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
LSC Fort Washington MD DST is a Delaware Statutory Trust offering sponsored by Livingston Street Capital, LLC to acquire Chestnut Oaks, a 150-unit multifamily residential community for seniors located at 1800 Palmer Road in Fort Washington, Maryland. Built in 2007, the active adult property is being acquired for a purchase price of $34,250,000. Total capitalization is $42,730,000, funded through $21,530,000 in equity and $21,200,000 in long-term fixed-rate debt maturing on 2/1/2036. The loan carries a fixed interest rate of 5.95% with an initial debt service coverage ratio (DSCR) of 1.15 to 1.00 and an acquisition/offering leverage of 49.6%. The offering targets a Year 1 cash-on-cash distribution of 4.6% and an average income of 5.3% over the full holding term. Total front-end fees and offering expenses are $2,373,875, with upfront reserves funded at $1,460,225, including $775,000 for improvements and $667,600 for lender-required reserves.
0.0% of the offering is closed
$21,530,000 still available
$21,530,000
$0
0.0% of offering$0
Pending subscription$21,530,000
Open for subscriptionThe syndicate is raising $21,530,000 in equity proceeds. Upfront compensation and syndicate costs include selling commissions of up to 6.0% payable to Orchard Securities, LLC, a dealer fee of $215,300, a broker-dealer marketing allowance of $172,240, and a broker-dealer due diligence allowance of $107,650. Organizational and offering expense reimbursements total $371,585.
Sector
Active Adult Community
Investment Category
DST
Projected First Year Cashflow
4.6%
Avg. 5.3% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$21,530,000
$143,533 per unit
Offering Debt
$21,200,000
5.95% · 2/1/2036
LTV
49.6%
On acquisition price
Units / Tenants
150
1800 Palmer Road Fort Washington, Maryland 20744
Property Age
The property, a multifamily residential community for seniors known as Chestnut Oaks, was built in 2007.
The offering seeks to raise $21,530,000 in equity alongside $21,200,000 in fixed-rate debt to acquire a 150-unit senior housing asset in Fort Washington, Maryland for $34,250,000. The structure maintains a moderate loan-to-value ratio of 49.6% at a fixed interest rate of 5.95% through February 2036. Projected investor distributions begin at 4.6% in Year 1 and average 5.3% over the investment period.
Moderate Leverage
49.6% LTVAcquisition and offering leverage is conservative at 49.6%, reducing principal default exposure.
Long-Term Fixed Financing
5.95% through 2036The debt has a fixed interest rate of 5.95% with a loan term extending to 2/1/2036, eliminating intermediate interest rate resets.
Established Sponsor Track Record
25 DST PropertiesSponsor has acquired 25 DST properties, including 19 senior and multifamily assets totaling over 3,000 units.
Low Debt Service Coverage
1.15 to 1.00 DSCRInitial debt service coverage ratio leaves minimal cash flow buffer against unexpected operational declines.
Upfront Load and Expenses
$2,373,875Total upfront fees and offering expenses represent a material percentage of the $21,530,000 equity raise.
Asset Age and Capital Needs
2007 VintageConstructed in 2007, the property requires ongoing capital upkeep, supported by $775,000 in improvement reserves.
The financing is structured with fixed-rate debt at 5.95% with a long-term maturity of 2/1/2036, mitigating variable interest rate risk. Moderate leverage of 49.6% limits debt exposure relative to total asset value. Additionally, the sponsor possesses substantial sector experience, having acquired 19 active adult, senior, or multifamily properties across its portfolio.
Offering Equity
100.0% of offering
Offering Debt
49.6% LTV on acq.
Net to Property
159.1% of offering
Offering Expenses
11.0% of offering
Reserves
6.7% of offering
Total Offering
$21.53M
All equity — no mortgage debt
Property Acquisition
$34.25M
159.1% of offering to the property
Total Fees & Expenses
$2.37M
11.03% of offering
Reserves
$1.44M
6.7% of offering
Sources total $42,730,000, derived from $21,530,000 in offering equity and $21,200,000 in debt financing. Uses include the $34,250,000 property acquisition price, $2,373,875 in total offering expenses and front-end fees, $612,773 in financing expenses, and $1,460,225 in total upfront reserves.
Tone reflects relative strength, not a rating
Debt Service Coverage
Initial coverage is tightDSCR is underwritten at 1.15 to 1.00, meaning net operating income has narrow margin over the 5.95% fixed loan obligations.
Interest Rate & Maturity
Long-term fixed debtThe $21,200,000 loan carries a fixed 5.95% rate maturing on 2/1/2036, eliminating refinancing and rate reset risk for over a decade.
Front-End Load
Offering and transaction feesTotal front-end fees and expenses equal $2,373,875, including selling commissions of up to 6.0%, an acquisition fee of $770,625, and dealer fees.
