Staff Menu (IO ID#: 633344):
EDIT IO DOCUMENTS
Funded
Multifamily
Avon Place Apartments
Avon, CT
INVESTMENT STRATEGY
Value-Add
INVESTMENT TYPE
Equity
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100% funded
Offered By Clairmont Group, LLC
17.0%* TARGET IRR 16.0%-18.0%
8.3%* TARGET AVG CASH ON CASH
1.92x* TARGET EQUITY MULTIPLE
Estimated Hold Period 5 years
Estimated First Distribution 6/2019
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Explore this Project
Overview
Value-add acquisition of a multifamily asset with institutional-quality sponsorship and management.
Partner

Experienced real estate company that reports having invested over $937 million in real estate with an emphasis in Northeast value-add multifamily.

Value-Add

There is an opportunity to renovate the properties and increase rental income. $6,906 is budgeted per unit for interior renovations to increase rents $222 per unit upon completion.

Market

Median household income in a 1-mile radius is $135,393 and $130,079 in a 3-mile radius per CoStar.

Property At A Glance
Year Built 1973
# of Units 164
# of Buildings Four
Current Occupancy 92.9% (per June 2018 rent roll)
Parking Ratio 2.4 per unit
Acquisition Price

$24,000,000

Investment Highlights
Well Located: The Property is situated in a major, affluent market with favorable fundamentals; in close proximity to retail amenities, public transportation, strong schools, and high median home prices.
Potential for Outsized Returns: Although located in an area with minimal historical development, recent changes in state law create the potential to entitle a portion of the low-density site for more units. Additionally, the base case underwriting assumes a mid-level unit upgrade plan of $6,906 per unit. If the Real Estate Company determines higher than expected rental premiums are achievable, it may use available loan capacity to fund a higher-level upgrade plan.
Management
Cumulative Distributions

Clairmont Group, LLC

Clairmont Group, LLC is a New York based, diversified real estate company that is engaged in the acquisition, development and management of real estate, as well as advisory services. The firm employs a fundamental, value-driven investment strategy and invests alongside institutional and private clients in a broad range of real estate and real estate-related investments. Clairmont has deep experience in sourcing, executing and managing real estate transactions. The company specializes in mixed-use, multifamily and hospitality asset classes with consideration given to retail, office and industrial assets. Clairmont Group, LLC is a repeat Real Estate Company and is reportedly performing well (per RM asset management) on their March 2016 acquisition of a 23-unit multifamily asset in New Jersey.

http://clairmontgrp.com/overview
  • David Lubin
    Managing Partner
  • Ryan Colbert
    Managing Partner
David Lubin
Managing Partner

David Lubin is a co-founder and managing partner at the Clairmont Group. He has closed over 50 transactions valued in excess of $2.0 billion in his career and has acquired over $600 million in commercial real estate over the past 5 years . Prior to joining Clairmont, Mr. Lubin has worked at large institutional investment companies such as MetLife, Allianz, AREA Property Partners (formally Apollo Management) and C-III Capital Partners. His experience includes investments in core, value-add, opportunistic,distressed real estate, note purchases, development, fund investments, and coinvestments across all major asset classes including: multifamily, hospitality, office, industrial, retail, senior living and real estate operating companies.

Ryan Colbert
Managing Partner

Ryan Colbert is a co-founder and managing partner at the Clairmont Group. Mr. Colbert has over a decade of institutional real estate equity investment experience in both domestic & international markets and has acquired over $1 billion worth of commercial real estate. His experience includes investments in distressed real estate & note purchases, recapitalizations, JV partner buy-outs and direct secondary investing across all major asset classes.

Track Record

Clairmont Group, LLC Track Record
Address Location Asset Type Date Acquired Market Value
Orange Garden Apartments Orange, NJ Multifamily Aug-13 $3,150,000
Harvard Apartments East Orange, NJ Multifamily Jul-14 $3,250,000
Park Avenue Apartments Plainfield, NJ Multifamily Mar-16 $4,025,000
East Orange Portfolio East Orange, NJ Multifamily Sep-16 $21,000,000
The Shops at Pennsville Pennsville, NJ Retail Nov-17 $9,500,000
Clairmont Group AUM       $40,925,000
             
