Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
Offering summary
BDP Southlake DST is a Delaware Statutory Trust offering structured to acquire a single-tenant Class A five-story office building located at 3150 Sabre Drive in Southlake, TX. Built in 2001, the property encompasses 265,942 square feet and operates under a master lease structure generating scheduled base rental income. The offering has a total capitalization of $91,092,820, funded through $51,985,339 in equity and $45,900,000 in fixed-rate debt financing. The loan features a fixed interest rate of 7.12%, a 50.4% LTV, and an initial debt service coverage ratio of 1.98x. The projected cash distribution rate begins at 5.13% in Year 1 with an average full-term income rate of 5.53% and a syndicated cap rate of 6.93%. The sponsor, BDP Holdings, LLC, brings $3,000,000,000 in assets under management to the transaction.
0.0% of the offering is closed
$51,985,339 still available
$51,985,339
$0
0.0% of offering$0
Pending subscription$51,985,339
Open for subscriptionThe DST is raising $51,985,339 in equity capital from accredited investors. Included within the $4,878,680 total offering expenses are selling commissions of up to 6.0% and a dealer fee of $1,559,560. Target distributions to investors begin at 5.13% in Year 1 and average 5.53% over the term.
Sector
Office
Investment Category
DST
Projected First Year Cashflow
5.13%
Avg. 5.53% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$91,092,820
$343 per unit
Offering Debt
$45,900,000
7.12%
LTV
50.4%
On acquisition price
Units / Tenants
265,942
3150 Sabre Drive, Southlake, TX 76092
Property Age
The property is a five-story office building that was built in 2001.
The offering encompasses a 265,942-square-foot Class A office building in Southlake, TX acquired for $76,500,000 within a $91,092,820 total offering capitalization. The transaction is financed with $45,900,000 of fixed-rate debt at 7.12% with a 50.4% LTV and a 1.98x DSCR. Projected investor yields start at 5.13% in Year 1 and average 5.53% over the full holding period.
Robust Debt Service Coverage
1.98xInitial debt service coverage ratio provides a significant cash flow cushion on the $45,900,000 loan.
Moderate Leverage Profile
50.4%Offering and acquisition LTV of 50.4% mitigates default risk relative to highly levered syndications.
Funded Reserve Allocation
$5,248,509Substantial capital allocated to master tenant and lender-required reserves at closing.
Single-Tenant Office Exposure
265,942 sq ftThe property is a 2001-built single-tenant office building, concentrating lease renewal and credit risk on one occupant.
Elevated Debt Cost
7.12%The mortgage carries a fixed interest rate of 7.12% with defeasance prepayment restrictions.
Upfront Fee Load
9.44%Front-end offering fees and expenses total $4,878,680, which is 9.44% of the $76,500,000 acquisition cost.
The financing package features a moderate 50.4% LTV and a healthy initial DSCR of 1.98x on fixed-rate debt. The structure is reinforced by $5,248,509 in master tenant and lender-required reserves. In addition, the sponsor possesses over 25 years of leadership experience and $3,000,000,000 in assets under management.
Offering Equity
57.1% of offering
Offering Debt
50.4% LTV on acq.
Acquisition Cost
95.3% of offering
Offering Expenses
5.4% of offering
Reserves
10.1% of offering
Total Offering
$91.09M
Equity $51.99M + debt $45.90M
Acquisition Cost
$86.83M
95.3% of offering to the property
Total Fees & Expenses
$4.88M
6.00% of offering
Reserves
$9.20M
10.1% of offering
Capital sources comprise $51,985,339 in offering equity and $45,900,000 in loan proceeds. Primary uses include the $76,500,000 property purchase price, $4,878,680 in total offering and front-end expenses, $1,530,000 in financing expenses, and $5,248,509 in funded reserves. Total acquisition cost including reserves is documented at $87,106,658.
Tone reflects relative strength, not a rating
Tenant & Sector Concentration
watchAsset is a single-tenant office building, concentrating all operational revenue on one tenant's lease performance.
Financing & Debt Service
okThe loan has a 50.4% LTV and 1.98x DSCR on a fixed 7.12% rate, providing debt coverage stability.
Upfront Load & Expenses
watchTotal upfront fees and expenses of $4,878,680 represent 9.44% of the acquisition price.
