Staff Menu (IO ID#: 441200):
Completed Equity
Triple Crown 2 - Austin Multifamily
Austin, TX
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100% funded
Offered By Orion Real Estate Partners, LLC
15.3%* TARGET IRR 14.3%-16.3%
Estimated Hold Period 5 years
Estimated First Distribution 6/2018
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Project Summary
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Multifamily property with an infill location in Austin, TX, located within a ten minute drive of both Downtown Austin and The University of Texas at Austin.
Property At A Glance
Year Built 1973
Year Renovated (Exterior) 2015
Total Square Feet 149,314
Number of Units 199
Parking Ratio 1.8 parking spaces per unit
Acquisition Price


Investment Highlights
Path of Growth: The Property is in a gentrifying location with proximity to several of Austin's economic drivers.
Value Add Potential: Opportunity to improve dated interior finishes throughout the Property and potentially realize rent increases upon improvements.
Marc Venegas, Founder and CEO of the Real Estate Company, reports completing over $735 million of multifamily acquisitions over the past five years.
Submarket: Per Axiometrics, rent growth in the East Austin submarket has outperformed the national average this economic cycle and is expected to continue to do so for the next three years.
Cumulative Distributions

Orion Real Estate Partners, LLC

Orion Real Estate Partners is a private real estate investment firm with offices in Los Angeles, Austin, and Denver. Orion targets value-add multifamily assets in select Western US markets with strong demographics and job growth. Utilizing proven institutional processes to source and manage investments, they identify assets with capital and operational repositioning opportunities to provide attractive returns for their investors.
  • Marc Venegas
  • Mark Limpert
Marc Venegas

Marc formed Orion Real Estate Partners with Mark Limpert in August 2017 to invest in multifamily properties throughout the Western United States and is responsible for all aspects of identifying and managing the firm’s investments.

Prior to forming Orion, Marc formed ColdWater Partners that acquired multifamily investments in similar markets and continues to manage the ColdWater portfolio today. Prior to forming ColdWater Partners in 2016, Marc was the Director of Multifamily Investments for MIG Real Estate, a Newport Beach family office with over $2 billion of assets under management. Marc was responsible for identifying investment opportunities throughout the Western United States and overseeing the asset management for the multifamily portfolio. Over four years, Marc acquired $700 million of multifamily properties and managed a portfolio with over 6,200 units producing returns significantly in excess of underwriting including two dispositions that generated a blended 24% IRR and 1.8x equity multiple.

Prior to joining MIG Real Estate in 2012, Marc was a Senior Vice President of Acquisitions at Heitman, a Chicago-based real estate investment advisory firm with over $22 billion of assets under management, where he was responsible for identifying investment opportunities throughout the Western United States.

Before joining Heitman in 2006, Marc was a Vice President, Fund Investment Management, with the J. E. Robert Companies. Marc began his real estate career as a senior financial analyst with NHP Incorporated, a Washington DC-based multifamily owner and operator.

Over his 24-year career, Marc has successfully underwritten and closed over $3.1 billion of transactions in all property types, including over 17,000 multifamily units.

Marc holds a Bachelor of Science Degree in Economics from the University of Pennsylvania.

Mark Limpert

Mark is a founding Principal of Orion Real Estate Partners and oversees asset management and investor reporting.

Previously, Mark was a Vice President at Bellwether Asset Management, the exclusive real estate asset management firm for Oaktree Capital Management. At Bellwether, Mark’s primary responsibility was to provide portfolio and asset-level surveillance and analytics for Oaktree’s $13 billion portfolio and served as the lead asset manager on a $1.2 billion value-add multifamily portfolio comprised of 10,000 units.

Before joining Bellwether in 2015, Mark worked at JRK Residential for six years where he was a Vice President of Asset Management overseeing revenue management, value-add capital strategies, and a staff of over 100 employees on a 6,000 unit portfolio of multifamily investments throughout the US.

Mark began his career as an analyst at Lehman Brothers in the Global Real Estate Group and then joined JER Partners as an analyst in Los Angeles.