Fairfield Inn     East Rutherford, NJ Hotel Jul-10 $18,700,000
Everson Pointe     Atlanta, GA Retail Dec-10 $9,000,000
North Point     Boston, MA Multifamily Nov-10 $185,800,000
Woodland Park     Hernadon, VA Multifamily Nov-10 $84,000,000
TownePlace Suites   Metairie, LA Hotel Jan-11 $15,300,000
Rego Park     Queens, NY Multifamily Mar-11 $19,000,000
Crowne Plaza Boston North Shore Danvers, MA Hotel Mar-11 $27,000,000
Holiday Inn Express   East Brunswick, NJ Hotel Jun-11 $9,000,000
Crowe's Crossing   Atlanta, GA Retail Oct-11 $12,000,000
Marriott Courtyard   Parsippany, NJ Hotel Nov-11 $10,000,000
DePaul Plaza Shopping Center St. Louis, MO Retail Nov-11 $20,000,000
Shasta Crossroads   Redding, CA Retail Dec-11 $9,000,000
Hampton Inn     Woodbridge, VA Hotel Mar-12 $10,500,000
Meridian Village     Bellingham, WA Retail Apr-12 $15,000,000
Fairfield Inn     Chantilly, VA Hotel Aug-12 $8,000,000
Washington Business Park Lanham, MD Office Sep-12 $45,000,000
The Center Building   Queens, NY Office Dec-12 $84,500,000
Cotton Exchange Hotel New Orleans, LA Hotel Mar-13 $30,000,000
7000 Central Park   Atlanta, GA Office Sep-13 $75,000,000
The Edge     Brooklyn, NY Retail Dec-13 $45,500,000
Paces Village Apartments Greensboro, NC Multifamily Dec-13 $15,000,000
Marina Shores Apartments Virginia Beach, VA Multifamily Mar-14 $54,000,000
Broad Street Apartments Richmond, VA Multifamily Sep-14 $11,000,000
Courtyard by Marriott Shelton, CT Hotel Oct-14 $18,000,000
Free Market Portfolio Brooklyn, NY Multifamily Dec-13 $5,000,000
Eastern Parkway Portfolio Brooklyn, NY Multifamily Oct-14 $15,000,000
Brooklyn 9 Portfolio Brooklyn, NY Multifamily Aug-15 $30,000,000
330 East 22nd Street Brooklyn, NY Multifamily Jul-16 $5,000,000
509 Saratoga Avenue Brooklyn, NY Multifamily Jun-17 $7,500,000
497 Dean Street Brooklyn, NY Multifamily Aug-17 $4,000,000
Prior Investment Activity       $896,800,000
             
Grand Total       $937,725,000

 

Track Record includes transactions the management team completed as investors and Principals of other firms.

The management overview and track record detailed above was provided by the Real Estate Company and has not been verified by Realty Mogul or NCPS.

Business Plan

In this transaction, Realty Mogul investors are to invest in RealtyMogul 123, LLC ("The Company"), which is to subsequently invest in Avon 46, LLC ("The Target"), a limited liability company that will hold title to the Property. Clairmont Group, LLC (the "Real Estate Company") is under contract to purchase the Property for $24.00 million ($146,341 per unit) and the total project cost is expected to be $26.48 million ($161,442 per unit).

The Real Estate Company's business plan is to implement a value-add strategy by completing interior and exterior renovations at the Property. Planned unit interior upgrades will include new appliances, countertops, cabinetry, fixtures, flooring, lighting, and in-unit washers and dryers. Exterior / amenity improvements will consist of painting, lighting, new landscaping, a grill area and fire pit, and patio fences. This strategy assumes a renovation budget of $1.13 million or $6,906/unit and renovation pace of 130 units (79% of total) over 36 months or less (~3.8 units/month), which the Real Estate Company states is a comfortable pace given their track record. Pinnacle will be retained as the property manager and the pro forma financials assume that renovated units will be able to achieve rental premiums of $222 per unit per month upon completion.

Avon Place Apartments - Capital Expenditures Budget
CapEx Item $ Amount
Ranges/Ovens $52,000
Refrigerators/Freezers $65,000
Microwaves $13,000
Dishwashers $32,500
Cabinets $78,000
Cabinet Hardware $9,100
Countertops $39,000
Kitchen Faucets  $9,750
Vinyl Tile $8,385
Lighting Package $69,240
Showerheads $14,400
Faucets $14,400
Door Knobs $2,600
Breaker Panels $32,800
Vinyl Tile $58,695
Washer & Dryers (In-Unit) $390,000
Furniture Set $30,000
Wall Art $6,000
Paint $45,000
Carpeting/Rugs $30,000
Door Numbers $1,630
Grill Area and Fire Pit $25,000
Patio Fences $43,520
General Decorations $10,500
Labor $52,000
Total $1,132,520
Property
Property Details