Liquidity & Reserves
okThe trust holds $5,248,509 in lumped/master tenant reserves and $3,149,130 in lender-required reserves.
The asset is a 2001-vintage single-tenant office building, exposing the trust to direct tenant concentration risk. The financing carries a 7.12% interest rate and is subject to prepayment lockout and defeasance restrictions prior to a 3-month open window. Additionally, upfront offering fees and expenses total $4,878,680 (9.44% of acquisition cost).
Syndicated Cap Rate
6.93%
NOI ÷ offering price
Upfront Load on Offering
6.00%
Total fees ÷ offering price
Load on Equity
9.38%
Total fees ÷ offering equity
Premium / Discount
6%
Offering price vs. appraised value
Offering vs. Acquisition
119.1%
Offering price ÷ acquisition price
Price per Unit
$343
Offering price ÷ 265,942 units
Distribution rates as extracted from the offering materials.
Total front-end offering fees and expenses equal $4,878,680, representing 9.44% of the acquisition cost. The difference between the $76,500,000 purchase price and the $91,092,820 offering price reflects acquisition costs, financing fees, and funded reserves. The underwriting yields a syndicated cap rate of 6.93% supporting an average full-term income projection of 5.53%.
Sponsor
BDP Holdings, LLC manages $3,000,000,000 in assets, with leadership possessing over 25 years of commercial real estate experience across 150+ transactions totaling over $6.5 billion. Dedicated employee headcounts and specific counts of other properties in the sponsor's portfolio are not disclosed.
—
Properties owned or managed
$3,000,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
—
Disclosed headcount
Office
Stated strategy
BDP Holdings, LLC manages $3,000,000,000 in assets across commercial and residential sectors. The leadership team has executed over $6.5 billion in value-driven real estate transactions across 150+ properties in more than 30 states. Specific counts for current portfolio property holdings and dedicated sponsor personnel are not disclosed in the offering materials.
$3,000,000,000 in assets under management
Leadership track record spanning 150+ properties and over $6.5 billion in volume
Geographic experience covering more than 30 states and 5 million sq ft of commercial space
Total employee headcount is not disclosed
Total number of properties currently in the sponsor portfolio is not disclosed
The property
$76,500,000 acquisition price
BDP Southlake DST
single tenant Class A five story office building
The property is a five-story office building that was built in 2001.
3150 Sabre Drive, Southlake, TX 76092
3150 Sabre Drive, Southlake, TX 76092
$76,500,000
100.0% of portfolio
Financing consists of a $32,300,000 fixed-rate loan at 5.81% with a 36-year loan term. Debt service coverage is structured at 1.0x.
$45,900,000
—
7.12%
Fixed
The Loan is expected to be locked out to prepayment for the lesser of (i) four (4) years and (ii) two (2) years from securitization with defeasance thereafter and a three (3) month open prepayment period prior to maturity.
1.98x
50.4%
50.4%
The asset was acquired for $37,145,000, whereas total offering capitalization stands at $41,530,000, reflecting front-end fees, closing costs, and reserves.
Premium / discount to appraised value
6%
$76,500,000
$91,092,820
—
—
—
6%
—
6.93%
6%
—
9.38%
Gross equity proceeds of $9,230,000 fund acquisition equity, reserves of $829,949, and offering expenses totaling $923,000.
Total Fees & Expenses
$4,878,680
% of equity
9.38%
% of offering
6.00%
Total fees & expenses
$4.88M
6.00% of offering
Offering expenses
$4.88M
5.36% of offering
Reserves held
$9.20M
10.10% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $2,295,000 | 4.41% | 2.52% |
| Title & Recording Costs | $150,000 | 0.29% | 0.16% |
| Reserves (Lender Required) | $3,149,130 | 6.06% | 3.46% |
| Reserves (Master Tenant) | $5,248,509 | 10.10% | 5.76% |
| Reserves (Lumped) | $5,248,509 | 10.10% | 5.76% |
| Reserves (Improvements) | $802,283 | 1.54% | 0.88% |
| Finance Expenses | $1,530,000 | 2.94% | 1.68% |
| Total Acquisition Cost | $86,825,466 | 167.02% | 95.32% |
| Total Acq. Cost (Reserves) | $87,106,658 | 167.56% | 95.62% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $5,465,569 | 10.51% | 6.00% |
| Dealer Fee | $1,559,560 | 3.00% | 1.71% |
| BD Due Diligence Allowance | $1 | 0.00% | 0.00% |
| O&O Expenses | $200,000 | 0.38% | 0.22% |
| Third Party DD | $100,000 | 0.19% | 0.11% |
| Total Offering Expenses | $4,878,680 | 9.38% | 5.36% |
| Total Fees / Expenses | $4,878,680 | 9.38% | 5.36% |
Front-end compensation includes an acquisition fee of $1,114,350 and selling commissions up to 6.0%. Ongoing compensation includes a $50,000 annual asset management fee and a 1.00% refinancing fee.
