Passco Cortona DST

St. Louis, MO

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Investment Description

On November 8, 2023, the Trust acquired a 278-unit multifamily apartment complex known as Cortona at Forest Park (the “Project”) located on approximately 5.2418 acres of land in St. Louis, Missouri. The Project was constructed in 2014. The Project offers a mix of studio, 1-bedroom and 2-bedroom units with an average unit size of 802 square feet. The Project has a total of 381 parking spaces, including 10 handicap parking spaces. As of November 6, 2023, the Project was leased at an occupancy rate of approximately 93.52%. See “Description of the Project.”

Investment Details

Acquisition Details

Total Equity

$41,575,000

Total Debt

$33,739,000

Total Value

$75,314,000

Loan-to-value

44.80%

Units

278

Financial Details

Purchase Price

$62,000,000

Reserves

$5,503,561

Loan interest rate

5.98%

Maturity Date

December 1, 2033

Interest Only Through

January 1, 2031

Product Details

Product Sponsor

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Product Structure

DST

Asset Type(s)

Self Storage

Syndication Load

NA

Holding Period

NA

Liquidity

NA

Risk Profile

NA

Business Plan

The principal objectives of the Trust are to (i) distribute to the Holders rent, after payment of debt service and expenses, at varying levels of the purchase price paid by the Holders for the Interests during the first 10 years of ownership, (ii) amortize debt during a portion of the ownership of the Project and (iii) prepare the Project to be sold in approximately 10 years. There can be no assurance that any of these objectives will be achieved. See “Risk Factors.”

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Available Equity

37% Funded

$100K Minimum

Offering Materials

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