive a one-time code via text message to verify your identity when you log in.

Use an Authenticator App

Use an authenticator app on your device to verify your identity when you log in.

Remind me later
SECURITY SETUP

Security setup is complete.

You can manage your two-factor authentication settings anytime in your profile.

SECURITY SETUP

Verify your phone number.

We've sent a text message with a one-time verification code to:

Request another code.

SECURITY SETUP

Verify your phone number.

Request a one-time verification code to verify the phone number we'll use for two-factor authentication.

US phone number only. Message and data rates may apply.

SECURITY SETUP

Connect your authenticator app.

1. Install an authenticator app

of your choice on your mobile device.

2. Scan this QR code

with your authenticator app to get a verification code.

QR Code

3. Enter the code

from your authenticator app:

SIGN IN

Verify your identity.

REPLACE ME

Request another code.

SECURITY SETUP

Security setup skipped.

You can manage your two-factor authentication settings anytime in your profile.