Built in 1973 as a garden-style apartment community, the Property is a Class B, three-story, four-building, 164-unit condominium conversion (out of 188 total units or 87%) comprised of one (39 units), two (108 units), and three-bedroom (17 units) floor plans situated within the North/West Hartford Submarket of the Hartford, CT MSA. The Property is located 9.7 miles west of downtown Hartford, CT. Amenities include a fitness center, pool, picnic area, dog park, tot lot, tennis court, elevators, community laundry, WiFi, low-density wooded landscape, and a clubhouse. The Property is situated on a large wooded parcel of 46 acres resulting in a very low density of four units per acre. The Property is currently 92.9% occupied with in place rents of $1,478 per unit or $1.27 per square foot. The Property is currently managed by Pinnacle Property Management, a third party manager.

In-Place Unit Mix
Unit Type # of Units Unit SF Total SF Rent/Unit Rent/SF
1 Bed / 1 Bath 1 710 710 $1,250 $1.76
1 Bed / 1.5 Bath 38 922 35,036 $1,224 $1.33
2 Bed / 2 Bath 1 877 877 $1,250 $1.43
2 Bed / 2 Bath  78 1,166 90,948 $1,462 $1.25
2 Bed / 2 Bath 29 1,273 36,917 $1,592 $1.25
3 Bed / 2 Bath  14 1,419 19,866 $1,864 $1.31
3 Bed / 2 Bath 3 2,215 6,645 $2,330 $1.05
Total/Average 164 1,165 190,999 $1,478 $1.27
Comparables

LEASE COMPARABLES - POST RENOVATION
  Westgate Addison Mill Hawthorne at Gillette  Mallory Ridge Averages Subject
Submarket Farmington Hartford Bloomfield Bloomfield   Avon/Burlington
Units 174 56 246 78 139 164
Year Built 1962 1890/2009 2004 2014 1993 1973
Average Square Feet 929 850 1,029 1,107 979 1,165
Average Rent $1,655 $1,814 $1,768 $1,779 $1,754 $1,699
Average Rent per Square Foot 1.78 2.13 1.72 1.61 1.81 1.46
Distance from Subject (mi.) 7.1 17.0 7.5 10.2 10.5 N/A
SALE COMPARABLES
  Westgate Summit and Birch Hill 70 Howe St Addison Mill Averages Subject
Date 1/30/2016 8/30/2016 3/31/2017 4/12/2017    
Submarket Farmington Farmington  New Haven Glastonbury   Avon/Burlington
Units 174 186 77 55 123 164
Year Built 1962 1967 1929 1860 1930 1973
Average Square Feet 929 873 626 825 813 1,165
Average Rent $1,655 $1,299 $1,366 $1,646 $1,492 $1,478
Purchase Price $30,500,000 $25,000,000 $12,601,000 $11,750,000 $19,962,750 $24,000,000
$ per Unit $175,287 $134,409 $163,649 $213,636 $171,745 $146,341
$ per Square Foot $189 $154 $261 $212 $204 $126
Cap Rate 5.80% 5.96% 4.23% 5.35% 5.34% 5.48%
Distance from Subject (mi.) 7.1 7.8 43.0 16.5 18.6 N/A

Sale and Lease Comparable information provided by CoStar, Axiometrics, Real Capital Analytics, and the Real Estate Company.

Average Rent for Westgate and Addison Mill only reflects one and two bedroom units.

Location

The Property is located just off Waterville Road/CT Route 10, near the intersection of Avon Mountain Road/CT Route 44. Both Route 10 and Route 44 provide connections to Interstates 84 and 91, and CT Routes 9 and 5-15. Avon Mountain Road is the main connection for the affluent Farmington Valley to the employment and recreational attractions in West Hartford and downtown Hartford. Ten minutes away is a Whole Foods Market and The Shoppes at Farmington Valley – an open-air lifestyle-shopping destination with more than 45 specialty stores and unique eateries. Also, just 10 minutes from the Property and located at the intersection of Route 44 and North Main Street is Bishop’s Corner, home to numerous restaurants, major national retailers, and grocers. 

Market Overview

Per CoStar, vacancies have risen since The Residences at 299 started delivering units in 3Q14, and are now around 180 basis points above the metrowide level and the submarket’s historical average. Nonetheless, the submarket’s vacancy rate has by no means unraveled. Community resistance to residential development here has long-stymied the addition of new product, which has helped protect fundamentals. Rent growth has decelerated since the submarket posted gains among the highest in the metro in 2Q15, but strong demographics continue to support a hefty premium for 4 & 5 Star product.