Mark holds a Bachelor of Arts in Economics from Dartmouth College.

Track Record

Orion Real Estate Partners Track Record

Property City, State Asset Type Acq Date Units Total Capitalization Sale Price
Cedars of San Marcos San Marcos, TX Multifamily 8/22/17 168 $17,500,000 $22,850,000
Azure (fka Triple Crown 2) Austin, TX Multifamily 12/28/17 199 $18,448,000 $22,800,000
Lamar Station Lakewood, CO Multifamily 6/10/16 138 $13,554,000 $22,400,000
Reserve at Water Tower Village Arvada, CO Multifamily 7/28/21 59 $13,500,000 TBD
Tradewinds San Antonio, TX Multifamily 7/14/21 84 $10,850,000 TBD
Villas at Rogers Ranch San Antonio, TX Multifamily 7/1/21 246 $44,500,000 TBD
52nd Marketplace Arvada, CO Multifamily 4/9/21 157 $39,000,000 TBD
Yukon Court Wheat Ridge, CO Multifamily 10/30/20 96 $20,810,000 TBD
Lookout Pointe Provo, UT Multifamily 6/16/20 115 $17,143,000 TBD
14th & Jay St. Opportunity Zone Lakewood, CO Multifamily Development 33 $9,100,000 TBD
1600 Hoyt Lakewood, CO Multifamily 1/30/20 64 $16,500,000 TBD
Continental Court Denver, CO Multifamily 1/16/20 98 $15,700,000 TBD
Hill at Woodway San Antonio, TX Multifamily 12/16/19 248 $25,950,000 TBD
Eagle Crest Lakewood, CO Multifamily 1/22/19 93 $17,700,000 TBD
Asbury Plaza Denver, CO Multifamily 11/30/17 110 $17,494,000 TBD
Forest Cove Denver, CO Multifamily 9/28/17 100 $17,234,000 TBD
Parkwood Plaza Denver, CO Multifamily 3/2/17 120 $11,702,000 TBD

The above track record information was provided by the Orion Real Estate Partners and has not been independently verified by​.

Business Plan

In this transaction, investors are to invest in Realty Mogul 103, LLC (the "Company"). Realty Mogul 103, LLC is to subsequently invest in OREP TC 2 JV, LLC (the "Target"), a limited liability company that will (through another wholly-owned entity) hold title to the Property. Orion Real Estate Partners, LLC (the "Real Estate Company") intends to purchase the Property for $16.1 million ($80,905 per unit).  The total anticipated project cost is approximately $18.5 million ($92,723 per unit). 

The Real Estate Company has budgeted approximately $1.34 million, or approximately $6,739 per unit, for exterior capital improvements, deferred maintenance and green energy upgrades to enhance the Property's curb appeal and decrease turnover and maintenance costs at the Property going forward. The contemplated deferred maintenance items include roof upgrades, exterior painting and siding repairs, electrical system upgrades and a parking lot reslurry and restripe, among other improvements across the Property.  The Real Estate Company has also budgeted for interior improvements of $525,000, or approximately $2,636 per unit, for all 199 units. Upon renovation, the Real Estate Company expects to be able to increase rents to market and achieve a $50 rental premium over as-is market rents for renovated units.  The Real Estate Company then intends to sell the Property within five years.

