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One & Two Pitcairn Place
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One & Two Pitcairn Place
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Overview
One & Two Pitcairn Place
Value-add acquisition of an office asset by an experienced, repeat Real Estate Company.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 6/2018
Estimated Hold Period 7 years
Investment Strategy Core Plus
Investment Type Equity
Year Built 1985 / 2000 
Total Square Feet 102,223
Number of Tenants Nine
Parking Ratio 2.64 per 1,000 square feet
Sponsor Documents
The offering documents above have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.
Deal Highlights
Investment Highlights
Experienced Real Estate Company: The Real Estate Company has owned and managed over $1 billion in real estate overall, including 1 million square feet of commercial property in the Philadelphia MSA
Strong Tenancy: The tenant roster includes Wells Fargo, Oppenheimer & Co., Pitcairn Trust, National Philanthropic Trust, and Raymond James
Attractive Basis: The Real Estate Company is acquiring the Property for $118 per square foot which compares favorably to comparable transactions in the market
Well Located: The Property is situated in a major market with favorable demographics; in close proximity to retail amenities, public transportation and public facilities
High In-Place Occupancy and Cash Flow: The Property is 98.8% occupied as of July 2017, and operating cash flows comprise a significant component of the total underwritten returns to investors
Experienced Real Estate Company: The Real Estate Company has owned and managed over $1 billion in real estate overall, including 1 million square feet of commercial property in the Philadelphia MSA
Strong Tenancy: The tenant roster includes Wells Fargo, Oppenheimer & Co., Pitcairn Trust, National Philanthropic Trust, and Raymond James
Attractive Basis: The Real Estate Company is acquiring the Property for $118 per square foot which compares favorably to comparable transactions in the market
Well Located: The Property is situated in a major market with favorable demographics; in close proximity to retail amenities, public transportation and public facilities
High In-Place Occupancy and Cash Flow: The Property is 98.8% occupied as of July 2017, and operating cash flows comprise a significant component of the total underwritten returns to investors
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Management
For more information, view the Sponsor's Investment Memorandum.
JOSS Realty Partners
JOSS Realty Partners (the "Real Estate Company" or "JOSS") was founded in 2005 by former SL Green, Fortress and Broadway Partners executives with over 50 years combined experience encompassing real estate operating, finance and public company expertise. JOSS has completed over $1 billion of commercial real estate acquisitions since inception.   
 
JOSS seeks investments in supply constrained markets with significant barriers to entry and properties evidencing resilient leasing fundamentals with low volatility. JOSS' ideal markets include New York, Washington, D.C., Los Angeles, Philadelphia, Boston, and Southeast Florida. JOSS currently owns six properties in Washington, D.C., Philadelphia, and the San Francisco Area (Napa).
 
http://jrpllc.com/
Sponsor Track Record
Real Estate Track Record
Investment  Property Location  Square Footage Equity Investment (Millions)
1400 Eye Street Washington, D.C. 175,127 $19.1
1150 18th Street Washington, D.C. 171,346 $18.7
2233 Wisconsin Avenue Washington, D.C. 150,097 $7.0
300 7th Street Washington, D.C. 143,413 $11.0
1129 20th Street Washington, D.C. 127,445 $14.3
1776 Massachusetts Avenue Washington, D.C. 92,939 $9.3
2131 K Street Washington, D.C. 87,924 $7.7
1100 Vermont Avenue Washington, D.C. 78,484 $7.8
4201 Connecticut Avenue Washington, D.C. 71,821 $5.8
Girard Square Philadelphia, PA 712,279 $119.0
230 South Broad Street Philadelphia, PA 213,034 $4.7
2301 Chestnut Street Philadelphia, PA 141,763 $7.0
42 South 15th Street Philadelphia, PA 137,042 $2.6
Chestnut Place Philadelphia, PA 137,042 $1.7
9th & Samson Philadelphia, PA 101,697 $2.5
1701 South Street Philadelphia, PA 8,691 $1.5
229-239 West 28th Street New York, NY 153,913 $14.9
60 Charles Lindbergh Boulevard Uniondale, NY 217,351 $10.3
1315 Lincoln Boulevard Santa Monica, CA 23,531 $4.6
Napa Square Napa, CA 65,858 $20.5
Lincoln Place Miami, FL 139,887 $12.8
2205 NW 132nd Place Miami, FL 57,055 $8.6
Total Portfolio   3,207,739 $311.4

 

Note: The management overview and track record detailed above was provided by the Sponsor and has not been verified by RealtyMogul.com or NCPS.