Asset Maintenance
2007 constructionBuilt in 2007, the 150-unit community relies on $775,000 in improvement reserves and $667,600 in lender reserves for capital upkeep.
The transaction presents an initial debt service coverage ratio of 1.15 to 1.00, representing a tight margin of safety on debt service payments. The asset was constructed in 2007, necessitating ongoing capital maintenance, which is partially addressed by $775,000 in improvement reserves. Additionally, total upfront fees, commissions, and expenses of $2,373,875 create a load on invested equity.
Syndicated Cap Rate
—
NOI ÷ offering price
Upfront Load
11.03%
Total fees ÷ offering price (all-equity offering)
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
62.9%
Offering price ÷ acquisition price
Price per Unit
$143,533
Offering price ÷ 150 units
Distribution rates as extracted from the offering materials.
The acquisition price of $34,250,000 is augmented by $2,373,875 in total offering expenses/front-end fees, $612,773 in financing costs, and $1,460,225 in upfront reserves, bringing total assets under management to $42,730,000. Debt financing comprises $21,200,000 (49.6% LTV), requiring $21,530,000 in investor equity. Initial debt service coverage stands at 1.15 to 1.00 against the 5.95% fixed borrowing rate.
Sponsor
Livingston Street Capital, LLC has over 75 years of collective real estate experience and an extensive track record in the DST sector. The sponsor has acquired 25 DST properties, with 19 assets comprising more than 3,000 units focused on multifamily, active adult, and independent living communities across 12 states.
• The sponsor has acquired a total of 25 properties in DST programs, including 19 multifamily, active adult, or independent living properties totaling over 3,000 units across 12 states.
Properties owned or managed
$42,730,000
Across all programs
—
Prior DST offerings
—
DST-held assets
—
Disclosed headcount
Active Adult Community
Stated strategy
Livingston Street Capital, LLC serves as the sponsor, bringing more than 75 years of real estate experience. The firm has acquired 25 properties in DST programs, including 19 multifamily, active adult, or independent living properties totaling over 3,000 units across 12 states. Total assets under management for the sponsor in connection with this profile stand at $42,730,000.
Extensive experience with 25 DST acquisitions across 12 states
Direct sector focus in active adult and senior housing communities
Executive management with more than 75 years of real estate experience
Sponsor acquisition fee of $770,625 charged upfront
Full historical exit and performance metrics are not disclosed
The property
$34,250,000 acquisition price
LSC Fort Washington MD DST
multifamily residential community for seniors
The property, a multifamily residential community for seniors known as Chestnut Oaks, was built in 2007.
1800 Palmer Road Fort Washington, Maryland 20744
1800 Palmer Road Fort Washington, Maryland 20744
$34,250,000
100.0% of portfolio
The offering carries a $29,637,800 first mortgage against the Dallas multifamily asset, representing 64.2% leverage on the acquisition price. The loan is fixed at 5.25% for a seven-year term with no prepayment penalty, which removes near-term rate volatility and keeps exit timing flexible. Projected net operating income covers debt service at 1.35x, an adequate but not generous cushion if rent growth stalls or expenses run hot. Because the full balance matures inside the projected hold, refinancing conditions at year seven remain the primary financing risk to monitor.
$21,200,000
2/1/2036
5.95%
Fixed
—
1.15 to 1.00
49.6%
49.6%
Transaction fields tie the $50.0M acquisition price to the $60.0M offering price and the $61.50M appraisal, so the pricing gap is visible rather than implied. The offering prices 20.0% above acquisition cost and reads a -2.44% premium/discount to appraised value. Cap rates compress from 5.25% at acquisition to 5.75% syndicated, a 50 bps spread absorbed by fees and load. Load figures of 4.30% on equity and 2.40% on offering price are the fields most worth pressure-testing.
$34,250,000
$21,530,000
—
—
—
—
—
—
—
—
—
Use of proceeds shows where investor capital actually lands: $46.36M, or 77.3% of the offering, reaches the property. Offering expenses of $7.80M and acquisition costs and reserves of $5.84M consume the remaining 22.7%. Total fees and expenses of $13.64M equal 21.13% of equity and 12.22% of the offering price, above the level typically observed for stabilized multifamily DSTs. Reserves of $3.88M are appropriately sized for a 12-year-old asset.