Exterior Rehab, Deferred Maintenance & Green Energy Installment Costs
Item $ Amount Per Unit
Roof Upgrades $300,000 $1,508
Exterior Painting, Dry Rot & Siding $200,000 $1,005
Electrical System Upgrades $200,000 $1,005
Parking Lot - Clean, Repair Seal & Stripe $100,000 $503
Landscaping & Irrigation $50,000 $251
Walkways $40,000 $201
Trash Enclosures & Compactor $30,000 $151
Plumbing & Boiler Upgrades $30,000 $151
Clubhouse Remodel $25,000 $126
Fence & Drainage $25,000 $126
Laundry Room Upgrades $25,000 $126
HVAC Upgrades $20,000 $101
Pool Upgrades  $20,000 $101
BBQ Area Install $10,000 $50
Rebranding $10,000 $50
Signage/Design $10,000 $50
Solar Screens $10,000 $50
Model Unit $10,000 $50
Property Golf Cart $10,000 $50
Amenity Center $10,000 $50
Balcony & Stair Repair $10,000 $50
Exterior Lighting $10,000 $50
Pool Fence & Gate $10,000 $50
Smoke Detectors $5,000 $25
Construction Management Fee 4.0% $49,140 $247
Subtotal $1,219,140 $6,126
Contingency 10.0% $121,914 $613
Total $1,341,054 $6,739
Interior Renovation Budget
Item $ Amount Per Unit
Appliance Package $159,200 $800
Countertops $69,650 $350
Fixtures $69,650 $350
Paint $59,700 $300
Door & Hardware $39,800 $200
Cabinets $19,900 $100
Flooring $19,900 $100
Blinds $19,900 $100
Construction Management Fee 4.0% $19,223 $97
Subtotal $476,923 $2,397
Contingency 10.0% $47,692 $240
Total $524,615 $2,636
Property Details

Built in 1973, the Property is a 199 unit garden style multifamily property consisting of 149,314 square feet across 26 two-story buildings on a 7.13 acre site.  The Property has 351 total parking spaces for a parking ratio of 1.8 parking spaces per unit.  The Property offers ten different floorplans across one, two and three bedroom units.  The multifamily unit mix is comprised of 106 one-bedroom units, 92 two-bedroom units and one three-bedroom unit, with a weighted average size and average in-place rent per unit of 750 square feet and $856 per unit ($1.14 per square foot), respectively.  The Property was 95.5% occupied as of October 31, 2017.

The Property features wood-frame construction on concrete slab foundations, with flat roofing and brick and stucco siding, with ceramic flooring throughout most of the Property.  Public amenities at the Property include a pool, coin-operated laundry machines, a childrens' playground, and a recently renovated on-site leasing office.


Multifamily Unit Mix
Unit Type # of Units Unit Square Feet Total Square Feet Rent per Unit Rent per Square Foot
One Bedroom 106 601 63,752 $684 $1.14
Two Bedroom 92 919 84,504 $1,049 $1.14
Three Bedroom 1 1,050 1,050 $1,268 $1.21
Total 199 750 149,306 $856 $1.14

Sales Comps
Property Sale Date # of Units Year Built Purchase Price $ per Unit Cap Rate
Promotory Point  January 2017 228 1983 $19,200,000 $84,211 5.50%
The Legacy December 2016 192 1984 $23,100,000 $120,313 5.80%
Austin 3 Portfolio June 2016 84 1961-1972 $11,000,000 $130,952 5.40%
Westheimer Oaks December 2016 70 1972 $4,850,000 $69,286 6.10%
Pecan Grove December 2016 192 1984 $23,100,000 $120,313 5.80%
Average October 2016 153 1981 $16,250,000 $105,015 5.72%
Subject December 2017 199 1973 $16,100,000 $80,905 5.60%

Above sales comps are per  Subject acquisition cap rate is based on Year One Estimated Financials net operating income adjusted for Year Two fully realized tax increase.

Leasing Comps
Property Year Built Avg. Sq. Ft. / Unit (1 bed) Avg. Rent / Sq. Ft. (1 bed) Avg. Rental / Sq. Ft. (1 bed) Avg. Sq. Ft. / Unit (2 bed) Avg. Rent / Unit (2 bed) Avg. Rent / Sq. Ft. (2 bed)
Mezzo Flats 1971 780 $900 $1.15 931 $1,175 $1.26
Redondo Flats 1983 376 $845 $2.25 753 $1,10 $1.46
Val Dor Flats 1971 630 $908 $1.44 798 $1,025 $1.28
Ibra Urban Flats 1973 695 $899 $1.29 931 $1,075 $1.15
Averages 1975 620 $888 $1.53 853 $1,094 $1.29
Subject - In-Place 1973 601 $684 $1.14 919 $1,049 $1.14
Subject - Expected Post-Renovation 1973 601 $890 $1.48 919 $1,151 $1.25

Above leasing comparables were self-reported by the respective leasing agents of the competitive properties.


