Dave Bulger

Vice President

O (855) 378-3443|C (561) 715-3235

E dbulger@carmonawealth.com

W carmonawealth.com

18 Formero Street, Rancho Mission Viejo, CA 92694

Investment underwriting report

BV Ernest Health Neuro Rehab DST

Complete offering, sponsor, fee and comparative analysis

Prepared

August 26, 2026

Offering Summary

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

Closed$0 Reservations$0 Available$77,667,582

$0 of $77,667,582 placed

Total offering equity

$77,667,582

Closed equity

0.0% of offering

Current reservations

Pending subscription

Available equity

$77,667,582

Open for subscription

The 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

On acquisition price

Units / Tenants

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% LTV
The trust acquires the asset without debt, removing interest rate risk and maturity default exposure.
Long Lease Commitment
20-Year Term
The property is subject to a 20-year initial lease with two 10-year renewal options.
Recent Construction Vintage
Opened Jan 2023
The 50-unit facility opened in January 2023, minimizing immediate requirements for capital replacement.

Key considerations

Front-End Load and Expenses
$7,740,082
Total front-end offering expenses and fees represent a 9% load on the $77,667,582 offering equity.
Sponsor Scale
$5,000,000 AUM
Bridgeview Real Estate Exchange LLC reports $5,000,000 in total assets under management.
Single-Asset Healthcare Concentration
50 Units / 1 Property
The 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

Offering Equity
100.0% of offering
$77.67M

Where the Capital Goes

Acquisition Cost
90.0% of offering
$69.93M
Offering Expenses
10.0% of offering
$7.74M
Reserves
3.2% of offering
$2.50M

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

Positive

Capitalized at 0% LTV with $0 in loan proceeds, eliminating interest rate and maturity refinance risks.

Syndication Load

Cautionary

Total front-end expenses of $7,740,082 create a 9% load on the total offering price of $77,667,582.

Sponsor Platform

Cautionary

The sponsor discloses $5,000,000 in assets under management relative to the $77,667,582 capital raise.

Asset Concentration

Neutral

Trust 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

Projected distribution rate

Avg 7.00%

Term avg.

Term avg. 7.00%

Distribution rates as extracted from the offering materials.

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

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.

Healthcare AssetZero DebtDST Sponsor

Portfolio

—

Properties owned or managed

AUM

$5,000,000

Across all programs

DST programs

—

Prior DST offerings

AUM in DSTs

—

DST-held assets

Team

—

Disclosed headcount

Sector focus

SACRAMENTO REHABILITATION HOSPITAL

Stated strategy

View Sponsor Dossier

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.

Sponsor strengths

Structured an unleveraged 0% LTV offering
Secured a 20-year lease on new 2023 construction
Established $1,250,000 in reserves at closing

Sponsor concerns

Disclosed AUM is $5,000,000
Front-end fees and expenses total $7,740,082

The Property

The property

50-unit rehabilitation hospital in Sacramento, California

— acquisition price

BV Ernest Health Neuro Rehab DST

SACRAMENTO REHABILITATION HOSPITAL

The Sacramento Rehabilitation Hospital facility opened in January 2023, indicating a very new property.

Sacramento, California

50 unitsSACRAMENTO REHABILITATION HOSPITAL

—

100.0% of portfolio

Seller: —
Property manager: Bridgeview Real Estate Exchange LLC

Financing Terms

The trust secured a $17,600,000 loan with a 10-year fixed term at 5.1% interest, maintaining a 45% LTV and a 2.53x DSCR.

Leverage profile

All-cash offering — no mortgage debt, so there is no leverage to chart.

Loan Amount

Term

20 years with two 10- year extensions

Interest Rate

—

Fixed / Variable

Fixed

Prepayment Penalty

—

DSCR

—

Acquisition LTV

Offering LTV

Strengths

$0 debt financing eliminates default risk
No interest rate exposure

Concerns

Absence of leverage may limit upside yield enhancement
1.0% refinancing fee applies if new debt is incurred

Transaction Metrics

The property was acquired for $33,065,000 at a 4.76% cap rate, resulting in a total acquisition cost of $34,329,352.