The submarket benefits from healthy demographics. Income growth has been strong despite a high starting point, and population growth has been heavily concentrated among Millennials. The job market here is also healthy. Farmington, already home to a spate of global headquarters, added Jackson Laboratory to its employment roster in 2014 and should benefit from the Whitcraft Group’s new contract to supply parts and assemblies to Pratt & Whitney. Both new development and investment activity are largely concentrated in West Hartford, which benefits from an excellent public school system, abundant retail amenities, and could see demand bolstered by the forthcoming addition of the Hartford Line rail service.

Per Axiometrics, effective rent increased 0.1% from $1,505 in 4Q17 to $1,507 in 1Q18. The submarket's annual rent growth rate of 3.6% was above the market average of 1.3%. Out of the six submarkets in the market, the North/West Hartford submarket ranked 4th for quarterly effective rent growth and 2nd for annual effective rent growth for 1Q18. Annual effective rent growth is forecast to be 1.8% in 2018, and average 2.7% through 2018 to 2020. The annual effective rent growth has averaged 2.4% per year since 4Q99. The submarket's occupancy rate increased from 94.2% in 4Q17 to 94.6% in 1Q18, and was up from 93.2% a year ago. The submarket's occupancy rate was below the market average of 95.2% in 1Q18. For the forecast period, the submarket's occupancy rate is expected to increase to 95.3% in 2018 and average 95.8% from 2018 to 2020. The submarket's occupancy rate has averaged 96.4% since 4Q99.

Demographic Information

Demographics
Distance from Property 1 Mile 3 Miles 5 Miles
Population (2018) 2,831 17,144 72,715
Expected Growth (2018-2023) -1.20% -1.04% -0.53%
Median Household Income (2018) $135,393 $130,079 $116,337
Median Home Value (2018) $421,367 $390,878 $365,572

*Demographic information was obtained from CoStar.  

Photos
Financials
Sources & Uses

Total Capitalization
Sources of Funds Cost
Debt $18,000,000
Equity $8,476,500
Total Sources of Funds $26,476,500
Uses of Funds Cost
Purchase Price $24,000,000
Acquisition Fee $530,625
North Capital Broker Dealer Fee $146,250
CapEx $1,132,520
Loan Fees $257,105
Working Capital $130,000
Tax & Insurance Reserve $119,000
Closing Costs $161,000
Total Uses of Funds $26,476,500
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Santander Bank
  • Estimated Proceeds: $18,000,000 
  • Estimated Rate: 5-year Swap + 135 basis points (~4.26% fixed)
  • Amortization: 30 years, with two (2) years of interest-only
  • Term: Five (5) years
  • Potential Earnout: After 24 months, the Real Estate Company may have the ability to obtain up to $3.0 million in additional proceeds provided that they meet debt yield, debt service coverage, and loan to value constraints. A loan earnout of $2.5 million has been assumed in Realty Mogul's underwriting and included in the target IRR and cash-on-cash calculations.

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 and Real Estate Company, collectively, the "Members") as follows:  

Operating Income, Refinance, and Sales Proceeds

  1. To the Members, pari passu until each has received an 8.0% IRR,
  2. 75.0% / 25.0% (75.0% to Members / 25.0% to the Real Estate Company) to a 15.0% IRR,
  3. 60.0% / 40.0% (60.0% to Members / 40.0% to the Real Estate Company) of excess cash flows 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 (including the Realty Mogul investors). The manager of The Company will receive a portion of the Real Estate Company's promote interest. Distributions are expected to start in June 2019 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 One Year Two Year Three Year Four Year Five
Effective Gross Revenue $3,041,609 $3,292,642 $3,480,365 $3,591,139 $3,680,443
Total Operating Expenses $1,341,766 $1,520,515 $1,605,910 $1,688,747 $1,730,927
Net Operating Income $1,699,843 $1,772,127 $1,874,455 $1,902,392 $1,949,516
RealtyMogul 123, LLC Cash Flows
  Year 0 2018 2019 2020 2021 2022 2023
Distributions to
RealtyMogul 123, LLC Investors
($3,030,000) $87,427 $243,122 $274,033 $1,079,576 $127,627 $3,998,323
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $1,443 $4,012 $4,522 $17,815 $2,106 $65,979
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 $530,625 Real Estate Company (68%) & RM Adviser, LLC (32%) Capitalized Equity Contribution 2.2% of Purchase Price. RM Adviser, LLC is the Manager of MogulREIT II and a wholly-owned subsidiary of Realty Mogul, Co.
Disposition Fee 1.0% of Gross Sale Proceeds RM Adviser, LLC Distributable Cash RM Adviser, LLC is the Manager of MogulREIT II and a wholly-owned subsidiary of Realty Mogul, Co.
Broker-Dealer Fee $146,250 North Capital (1) Capitalized Equity Contribution  
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Property Management Fee 3.0% of Effective Gross Income Pinnacle Property Management Distributable Cash  
Asset Management Fee 2.0% of Effective Gross Income Real Estate Company Operating Cash Flow  
Management and Administrative Fee 1.25% of amount invested in RealtyMogul 123, LLC and MogulREIT II RM Manager, LLC and RM Adviser, LLC Distributable Cash RM Manager, LLC is the Manager of RealtyMogul 123, LLC 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 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.