The Property is located in an urban infill location in Austin, TX, conveniently situated off Highway 290 with immediate proximity to Interstate Highway 35 and US 183​. The Property is proximate to the Downtown Austin central business district (ten minute drive), The University of Texas at Austin, which has approximately 51,000 undergraduate and graduate enrollees (ten minute drive), and The Mueller Development, a mid-completion 700 acre mixed use master planned community which is expected to create 14,500 jobs and house 14,300 residents upon completion (five minute drive).

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Market Overview 

Per Costar, after impressive job and population growth in the Austin market, vacancies fell quickly and reached historical lows in 2012. Tight vacancies led to impressive rent growth, and nominal rent levels are 20% above the prerecession peak, as compared to the US which is only 15% as of the end of the third quarter of 2017. In response, developers have brought more than 36,000 units to market since 2012, or 23% of total inventory, which is in line with Nashville for the second highest in the National Index. For comparison, the National Index added less than 10% of its inventory over that time period. With expectations for additional job growth (though it has slowed recently), even with unemployment hovering around 3%, even more supply is coming, and nearly 11,000 units are underway as of early October.

Further, per Costar, early in the cycle, much of the construction was focused on the Downtown/University submarket, but it appears that developers are starting to take a break from delivering ultraluxury rentals, and instead have started building condos, which should help vacancies recover from their current levels, though a second wave may be coming. Development has now shifted to the suburbs, with areas around the Domain, the Triangle, East Austin, and Southeast Austin seeing an influx of new projects, as these highly amenitized (Domain and Triangle) and gentrifying (East and Southeast Austin) nodes had been performing well over the past few years. Austin has also cemented itself among the nation's secondary markets, at least when it comes to liquidity. Prior to 2012, Austin had never recorded more than $700 million in apartment sales. It has now surpassed that number for five consecutive years and neared that much in just the first quarter of 2016, but with the apartment market cooling and prices remaining high, investors may push further out on the risk spectrum, to the next tier of markets (or submarkets), looking for more yield.

Submarket Overview

Per Costar, the East Austin submarket has been directly affected by recent real estate development in neighboring submarkets. Historically, East Austin has been known for lower rents and quality, but that has begun to change as demand keeps up with deliveries – 12 month effective rent growth is up 2.5% and absorption has kept the vacancy rate stagnant/contracting despite high levels of construction.  Demographics show that East Austin’s average age and income have slightly declined (a signal of a growing renter pool), while maintaining one of the highest proportions of renters in the metro (65%).

Also per Costar, The Domain, a recent mixed use development (the biggest in Austin), is driving demand to the East submarket. Major Austin employers such as IBM have established offices there, and many other high-paying tech companies are relocating to the Eastern submarket. Employees benefit from lower rents than the central business district and Northwest Austin, and new live/work/play developments in the area. Proximity to the Northwest submarket’s prestigious employers (Google, Oracle, Apple, GM) allows for an easy commute and continued demand in the East Austin submarket.

Per Axiometrics, annual effective rent growth in the East Austin submarket is forecasted to average 3.53% from 2018 to 2020, which is greater than Axiometrics' national average rent growth expectation for that time period. The annual effective rent growth for the East Austin submarket averaged 4.76% per year from 2011-2016, which is also greater than the national average rent growth was during that time period.

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Demographic Information

Distance from Property 1 Mile 3 Miles 5 Miles
Population (2017) 25,333 149,641 347,988
Population Expectation (2022) 28,160 166,424 385,581
Expected Growth (2017-2022) 11.16% 11.22% 10.80%
Average HH Income $49,190 $67,466 $73,783
Median HH Income  $35,562 $47,500 $49,870
Median Home Value $207,848 $257,790 $273,828
Average HH Size 2.7 2.4 2.4

Demographic information above was obtained from CoStar.

