The return targets are specific and stated with assumption visibility: 15.1% IRR over a 6-year hold, 6.3% average cash-on-cash over a 3-year initial rate swap period, and a 2.0x equity multiple. The range is disclosed (14.1%–16.1%), which is honest. The cash-on-cash figure is tied explicitly to the rate swap term, which matters for a debt-sensitive deal. One point withheld: the full financial model is in the Sponsor's Investment Memorandum, not on the deal page — standard practice for this deal type, but it requires a subscriber to go a level deeper for complete assumption visibility.

62.4% LTV is conservative for industrial net lease in 2026. Debt is $43.485M against a $69.65M total capitalization. The offering mentions a rate swap — The Docket notes this positively: floating rate exposure in the current environment is a real risk, and a 3-year swap provides meaningful protection for the initial hold period. Lender quality and full debt terms are referenced in the Investment Documents. One point withheld for the incomplete public disclosure of debt terms.

The structure is a Delaware LLC (FXG RM Investor LLC). Preferred return, waterfall mechanics, and exit rights are disclosed in the Operating Agreement, which is available as a sponsor document. The structure is conventional for institutional-grade real estate syndications. RealtyMogul's vetting process is an additional layer — the platform is not a pass-through for any filing. Two points withheld because the full waterfall detail requires downloading the Operating Agreement.

Fees are disclosed in the Sponsor's Investment Memorandum and referenced on the deal page. The deal page lists the documents but does not summarize fees publicly. This is a transparency gap — The Docket's standard requires fee disclosure. The gap is noted, not disqualifying, because the documents are available to any investor who requests access through the platform. Two points withheld accordingly.

The Wideman Company is the sponsor and manager. Based in Orlando, Florida. Founded over 50 years ago as an affiliate of Susquehanna Holdings Ltd. Current portfolio: approximately 7 million square feet of commercial real estate, managed assets of approximately $1.2 billion, concentrated in the Southeast and Sunbelt. Named principals: Matthew Wideman (CEO) and Christopher Wideman (President). Both are named on the deal page with verifiable affiliations — meeting The Docket's two-confirmation-point operator verification standard.

The Wideman Company has managed a portfolio at scale for over 50 years. The $1.2B in managed assets and 7 MSF of space suggests a track record well beyond this single offering. The Docket could not independently verify a complete exits history from public sources — the firm's track record is disclosed at the sponsor level, not in a public database. Twelve points reflects substantial managed history, discounted for the absence of a publicly accessible completed-deal list.

Industrial and office assets in Southeast and Sunbelt markets are the stated core of The Wideman Company's portfolio. The two assets in this offering — Louisville and Chattanooga, both established logistics markets — are squarely within the operator's stated focus. The tenant relationship is the core value driver: a creditworthy, long-term net lease tenant in a logistics hub is exactly the profile this operator specializes in. Full marks.

The Wideman Company is findable, named principals are verifiable, and the RealtyMogul platform provides a structured disclosure environment. Two points withheld because the sponsor's own web presence, while findable, does not publish a detailed deal history that The Docket could independently verify.

Louisville and Chattanooga are not incidental choices. Both are recognized logistics infrastructure markets — Louisville anchors one of the highest-volume freight corridors in the eastern US, and Chattanooga sits at the intersection of I-24 and I-75 with direct access to both Southeast and Midwest distribution networks. Demand for last-mile and distribution-adjacent industrial from institutional tenants like FedEx is structural, not cyclical. One point withheld for the Chattanooga market, which is strong but smaller than primary tier-1 logistics hubs.

The deal uses a 3-year interest rate swap, which provides meaningful protection during the initial hold period. A fixed-rate position in the current environment is a genuine structural advantage over unhedged floating-rate deals. Two points withheld because the rate swap expires before the end of the 6-year hold — refinancing risk in years 4–6 is a real variable.

Industrial net lease has appreciated significantly over the past several years. This is not a distressed-entry deal. The target IRR of 15.1% is achievable but assumes continued demand from logistics tenants and a favorable exit environment in 2031 or 2032. The positioning is sound; the margin for cycle timing error is narrower than a below-market or distressed entry would be.

Request and review the Sponsor's Investment Memorandum. Acquisition fees, asset management fees, and promote mechanics are standard in this deal type — the standard is not the issue; the specific numbers are.

The 3-year swap is disclosed but not fully detailed in public documents. Understand what the revert-to-floating exposure looks like in years 4–6.

A 2.0x equity multiple over 6 years at a 15.1% IRR implies a specific exit cap rate assumption. Understand what that assumption is and whether you believe industrial cap rates will support it in the 2031–2032 timeframe.