$2,295,000
4.41%
$1,559,560
3.00%
$4,878,680
6.38%
The master tenant structure reflects master tenant income of $4,000,000, supporting the hotel operations and debt service requirements.
$100,000
Scheduled
Base Rental Income
[4.5]%
Standing
40 of 57
Blended percentile across 13 extracted metrics.
Pricing
87th pct
Leverage
23rd pct
Cost
50th pct
Ongoing
4th pct
Structure
43rd pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Year 1 distribution
88th pct5.13%median 4.51%
Acquisition LTV
23rd pct50.40%median 46.50%
DSCR
46th pct1.98xmedian 2.00x
Interest rate
3rd pct7.12%median 5.11%
Total upfront load
62nd pct5.36%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Syndicated cap ratePricing | 6.93% | 5.49% | 4.84% – 5.82% | +1.44% | 90th |
| Year 1 distributionPricing | 5.13% | 4.51% | 4.40% – 5.00% | +0.62% | 88th |
| Avg. distribution (term)Pricing | 5.53% | 5.05% | 4.75% – 5.31% | +0.48% | 82nd |
| Acquisition LTVLeverage | 50.40% | 46.50% | 18.89% – 49.80% | +3.90% | 23rd |
| Offering LTVLeverage | 50.40% | 46.09% | 2.67% – 49.53% | +4.31% | 19th |
| DSCRLeverage | 1.98x | 2.00x | 1.73x – 2.12x | −0.02x | 46th |
| Interest rateLeverage | 7.12% | 5.11% | 5.00% – 5.35% | +2.01% | 3rd |
| Total upfront loadCost | 5.36% | 7.50% | 4.89% – 9.50% | −2.14% | 62nd |
| Selling commissionCost | 6.00% | 6.00% | 5.00% – 6.00% | +0.00% | 25th |
| Acquisition feeCost | 4.41% | 2.52% | 1.74% – 3.58% | +1.90% | 13th |
| ReservesCost | 17.70% | 5.53% | 1.67% – 8.66% | +12.16% | 98th |
| Disposition feeOngoing | 4.50% | 2.95% | 2.00% – 3.50% | +1.55% | 4th |
| Equity share of capitalStructure | 57.07% | 100.00% | 52.74% – 100.00% | −42.93% | 43rd |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| HPI Deer Creek DST | Hamilton Point Investments LLC | 6.00% | 47.50% | 2.02x | 5.14% | 10 yrs | 89% |
| NexPoint Small Bay III DST | NexPoint Real Estate Advisors IV, L.P. | 5.50% | 44.90% | — | 5.15% | — | 88% |
| NexPoint Waterford DST | NexPoint Real Estate Advisors IV, L.P. | 5.28% | 48.60% | 2.01x | 4.80% | 10 yrs | 85% |
| BR Parkview Multifamily DST | BVEX | 5.81% | 49.45% | 1.91x | 4.78% | 10 yrs | 84% |
| FREX DB SERIES I DST | Fortress Real Estate Exchange LLC | — | 47.10% | — | 5.55% | 11 yrs | 83% |
| Net-Leased Portfolio 76 DST | ExchangeRight Real Estate, LLC | — | 43.32% | 1.35x | 4.08% | 14.7 yrs | 83% |
| CS1031 Colony at Centerpointe Apartments DST | Capital Square | 5.28% | 54.30% | 1.89x | 4.89% | — | 82% |
| Passco Preston Ridge DST | PASSCO | 5.00% | 46.93% | 2.06x | 4.06% | — | 80% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.