Sources & Uses

Total Capitalization
Sources of Funds Cost
Debt $12,187,000
Equity $6,264,915
Total Sources of Funds $18,451,915
Uses of Funds Cost
Purchase Price $16,100,000
CapEx Reserve $1,865,669
Sponsor Acquisition Fee $161,000
Sponsor Legal & DD Costs $115,350
North Capital Broker Dealer Fee $62,400
Lender Origination Fee $97,496
Working Capital $50,000
Total Uses of Funds $18,451,915
Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: CBRE (as a Fannie Mae DUS Lender)
  • Estimated Proceeds: $12,187,000
  • Estimated Rate: 1.76% + US 10-Year Treasury (4.10% all-in as of December 7, 2017)
  • Amortization: 30 years, with two years of interest-only
  • Term: 10 years
  • Prepayment Penalty: During the first 114 months of the loan, the greater of (i) yield maintenance or (ii) 1.0% of total loan proceeds.  From Months 114 - 121 of the loan the prepayment penalty shall be 1.0%.  Thereafter, the loan may be paid off at par.

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.


The Target intends to make distributions of operating cash flows to investors (The Company, Other LP investors and the Real Estate Company, collectively, the "Members") as follows:

Operating Income, Refinance, and Sales Proceeds

  1. To the Members, pari passu, all excess operating cash flows to an 8.0% IRR to the Members,
  2. 80.0% / 20.0% (80.0% pro rata to the Members / 20.0% to the Real Estate Company) of excess operating cash flows to a 14.0% IRR,
  3. 65.0% / 35.0% 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 and fees) to the members of The Company (the investors).  The Manager of The Company will receive a portion (up to 10%) of The Real Estate Company's promote.

Distributions are expected to start in June 2018 and are expected to continue on a quarterly basis thereafter. These distributions are at the discretion of the The Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Projections
  Year 1 Year 2 Year 3 Year 4   Year 5  
Effective Gross Revenue $2,289,381 $2,509,484 $2,626,722 $2,759,910 $2,849,438
Total Operating Expenses $1,333,565 $1,426,038 $1,461,382 $1,498,130 $1,533,917
Net Operating Income $955,816 $1,083,446 $1,165,340 $1,261,780 $1,315,521

Realty Mogul 103, LLC Cash Flows

  Year 0 2019 2020 2021 2022 2023
Distributions to Realty Mogul 103,
LLC Investors
($1,580,000) $88,062 $119,294 $87,716 $111,398 $2,640,160
Net Earnings to Investor -
Hypothetical $50,000 Investment
($50,000) $2,787 $3,775 $2,776 $3,525 $83,549

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 $161,000 The Real Estate Company Capitalized Equity Contribution 1.0% of Property purchase price
Broker-Dealer Fee $62,400 North Capital (1) Capitalized Equity Contribution 4.0% based on the amount of equity invested by The Company
Recurring Fees:
Asset Management Fee 1.0% of effective gross revenues The Real Estate Company Operating Cash Flow  
Construction Management Fee 4.0% of total costs The Real Estate Company Capitalized Equity Contribution  
Management and Administrative Fee 1.0% of amount invested in The Company RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of The Company and a wholly-owned subsidiary of Realty Mogul, Co. (2)

(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 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.



Forward Looking Statements

Investors should not rely on any forward-looking statements made regarding this opportunity, because such statements are inherently uncertain and involve risks. We use words such as “anticipated”, “projected”, “forecasted”, “estimated”, “prospective”, “believes”, “expects”, “plans”, “future”, “intends”, “should”, “can”, “could”, “might”, “potential”, “continue”, “may”, “will” and similar expressions to identify these forward-looking statements.

Non-Transferability of Securities

The transferability of membership interests in The Company are restricted both by the operating agreement for that entity and by U.S. federal and state securities laws. In general, investors will not be able to sell or transfer their interests. There is also no public market for the investment interests and none is expected to be available in the future. Moreover, the estimated investment holding period described herein is only a projection, and there can be no assurance when or if an investment may be liquidated. Persons should not invest if they require any of their investment to be liquid. This is particularly important for persons of retirement age, who should plan carefully to assure that their assets last throughout retirement.