Website
Management Team
Management
Larry Botel
Founding Partner
Mr. Botel founded JOSS Realty Partners in 2005. He oversees all company investment and management activities. Since inception JOSS has acquired 22 real estate assets totaling over 3.0 million square feet with a value in excess of $1 billion in New York City, Washington, DC, Philadelphia and Miami. Prior to JOSS, he spent three years as the Chief Operating Officer at Broadway Partners, where he oversaw all operations, staffing, asset management and underwriting activities. Mr. Botel directed Broadway from a sole proprietorship with limited operating capability to a full service real estate investment company owning 3.6 million square feet of commercial office space valued at over $850 million. Mr. Botel is a co-owner of BMS Realty Services.
 
From 1997 to 1999 he was a Vice President and Head of Real Estate at Fortress Investment Group / UBS Global Principal Group / BlackRock Capital Finance. Mr. Botel held previous positions at Mutual of New York Real Estate and Prudential Realty Group. Mr. Botel is also President of Alliance Baseball LLC which owns three affiliated Minor League Baseball teams and Baseball America magazine. Mr. Botel received his M.B.A. from the University of Chicago Booth School of Business in 1993 and B.S.B.A. from Georgetown University in 1988. He is an Executive in Residence at Georgetown University and serves on the Board of Advisors of the McDonough School of Business at Georgetown University.
Management
Michele Balfour
Principal
Michele Balfour joined JOSS in 2014 and is a Principal. She has been involved in approximately $100 million of property acquisitions, and has also been active in managing the current portfolio of assets. Prior to joining JOSS, Ms. Balfour worked in international law and development. She was the New York Liaison for Refugees International, an advocacy NGO headquartered in Washington, DC. (2001 - 2005). Prior to working for Refugees International, Ms. Balfour was a corporate attorney for Rogers & Wells (now Clifford Chance), focusing on cross border finance, M&A, and structured finance. 
 
In previous roles, Ms. Balfour managed an international technical assistance program for the Federal Trade Commission's Bureau of Competition with the former Soviet bloc (Eastern Europe & Russia) as well as Central and South America. Additionally, she served as a World Bank Consultant to the Russian Antimonopoly Office. Ms. Balfour earned a B.S.F.S. from Georgetown University and a Juris Doctor from Fordham Law School. She continues to be an associate of the Inter American Dialogue (Washington, DC), serves on the Annual Funds at her children's schools, and is on the Board of Governors of the Washington Club in Washington, CT.
Management
Lisa Donohoe
Chief Financial Officer

Ms. Donohoe joined JOSS as Chief Financial Officer in March 2017, and brings over 17 years of financial experience as well as several years of experience in pro bono management, finance and fundraising roles. Most recently, she served as Chief Financial and Operating Officer for Rion Capital LLC, a fixed income arbitrage hedge fund which invested in CMBS, CLOs and other structured products (2012- 2017).

Previously, she was an investment banker at Merrill Lynch for 10 years (1995 - 2005), where she advised companies on capital raising and strategic transactions. Prior to graduate school, Ms. Donohoe worked as a financial planner for senior corporate executives at the AYCO Corporation (1988 – 1991). Ms. Donohoe earned a JD with honors and a MBA with high honors from the University of Chicago in 1995 and a B.S. in Finance with honors from the University of Illinois, Urbana in 1988.

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

Built in 1985 and 2000 (two phases), the Property is a class A office asset comprised of 102,223 square feet across two buildings that have been subdivided into 10 total suites ranging in size from 1,144 to 26,623 square feet. The Property is currently 98.8% leased to nine tenants with limited near term rollover and a weighted average base rent and lease term of $25.54 and 5.5 years, respectively. The Property's tenant roster includes Pitcairn Trust, Wells Fargo, National Philanthropic Trust, Raymond James, and Oppenheimer & Co., among others. The Property has a parking ratio of 2.64 spaces per 1,000 square feet and is located across the street from a SEPTA parking lot with 492 surface spaces (charging $1 per day or $25 per month as of October 2017). Amenities at the Property include a fitness center and full service cafeteria.


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Major Tenant Summary


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Pitcairn Trust (29,028 Square Feet / 26.0% of Net Rentable Area)

  • Privately owned multi-family office providing investment advisory and estate and tax-planning services. Pitcairn Trust currently has over $4 billion in assets under management.

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Wells Fargo Advisors (24,358 Square Feet / 23.8% of Net Rentable Area / NYSE: WFC)

  • Community-based financial services company with over $1.9 trillion in assets. Provides banking, insurance, investments, mortgage, consumer, and commercial services in over 8,600 locations.

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National Philanthropic Trust (16,019 Square Feet / 15.7% of Net Rentable Area)

  • Independent public charity founded in 1996 which specializes in tailored philanthropic solutions. Has been listed as one of the 100 fastest growing charities and currently manages over $2.6 billion in charitable assets.