Valuation ladder

Offering price$77.67M

Cap rate spread & load

Upfront load (all-equity)9.00%equity = offering price

Load net of reserves6.75%

Acquisition Price

—

Offering Price

$77,667,582

Appraised Value

—

Upfront Load

—

Load on Equity

—

Load on Offering Price

Acquisition Cap Rate

—

Syndicated Cap Rate

—

Premium / Discount

—

Appraisal / Offering %

110.59%

Less Reserves %

—

Strengths

Appraisal to offering ratio disclosed at 110.59%
Total acquisition cost established at $69,927,500

Concerns

Offering equity includes $7,740,082 in front-end expenses and fees

Use of Proceeds

Total sources of $39,408,522 fund the acquisition price ($33,065,000), upfront fees ($2,234,533), carry costs ($995,000), and reserves ($215,000).

Total Fees & Expenses

$7,740,082

% of offering

9.00%

All-equity offering — load on equity equals load on offering price.

Where the offering proceeds go

Acquisition Cost$69.93M90.0%

Offering Expenses$7.74M10.0%

Reserves$2.50M3.2%

Total fees & expenses

$7.74M

9.00% of offering

Offering expenses

$7.74M

9.97% of offering

Reserves held

$2.50M

3.22% of offering

Cost of Acquisition

Item	Amount	% Equity	% Offering
Acquisition Fee	$677,500	0.87%	0.87%
Reserves (Lender Required)	$1,000,000	1.29%	1.29%
Reserves (Lumped)	$1,250,000	1.61%	1.61%
Reserves (Improvements)	$250,000	0.32%	0.32%
Finance Expenses	$7,740,082	9.97%	9.97%
Total Acquisition Cost	$69,927,500	90.03%	90.03%
Total Acq. Cost (Reserves)	$69,927,500	90.03%	90.03%

Offering Expenses

Item	Amount	% Equity	% Offering
Selling Commissions	$4,660,055	6.00%	6.00%
Dealer Fee	$1,553,352	2.00%	2.00%
Wholesaling Fee	$1,553,352	2.00%	2.00%
BD Due Diligence Allowance	$776,676	1.00%	1.00%
BD Marketing Allowance	$776,676	1.00%	1.00%
O&O Expenses	$750,000	0.97%	0.97%
Total Offering Expenses	$7,740,082	9.97%	9.97%

Strengths

$1,250,000 in total upfront reserves funded
$250,000 dedicated to property improvements

Concerns

Offering expenses total $7,740,082
$1,553,352 dealer fee and $1,553,352 wholesaling fee

Sponsor Compensation

Sponsor compensation includes a $578,638 acquisition fee, $654,256 dealer fee, up to 6.0% selling commissions, and a ($35,000) annual asset management fee.

Front-end fee composition

Acquisition Fee$0.68M0.87%

Dealer Fee$1.55M2.00%

Wholesaling Fee$1.55M2.00%

Total front-end sponsor compensation$7,740,082 9.97% of acq. cost

Acquisition Fee

$677,500

0.87%

Dealer Fee

$1,553,352

2.00%

Wholesaling Fee

$1,553,352

2.00%

Total Front-end Fees

$7,740,082

9.97%

Strengths

Asset management fee fixed at $77,668 annually

Concerns

Selling commissions of up to 6.0%
Acquisition fee of $677,500 and disposition fee of 2%

Operating & Disposition Fees

Master tenant income is projected at $2,336,000 with $215,000 funded into dedicated master tenant reserves.

Ongoing fee rates

Disposition Fee2%

Asset Mgmt Fee (annual)

$77,668

Disposition Fee

Refinancing Fee

One

of percent (1.0%) of the principal amount of the new loan

Trust Administration

The

Trust is required to pay the Delaware Trustee an initial fee, monthly fees, and document execution fees for its services.

Strengths

Projected average income of 7% over the full term
Long operational term under 20-year lease

Concerns

Ongoing Delaware Trustee administrative fees required
Operational performance tied entirely to one 50-unit facility

Comparative Analysis

63Composite

Standing

5 of 57

Blended percentile across 12 extracted metrics.

