Offering summary
BV Ernest Health Neuro Rehab DST is an unleveraged Delaware Statutory Trust offering sponsored by Bridgeview Real Estate Exchange LLC. The trust is raising $77,667,582 in offering equity to acquire the Sacramento Rehabilitation Hospital, a 50-unit facility located in Sacramento, California. The subject property was newly completed and opened in January 2023. The real estate is leased under an initial 20-year term with two 10-year extension options, projecting an average full-term income of 7%. The total acquisition cost is $69,927,500, with no third-party debt utilized (0% LTV). Total front-end fees and offering expenses are $7,740,082, which represents a 9% load on the offering price.
Capital raise
0.0% of the offering is closed
$77,667,582 still available
$77,667,582
$0
0.0% of offering$0
Pending subscription$77,667,582
Open for subscriptionThe syndication seeks to raise $77,667,582 in equity capital with no debt financing. Front-end syndication costs include selling commissions of up to 6.0%, a $1,553,352 dealer fee, a $1,553,352 wholesaling fee, a $776,676 broker-dealer due diligence allowance, and a $776,676 marketing allowance.
Offering terms
Sector
Sacramento rehabilitation hospital
Investment Category
DST
Projected First Year Cashflow
—
Avg. 7% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$77,667,582
$1,553,352 per unit
Offering Debt
—
All-equity offering
LTV
0%
On acquisition price
Units / Tenants
50
Sacramento, California
Property Age
The Sacramento Rehabilitation Hospital facility opened in January 2023, indicating a very new property.
The offering comprises a single 50-unit rehabilitation hospital property located in Sacramento, California, delivered in January 2023. Capitalized entirely with $77,667,582 in equity at 0% LTV, the asset is secured by a 20-year lease with two 10-year extensions. Full-term projected average income is stated at 7%.
Strengths & considerations
Key strengths
Debt-Free Structure
0% LTVThe trust acquires the asset without debt, removing interest rate risk and maturity default exposure.
Long Lease Commitment
20-Year TermThe property is subject to a 20-year initial lease with two 10-year renewal options.
Recent Construction Vintage
Opened Jan 2023The 50-unit facility opened in January 2023, minimizing immediate requirements for capital replacement.
Key considerations
Front-End Load and Expenses
$7,740,082Total front-end offering expenses and fees represent a 9% load on the $77,667,582 offering equity.
Sponsor Scale
$5,000,000 AUMBridgeview Real Estate Exchange LLC reports $5,000,000 in total assets under management.
Single-Asset Healthcare Concentration
50 Units / 1 PropertyThe trust relies entirely on the operational performance of one rehabilitation facility in Sacramento, California.
The offering utilizes an all-equity capital structure with 0% LTV, removing mortgage financing, refinancing, and interest rate default risks. The facility is of new construction, having opened in January 2023, and features a long initial lease term of 20 years with two 10-year extension options. Additionally, $1,250,000 in upfront reserves are funded at closing.
Sources, uses & fee assessment
Capital Sources
- $77.67M
Offering Equity
100.0% of offering
Where the Capital Goes
- $69.93M
Acquisition Cost
90.0% of offering
- $7.74M
Offering Expenses
10.0% of offering
- $2.50M
Reserves
3.2% of offering
Total Offering
$77.67M
All equity — no mortgage debt
Acquisition Cost
$69.93M
90.0% of offering to the property
Total Fees & Expenses
$7.74M
9.00% of offering
Reserves
$2.50M
3.2% of offering
Total equity proceeds of $77,667,582 are allocated to the $69,927,500 property acquisition and $7,740,082 in front-end syndication fees and offering expenses. Embedded within the structure is $1,250,000 in lumped reserves, comprising $1,000,000 in lender-required reserves and $250,000 in improvement reserves.
Risk read
Tone reflects relative strength, not a rating
Debt & Leverage
PositiveCapitalized at 0% LTV with $0 in loan proceeds, eliminating interest rate and maturity refinance risks.
Syndication Load
CautionaryTotal front-end expenses of $7,740,082 create a 9% load on the total offering price of $77,667,582.
Sponsor Platform
CautionaryThe sponsor discloses $5,000,000 in assets under management relative to the $77,667,582 capital raise.
Asset Concentration
NeutralTrust revenues depend exclusively on a single 50-unit rehabilitation hospital asset in Sacramento, California.
Investment performance is concentrated in a single 50-unit specialty healthcare asset in Sacramento, California. Offering expenses and syndication loads total $7,740,082 (9% load on offering price). Additionally, the sponsor reports a modest asset under management figure of $5,000,000.
Calculated underwriting metrics
Syndicated Cap Rate
—
NOI ÷ offering price
Upfront Load
9.00%
Total fees ÷ offering price (all-equity offering)
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
—
Offering price ÷ acquisition price
Price per Unit
$1,553,352
Offering price ÷ 50 units
The offering equity of $77,667,582 funds the $69,927,500 total acquisition cost along with $7,740,082 in total offering expenses. This reflects a 9% load on the offering price. The disclosed appraisal-to-offering percentage stands at 110.59%.
Sponsor
Sponsor
Bridgeview Real Estate Exchange LLC
Bridgeview Real Estate Exchange LLC is the sponsor of BV Ernest Health Neuro Rehab DST, reporting $5,000,000 in assets under management. The firm oversees the acquisition, management, and disposition of the 50-unit healthcare facility in Sacramento, California.
—
Properties owned or managed
$5,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
—
Disclosed headcount
SACRAMENTO REHABILITATION HOSPITAL
Stated strategy
Bridgeview Real Estate Exchange LLC serves as the sponsor and discloses assets under management of $5,000,000. Sponsor compensation includes an acquisition fee of $677,500 and an annual asset management fee of $77,668. A 2% disposition fee and a 1.0% refinancing fee are also specified in the structure.