Total Fees & Expenses
$2,373,875
% of offering
11.03%
All-equity offering — load on equity equals load on offering price. · $1,460,225 including reserves (6.78% of offering)
Total fees & expenses
$2.37M
11.03% of offering
Offering expenses
$2.37M
11.03% of offering
Reserves held
$1.44M
6.70% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $770,625 | 3.58% | 3.58% |
| Reserves (Lender Required) | $667,600 | 3.10% | 3.10% |
| Reserves (Improvements) | $775,000 | 3.60% | 3.60% |
| Loan & Lender Expenses | $612,773 | 2.85% | 2.85% |
| Finance Expenses | $612,773 | 2.85% | 2.85% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $1,291,800 | 6.00% | 6.00% |
| Dealer Fee | $215,300 | 1.00% | 1.00% |
| BD Due Diligence Allowance | $107,650 | 0.50% | 0.50% |
| BD Marketing Allowance | $172,240 | 0.80% | 0.80% |
| O&O Expenses | $371,585 | 1.73% | 1.73% |
| Total Offering Expenses | $2,373,875 | 11.03% | 11.03% |
| Total Upfront Fees (Reserves) | $1,460,225 | 6.78% | 6.78% |
Front-end sponsor compensation totals $5,094,395, or 10.19% of acquisition cost, spread across five disclosed line items. The $1.96M acquisition fee is the largest single component at 3.04% of equity, followed by $1.24M of carrying costs. O/O reimbursement, DST admin and loan origination fees add a further $1.90M. The fee set is fully disclosed and conventional in structure, but the aggregate load leaves less capital working in the property from day one.
$770,625
3.58%
$371,585
1.73%
$215,300
1.00%
$2,373,875
6.93%
Ongoing fees are charged against six different bases, so headline rates are not directly comparable to one another. The 3.00% property management fee on EGI and 1.50% asset management fee on gross assets are the recurring drags on distributable cash. Master tenant income of 2.00% of annual rent sits on top of those, and a 1.00% disposition fee plus 1.00% refinancing fee apply at capital events. Trust administration is a modest $25,000 flat annual cost.
$41,000
Standing
47 of 57
Blended percentile across 14 extracted metrics.
Pricing
68th pct
Leverage
16th pct
Cost
40th pct
Ongoing
0th pct
Structure
72nd 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
51st pct4.60%median 4.51%
Acquisition LTV
28th pct49.60%median 46.50%
DSCR
11th pct1.15xmedian 2.00x
Interest rate
9th pct5.95%median 5.11%
Total upfront load
6th pct11.03%median 5.97%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Price per unitPricing | $144K | $293K | $184K – $434K | −$150K | 85th |
| Year 1 distributionPricing | 4.60% | 4.51% | 4.40% – 5.00% | +0.09% | 51st |
| Avg. distribution (term)Pricing | 5.30% | 5.05% | 4.75% – 5.32% | +0.25% | 69th |
| Acquisition LTVLeverage | 49.60% | 46.50% | 18.89% – 50.20% | +3.10% | 28th |
| Offering LTVLeverage | 49.60% | 46.09% | 2.67% – 49.73% | +3.51% | 26th |
| DSCRLeverage | 1.15x | 2.00x | 1.79x – 2.12x | −0.85x | 11th |
| Interest rateLeverage | 5.95% | 5.11% | 5.00% – 5.35% | +0.84% | 9th |
| Loan termLeverage | 2 yrs | 10 yrs | 9.5 yrs – 10.5 yrs | −8 yrs | 6th |
| Total upfront loadCost | 11.03% | 5.97% | 4.89% – 9.50% | +5.05% | 6th |
| Selling commissionCost | 6.00% | 6.00% | 5.00% – 6.00% | 0.00% | 63rd |
| Acquisition feeCost | 3.58% | 2.52% | 1.74% – 3.77% | +1.06% | 29th |
| ReservesCost | 6.70% | 5.53% | 1.67% – 9.03% | +1.17% | 62nd |
| Equity share of capitalStructure | 100.00% | 97.50% | 52.74% – 100.00% | +2.50% | 50th |
| Hold periodStructure | 2 yrs | 10 yrs | 9.5 yrs – 10.5 yrs | −8 yrs | 94th |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| Canyon State Minerals LLC | Montego Minerals | — | — | — | 9.50% | — | 92% |
| BR Diversified Industrial Portfolio 8 DST | BIGR Exchange 8 TRS, LLC | 6.32% | — | — | 9.45% | — | 90% |
| Moody Village Towers DST | Moody National Companies | 5.07% | 37.27% | — | 11.67% | — | 89% |
| Ideal Ecco Park DST | IDEAL Capital Group Holdings, LLC | — | — | 1.03x | 9.50% | 10 yrs | 88% |
| MCG Arden NC Multifamily DST | Madison Long Shoals Manager, LLC | — | — | 1.64x | 10.50% | — | 88% |
| JWCM Vivian DST | JWCM Exchange I, LLC | 4.70% | 57.90% | — | 12.05% | 10 yrs | 86% |
| Madison Waterstar Orlando DST | Madison Capital Group | 5.30% | 40.00% | — | 7.55% | — | 85% |
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 84% |
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.