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Oppenheimer & Co, Inc. (6,687 Square Feet / 6.5% of Net Rentable Area / NYSE: OPY)

  • Investment bank and full service investment firm providing financial services to high net worth investors, individuals, businesses, and institutions.


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Raymond James (6,677 Square Feet / 6.5% of Net Rentable Area / NYSE: RJF)

  • Financial services company engaged primarily in investment and financial planning, investment banking, and asset management.
Comparables
For more information, view the Sponsor's Investment Memorandum.
Sale Comps
Property Sale Date Size (Square Feet) Price $ Per Square Foot
1005 Virginia Drive Feb-17 88,000 $12,950,000 $147
500 S Gravers June-17 70,310 $9,650,000 $137
602 Office Center Feb-17 136,696 $27,000,000 $198
700 Dresher Road Sept-16 110,000 $14,700,000 $134
Average   101,252 $16,075,000 $154
Subject   102,223 $12,100,000 $118
Lease Comps
Property Size (Square Feet) Avg. Rental Rate Lease Type Year Built
610 Old York 173,000 $23.50 + Utilities 1930 / 1991
101 West Ave 82,735 $23.50 + Electric 1990
8380 Old York 61,241 $23.50 + Electric 1984
261 Old York 310,000 $19.75 Full Service 1968 / 2010
Average 156,744 $22.56    
Subject (In-Place) 102,223 $25.54 Varies 1985 / 2000

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

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $9,225,000
Equity $5,118,431
Total Sources of Funds $14,343,431
Uses of Funds Cost
Purchase Price $12,100,000
Capital & Leasing Reserves $882,228
Lender TI & LC Holdback $667,000
Real Estate Company Acquisition Fee $121,000
North Capital Broker Dealer Fee $70,000
Loan Fee $128,370
Working Capital $50,000
Closing Costs $324,833
Total Uses of Funds $14,343,431
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Beneficial Bank
  • Estimated Proceeds: $9,225,000
  • Lender TI & LC Holdback: $667,000
  • Estimated Rate: Fixed (4.50%)
  • Amortization: 25 years, with one year of interest-only
  • Term: 7 years
  • Prepayment Penalty: 2% exit fee in years 1 through 5 of the term. 1% fee thereafter (0% for the last 90 days of the term).

The loan includes a three (3) year extension option subject to operating metrics and lender approval.

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

The Target will make distributions to investors (The Company, Real Estate Company, and Other LP Investors, collectively, the "Members") as follows:  

  1. To the Members, pro rata, in accordance with their respective unreturned capital contributions until they have received an aggregate amount equal to their 8% annual cumulative returns;
  2. To the Members, pro rata, in accordance with such Member’s unreturned capital contributions until each Member’s unreturned capital contribution has been reduced to zero; 
  3. 50 / 50 (50% to the Members / 50% to the Real Estate Company), pro rata, in accordance with their respective percentage interests, until the cumulative amount distributed to Real Estate Company is equal to 25% of the aggregate distributions made to all of the Members under sections 1 and 3 of the distribution hierarchy;
  4. 75 / 25 (75% to the Members / 25% to the Real Estate Company) of excess cash flow and appreciation thereafter.

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

The Company will distribute 100% of its share of excess cash flow (after expenses) to the members of The Company (the RealtyMogul.com investors). The manager of The Company will receive a portion (up to 10% pro-rata) of the Real Estate Company's promote interest. Distributions are projected to start in June 2018 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Summary
  Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Effective Gross Revenue $2,554,131 $2,647,726 $2,689,346 $2,416,261 $2,812,182 $2,889,429 $2,944,346
Total Operating Expenses ($1,222,878) ($1,254,343) ($1,284,964) ($1,306,879) ($1,349,616) ($1,383,565) ($1,417,634)
Net Operating Income $1,331,252 $1,393,384 $1,404,382 $1,109,383 $1,462,566 $1,505,864 $1,526,711
Distributions to The Company $69,017 $195,286 $199,046 $251,652 $208,447 $222,911 $3,118,632
Sample Targeted Cash Flows - Hypothetical $50,000 Investment
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Targeted Distributions to Investor ($50,000) $1,950 $5,517 $5,623 $7,109 $5,888 $6,297 $88,097
Fees

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

One-Time Fees
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee $121,000 Real Estate Company Capitalized Equity Contribution 1.0% of the property purchase price
Disposition Fee 1.0% of gross sale proceeds Real Estate Company Distributable Cash  
Refinance Fee 0.5% of principal loan amount Real Estate Company Distributable Cash  
Construction Management Fee 5.0% of cost (from $0.00 - $100,00) and 3.0% of cost (from $100,001 and over) BMS Realty Services, an affiliate of the Real Estate Company Operating Cash Flow Includes capital improvements and tenant improvements
Broker-Dealer Fee The greater of 4.0% or $70,000 North Capital (1) Capitalized Equity Contribution 4.0% based on the amount of equity invested by Realty Mogul 94, LLC

(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.

Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Property Management Fee 3.0% of effective gross revenues BMS Realty Services, an affiliate of the Real Estate Company Operating Cash Flow  
Asset Management Fee 0.75% of equity Real Estate Company Operating Cash Flow  
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 94, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of Realty Mogul 94, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

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

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

Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $9,225,000
Equity $5,118,431
Total Sources of Funds $14,343,431
Uses of Funds Cost
Purchase Price $12,100,000
Capital & Leasing Reserves $882,228
Lender TI & LC Holdback $667,000
Real Estate Company Acquisition Fee $121,000
North Capital Broker Dealer Fee $70,000
Loan Fee $128,370
Working Capital $50,000
Closing Costs $324,833
Total Uses of Funds $14,343,431
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Beneficial Bank
  • Estimated Proceeds: $9,225,000
  • Lender TI & LC Holdback: $667,000
  • Estimated Rate: Fixed (4.50%)
  • Amortization: 25 years, with one year of interest-only
  • Term: 7 years
  • Prepayment Penalty: 2% exit fee in years 1 through 5 of the term. 1% fee thereafter (0% for the last 90 days of the term).

The loan includes a three (3) year extension option subject to operating metrics and lender approval.

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

The Target will make distributions to investors (The Company, Real Estate Company, and Other LP Investors, collectively, the "Members") as follows:  

  1. To the Members, pro rata, in accordance with their respective unreturned capital contributions until they have received an aggregate amount equal to their 8% annual cumulative returns;
  2. To the Members, pro rata, in accordance with such Member’s unreturned capital contributions until each Member’s unreturned capital contribution has been reduced to zero; 
  3. 50 / 50 (50% to the Members / 50% to the Real Estate Company), pro rata, in accordance with their respective percentage interests, until the cumulative amount distributed to Real Estate Company is equal to 25% of the aggregate distributions made to all of the Members under sections 1 and 3 of the distribution hierarchy;
  4. 75 / 25 (75% to the Members / 25% to the Real Estate Company) of excess cash flow and appreciation thereafter.

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

The Company will distribute 100% of its share of excess cash flow (after expenses) to the members of The Company (the RealtyMogul.com investors). The manager of The Company will receive a portion (up to 10% pro-rata) of the Real Estate Company's promote interest. Distributions are projected to start in June 2018 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Summary
  Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Effective Gross Revenue $2,554,131 $2,647,726 $2,689,346 $2,416,261 $2,812,182 $2,889,429 $2,944,346
Total Operating Expenses ($1,222,878) ($1,254,343) ($1,284,964) ($1,306,879) ($1,349,616) ($1,383,565) ($1,417,634)
Net Operating Income $1,331,252 $1,393,384 $1,404,382 $1,109,383 $1,462,566 $1,505,864 $1,526,711
Distributions to The Company $69,017 $195,286 $199,046 $251,652 $208,447 $222,911 $3,118,632
Sample Targeted Cash Flows - Hypothetical $50,000 Investment
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Targeted Distributions to Investor ($50,000) $1,950 $5,517 $5,623 $7,109 $5,888 $6,297 $88,097
Fees

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

One-Time Fees
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee $121,000 Real Estate Company Capitalized Equity Contribution 1.0% of the property purchase price
Disposition Fee 1.0% of gross sale proceeds Real Estate Company Distributable Cash  
Refinance Fee 0.5% of principal loan amount Real Estate Company Distributable Cash  
Construction Management Fee 5.0% of cost (from $0.00 - $100,00) and 3.0% of cost (from $100,001 and over) BMS Realty Services, an affiliate of the Real Estate Company Operating Cash Flow Includes capital improvements and tenant improvements
Broker-Dealer Fee The greater of 4.0% or $70,000 North Capital (1) Capitalized Equity Contribution 4.0% based on the amount of equity invested by Realty Mogul 94, LLC

(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.

Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Property Management Fee 3.0% of effective gross revenues BMS Realty Services, an affiliate of the Real Estate Company Operating Cash Flow  
Asset Management Fee 0.75% of equity Real Estate Company Operating Cash Flow  
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 94, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of Realty Mogul 94, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

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

The above presentation is based upon information supplied by the Real Estate Company or others.  Realty Mogul, Co., RM Manager, LLC, and The Company, 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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