Documents
Disclaimers/FAQs
Disclaimers

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.


Capital Call Risk

The amount of capital that may be required by the Target from the Company is unknown, and although the Target does not require that the Company and its members contribute additional capital to it, it may from time to time request additional funds in the form of loans or sell additional equity.  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 Target or from new members.  In the event that the manager of Target advances any capital on behalf of the Company, it will be deemed to be a manager loan at an interest rate that cannot be determined at this time.  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 Target will potentially suffer a proportionate amount of dilution.


Escrow Contingency

All funds from investors will be held in a non-interest bearing escrow account with Broker-Dealer as escrow agent for the benefit of the investors in accordance with Rule 15c2-4 under the Exchange Act. All investor funds will be transmitted directly by wire or electronic funds transfer via ACH to the escrow account maintained by the escrow agent per the instructions in the Subscription Agreement. Upon certification by Broker-Dealer and acceptance by the Company that all contingencies have been met, the investor’s funds will be promptly transmitted to the Company. If the contingencies fail to be satisfied during the offering period, we will instruct the Broker-Dealer to return all funds to the investors without interest, deduction, or setoff, and all of the obligations of the investor hereunder shall terminate.


Interest-Only Loan Period

The Target is expected to obtain a senior loan (the “Loan”) to, in part, acquire the apartment community.  The Loan is anticipated to have an interest-only period during the first 24 months of the loan term, which means that there will be no reduction in the principal balance during that interest-only period.


Connecticut Hurricane Risks

Connecticut is located near the Atlantic Ocean, which is subject to frequent and sometimes destructive hurricanes.  There can be no assurance that a sizable hurricane will not cause significant damage to the Property, in which case the business and financial condition of the Target, and thus the Company, would be materially adversely affected. There is no guarantee that the Target has or will obtain hurricane or flood insurance for the Property.


Renovation Risks

As of June 2018, the Property had a 92.9% occupancy level, and the Target intends to implement a capital improvement plan involving the interior and exterior renovation of the Property, and a leasing program in its effort to add value to the Property. The Target intends to renovate all or some of the units within the Property and increase the current rental rates of such renovated units. There can be no assurance that, (i) the renovations will be consummated on a timely basis, (ii) the renovations will be completed satisfactorily, (iii) such work will not materially adversely affect other aspects of the operation of the Property, and (iv) the planned rental rate increase will have favorable results to meet the goals the Target projected. Any delays or negative results of the 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.


Capital Adequacy

The Target anticipates that present cash reserves, together with the net proceeds from the sale of Membership Interests in this offering, will be sufficient to finance operating costs and expenses for a period of at least twelve (12)  months following the closing of this offering, assuming that all of the Membership Interests offered hereby are sold in accordance with the terms hereof. However, the Target may need additional capital to continue and expand operations and to implement business plan and strategy, as contemplated in this offering. If operations expand faster or at a higher rate than currently anticipated or revenues generated by the Target are lower than projected, additional capital may be required sooner than expected to fund the business plan. There is no assurance or guarantee that additional capital will be available when needed by the Target, or that such capital will be available under terms acceptable to the Target or on a timely basis. If additional funds are raised through the issuance of equity, convertible debt, or similar Membership Interests of the Company, the percentage of ownership of the Company by the Company's Members will be reduced, the Company's Members may experience dilution, and such Membership Interests may have rights or preferences senior to those of the Company's Membership Interest issued pursuant to this offering. There is no assurance that additional financing will be available on terms favorable to Target or at all. If adequate funds are not available or are not available on acceptable terms, the ability to fund the business plan would be limited significantly. This limitation could harm substantially the business, results of operations, and financial condition.


*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. The above presentation is based upon information supplied by the Real Estate Company and 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.

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