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What documents should I expect to see in the data room?

There are multiple documents you can expect to see in your data room. You may not see every document listed below each time as these are uploaded only with the permission of the Issuer.

This is not a exhaustive list. This list covers the key aspects of due diligence, ensuring that you have access to critical information necessary for evaluating the investment opportunity thoroughly. Make sure to review each item carefully and seek professional advice if needed.

General Items

Includes information about the property and the partner involved in the project, focusing on their experience, track record, and equity contribution.

  • Investor Deck OR Pitch Deck OR Offering Memorandum about the property: Presentation materials providing an overview of the investment opportunity, including property details, financial projections, and investment highlights.
  • Information about the partner on the project: Details regarding the partner's experience, performance history, equity contribution, and involvement in the project.
    • Experience: Background and expertise of the partner in real estate investment.
    • Track Record / Performance: Past performance and success of the partner in similar projects.
    • How the equity is being provided by them: Explanation of how the partner is contributing equity to the investment.
    • How much by the partners?: Specifics regarding the equity contributions from each partner involved.
  • Flow of Funds Chart: A financial diagram that illustrates the movement of money between various entities within a specific transaction or set of transactions. In the context of real estate, this chart can be particularly valuable as it helps to understand the financial dynamics and the relationships between different parties involved in a real estate transaction.

Property Items

Encompasses various documents and reports related to the property itself, such as appraisals, condition reports, budgets, contracts, environmental assessments, permits, and financial projections (proforma).

  • Appraisal: Valuation report assessing the property's market value.
  • Building Condition Report, if non-development (Core, Core Plus, Value-Add): Assessment of the property's physical condition, highlighting any maintenance or repair needs.
  • Construction Budget OR Renovation Budget, if needed: Budget outlining costs associated with construction or renovation work on the property.
  • Contracts with general contracts and subcontractors, if available to be shared: Agreements with contractors and subcontractors involved in property development or renovation.
  • Environmental I: Initial environmental assessment report.
  • Environmental Phase II, if required: Detailed investigation report if further environmental assessment is needed.
    • Certification / Approval of remediation plan, if required: Documentation verifying approval of any required remediation plans.
  • Geotechnical report, if required: Report assessing soil and ground conditions at the property.
  • Loan Agreement / Commitment Letter / Financing Agreement from bank or other lender: Documentation outlining terms of financing for the project.
  • Permits, if development or required per bylaws: Legal permits required for property development or operation.
    • Development Permit: Permit allowing for property development.
    • Building Permit: Permit required for construction or renovation work.
    • Other Permits, if any: Additional permits necessary for property use or development.
  • Proforma: Financial projection highlighting sources and uses of funds, equity/debt breakdown, and partner underwriting.
    • Sources & Uses Table: Breakdown of funds allocated for the project.
    • Equity / Debt breakdown: Detailed overview of equity and debt financing for the investment.
    • Underwriting by partner on the project in excel format: Partner's financial analysis and evaluation of the investment opportunity in spreadsheet format.

Legal Items

Involves legal documentation relevant to the investment, including partnership agreements, organizational charts detailing fund flows, and title documents.

  • Limited Partnership Agreement or Shareholder’s Agreement: Legal agreement outlining the rights and responsibilities of partners in the investment.
  • Organizational Chart: Diagram illustrating the flow of funds into the property, including equity and debt.
  • Title for the person/entity that owns the legal description(s) of the property (multiple if more than one lot): Documentation establishing legal ownership of the property.
  • Letter of Attestation - Court Proceedings: Official statement issued by a legal authority or representative of the entity, confirming the status of any court proceedings related to the property or the parties involved in the investment.
  • CSO Search: CSO stands for "Corporate Search or Company Search." This involves conducting a comprehensive search of public records to verify the legal standing and corporate history of any entities involved in the investment.
  • Other Agreements
    • Purchase and Sale Agreement: A legal document outlining the terms and conditions of the sale between the buyer and seller.
    • Loan Agreement: A contract between the borrower and lender detailing the terms of the loan.
    • Property Management Agreement: An agreement outlining the responsibilities and duties of the property manager.
    • Asset Management Agreement: A contract defining the role of the asset manager in overseeing the property.
    • Development Management Agreement: An agreement specifying the duties of the development manager in the development of the property.