Pricing

52nd pct

Leverage

97th pct

Cost

52nd pct

Ongoing

91st pct

Structure

30th pct

Percentile profile

Pricing

Price per unitMin $24KMed $284KMax $3290K$1553K3rd

Avg. distribution (term)Min 0.00%Med 5.05%Max 6.93%7.00%100th

Leverage

Loan termMin 1 yrsMed 10 yrsMax 36 yrs20 yrs91st

Acquisition LTVMin 0.00%Med 46.93%Max 84.00%0.00%100th

Offering LTVMin 0.00%Med 46.17%Max 77.78%0.00%100th

Cost

Total upfront loadMin 1.96%Med 5.97%Max 12.05%9.97%17th

ReservesMin 0.11%Med 5.54%Max 18.84%3.22%38th

Selling commissionMin 0.05%Med 6.00%Max 9.75%6.00%63rd

Acquisition feeMin 0.00%Med 2.65%Max 12.07%0.87%90th

Ongoing

Disposition feeMin 1.00%Med 2.95%Max 7.50%2.00%91st

Structure

Hold periodMin 1 yrsMed 10 yrsMax 36 yrs20 yrs9th

Equity share of capitalMin 6.09%Med 97.50%Max 100.00%100.00%50th

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.

Where the headline metrics fall in the cohort

Acquisition LTV

100th pct

0.00%median 46.93%

Min 0.00%Med 46.93%Max 84.00%

Total upfront load

17th pct

9.97%median 5.97%

Min 1.96%Med 5.97%Max 12.05%

Metric-by-metric comparison

Metric	This offering	Cohort median	25th–75th	Difference	Percentile
Price per unitPricing	$1553K	$284K	$180K – $418K	+$1269K	3rd
Avg. distribution (term)Pricing	7.00%	5.05%	4.75% – 5.31%	+1.95%	100th
Acquisition LTVLeverage	0.00%	46.93%	38.27% – 50.20%	−46.93%	100th
Offering LTVLeverage	0.00%	46.17%	21.16% – 49.80%	−46.17%	100th
Loan termLeverage	20 yrs	10 yrs	8.5 yrs – 10 yrs	+10 yrs	91st
Total upfront loadCost	9.97%	5.97%	4.89% – 9.50%	+3.99%	17th
Selling commissionCost	6.00%	6.00%	5.00% – 6.00%	0.00%	63rd
Acquisition feeCost	0.87%	2.65%	1.89% – 3.77%	−1.78%	90th
ReservesCost	3.22%	5.54%	1.67% – 9.03%	−2.32%	38th
Disposition feeOngoing	2.00%	2.95%	2.00% – 3.50%	−0.95%	91st
Equity share of capitalStructure	100.00%	97.50%	52.74% – 100.00%	+2.50%	50th
Hold periodStructure	20 yrs	10 yrs	8.5 yrs – 10 yrs	+10 yrs	9th

Closest comparables

Offering	Sponsor	Cap rate	LTV	DSCR	Load	Hold	Match
NREX II DST	Nuveen Real Estate Exchange LLC	—	0.00%	—	—	20 yrs	100%
Blue Door Property II DST	Unknown sponsor	6.11%	0.00%	—	10.50%	—	88%
PG Savannah Industrial DST	Peachtree Hotel Group II, LLC	7.40%	0.00%	—	9.50%	—	88%
BR Diversified Industrial Portfolio 8 DST	BIGR Exchange 8 TRS, LLC	6.32%	—	—	9.45%	—	86%
BR Diversified Industrial Portfolio 7 DST	BIGR Exchange 7 TRS, LLC	6.66%	0.00%	—	9.45%	10 yrs	85%
Sealy Industrial DST	Sealy	—	—	—	9.50%	11 yrs	85%
Texas Active Living Portfolio II DST	Capital Square	5.65%	0.00%	—	9.65%	—	85%
FG Communities Candler Indian Creek DST	FG Communities	5.00%	0.00%	—	10.83%	10 yrs	82%

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.