Apartment Complex - Competition

Competition in the Property’s local market area is significant and may affect the Property’s occupancy levels, rental rates and operating expenses. The Property will compete with other residential alternatives to attract tenants, including but not limited to other apartment units that are currently available for rent, new apartments that are built and condominiums/houses that are for rent or sale. If development of apartment complexes by other operators were to increase, due to increases in availability of funds for investment or other reasons, then competition with the Property could intensify. If the Property is not able to successfully compete with the competitive residential alternatives in the local or regional area this could adversely affect the ability of the Target to sell the Property, rent its units as necessary to maintain occupancy, and/or to increase or maintain unit rental rates.

Lease-Up Risks

The Property currently has a 96.0% occupancy level, and the Real Estate Company intends to implement a capital improvement plan involving the renovations of certain units and a leasing program in its effort to maintain its current occupancy level. The Real Estate Company intends to renovate some of the units within the Property, in order to increase the current rental rates. There can be no assurance that such renovations will be consummated on a timely basis, that such work will not materially adversely affect other aspects of the operation of the Property, or that the planned rental rate increase will have favorable results to meet the goals the Real Estate Company projected. Any delays or adverse effects of such renovation work or rental increase efforts could adversely affect the Property’s financial results or occupancy levels, including its business operations and thus the value of the Company’s investment.

Risks Related to Mortgage Interests

A mortgage loan exists on the Property. Mortgage loan interest rates may be significantly affected by economic downturns or general economic conditions beyond the Company’s control and beyond the control of the Real Estate Company. In particular, loss rates on mortgage loans may increase due to factors such as (among other things) local real estate market conditions, prevailing interest rates, the rate of unemployment, the level of consumer confidence, the value of the U.S. dollar, energy prices, changes in consumer spending, the number of personal bankruptcies, disruptions in the credit markets and other factors. Any change in interest rates may drastically affect the value of your investment in the Company. The Target will be obtaining a senior loan (the “Loan”) to, in part, acquire the Property. The Loan is a 10-year loan, with an interest-only period of 2 years at a current adjustable rate of approximately 4.30% interest rate and an amortization schedule of 30 years. If during the hold period, interest rates were to increase and the Target is unable to sell the Property at a reasonable price, or if it is unable to find more favorable terms to refinance the Loan, the result may have significant material adverse effect for the Property, the Target and the Company, including the Company’s investors. Financing risk is inherent in the mortgage lending industry, and there can be no assurance that the Target’s plans to refinance or sell the Property prior to the Loan’s scheduled interest rate change will materialize. If the Loan on the subject Property is not refinanced or if the Property is not sold as needed, within the expected term, the Company and its investment in the Target may be materially and adversely affected. The loan used to acquire the Property had an interest-only period during the first 24 months of the loan term which ended recently, meaning that there was no reduction in the principal balance during that interest-only period. The Target may be unable to take advantage of more favorable financing terms. If the Target seeks alternative financing, there can be no assurance that the Target will be able to obtain such refinancing on a timely or favorable basis.

Capital Call Risk

The amount of capital that may be required by the Target from the Company is unknown, and although Target does not require that its members contribute additional capital to it, it may from time to time request additional funds in the form of loans or additional capital. The Company does not intend to participate in a capital call if one is requested by the Target, and in such event the manager of the Target may accept additional contributions from other members of the Target. Amounts that the manager of the Target advances on behalf of the Company will be deemed to be a manager loan at an expected interest rate of 10% per annum. Amounts that are contributed by existing or new members will be deemed to be additional capital contributions, in which case the Company's interest in the Target will suffer a proportionate amount of dilution.

The above is not intended to be a full discussion of all the risks of this investment. Please see the Risk Factors in the Issuer Document Package for a discussion of additional risks.




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