Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS (Details)

v3.5.0.2
RELATED PARTY TRANSACTIONS (Details) - USD ($)
3 Months Ended 5 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2015
Sep. 30, 2016
Related Party Transaction [Line Items]        
Reimbursable Expenses $ (446,130) $ 0 $ 0 $ (446,130)
(Income) Expenses incurred To Related Parties (212,454) 0 7,000 269,233
Acquisition Fee [Member]        
Related Party Transaction [Line Items]        
Expenses incurred To Related Parties 0 0 0 474,121
Asset Management Fees [Member]        
Related Party Transaction [Line Items]        
Expenses incurred To Related Parties [1] 46,575 0 0 54,141
Fees to affiliates [Member]        
Related Party Transaction [Line Items]        
Expenses incurred To Related Parties 46,575 0 0 528,262
Costs Advanced By The Sponsor [Member]        
Related Party Transaction [Line Items]        
Expenses incurred To Related Parties [2] 0 0 1,000 0
Reimbursable Organizational and Offering Expenses [Member]        
Related Party Transaction [Line Items]        
Expenses incurred To Related Parties [3] 187,101 0 6,000 187,101
Expense reimbursement from Sponsor [Member]        
Related Party Transaction [Line Items]        
Expenses incurred To Related Parties 434,332     434,322
(Income) incurred To Related Parties [4] (434,332) 0 0 (434,332)
Waiver Of Assets Management Fees [Member] [Member]        
Related Party Transaction [Line Items]        
(Income) incurred To Related Parties [1] $ (11,798) $ 0 $ 0 $ (11,798)
[1] To the extent the Advisor elects, in its sole discretion to defer and waive a portion of the monthly asset management fee, the Advisor may waive up to an amount equal to 0.025% of the total investment value of the Company’s assets. For the three and nine months ended September 30, 2016, the Advisor waived $11,798 of asset management fees, which are not subject to future recoupment by the Advisor.
[2] The Sponsor advanced $1,000 to the Company related to the opening of a bank account, which is reflected in “Due to affiliates” on the consolidated balance sheet.
[3] As of September 30, 2016, the Sponsor had incurred $1,160,923 of organizational and offering expenses on behalf of the Company. However, the Company is only obligated to reimburse the Sponsor to the extent of 3% of gross offering proceeds. The payable related to this obligation is reflected in “Due to affiliates” on the consolidated balance sheets.
[4] The Company records payroll costs related to Company employees that answer questions from prospective shareholders. The Sponsor has agreed to reimburse the Company for these investor relations payroll costs which the Sponsor considers to be offering expenses in accordance with the Advisory Agreement.