Fieldstone Grandridge and Fieldstone Memory Care
Senior living property in Kennewick, WA · sponsored by Bourne Financial Group
Fieldstone Grandridge and Fieldstone Memory Care was a DST sponsored by Bourne Financial Group that owned a senior living property in Kennewick, WA (138 units). Its last Form D was filed May 1, 2018.
How it ended
No public outcome foundLast Form D filed May 1, 2018.
Key facts
A free account shows how much of each active offering has sold and the Sponsor Grade letters.- Minimum investment
- $25,000From the Form D
- Offering size
- $18,860,000Equity offered, per the Form D
- Sold
- 23.5%Form D, May 1, 2018; the % is our arithmetic
- Investors reported
- Form D, May 1, 201814
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,697,400 · 9.0% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: Fieldstone Grandridge and Fieldstone Memory Care. Top1031 is not a broker-dealer.What did the Trust own?
Fieldstone Grandridge stands at 7255 W. Grandridge Blvd.; Cascadia Senior Living & Development finished the three-story, 77,000-square-foot building with 90 apartments, all licensed for assisted living, in April 2016 at a reported cost of $15.5 million. 3 Fieldstone Memory Care, at 575 N. Young St., is listed with 69 licensed beds — licensed capacity, not occupancy. 4 A Bourne–Cascadia joint venture bought both in March 2018. 2
- Reported location
- Kennewick, WA
- Property size
- 138 units (across both buildings)
How was it financed, and what did it cost to sell?
This is a leveraged Trust: mortgage debt sits beneath the equity, so loan terms shape investor risk as much as the buildings do. CBRE arranged $26.4 million of acquisition financing for the joint venture that bought the two communities in March 2018. 2
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $1,697,400 · 9.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $4,610,000 · 24.4% of offeringForm D Item 16· The filing’s note: “BFG Kennewick Depositor, LLC will be responsible for paying certain fees and costs of approximately $3,442,400.”
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Orchard Securities, LLC · CRD 133378
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Apr 25, 2018
- Minimum investment
- $25,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind the Trust?
Bourne Financial Group, LLC is the sponsor. It paired with Cascadia Senior Living & Development, the Pacific Northwest developer that built and owned Fieldstone Grandridge. 3 The two formed the joint venture that acquired both Kennewick communities in March 2018, with Cascadia staying on as operator. 2
- Sponsor
- Offerings on record
What does the SEC record show?
A single Form D was filed and never amended, so the equity and investor figures on record are frozen at the day of that filing rather than updated for anything that happened afterward. The Trust was offered under Rule 506(b), the private-placement exemption that bars general advertising and limits sales to accredited investors.
- Legal Trust name
- BFG Kennewick DST
- SEC CIK
- 1739147
- First Form D
- May 1, 2018
- Latest Form D
- May 1, 2018
- Filings on record
- 1
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $18,860,000 | $4,435,187 | 14 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to Fieldstone Grandridge and Fieldstone Memory Care?
- Fieldstone Grandridge and Fieldstone Memory Care is a Historical offering. Last Form D filed May 1, 2018.
- What kind of real estate is this?
- Two senior housing buildings in Kennewick, Washington: Fieldstone Grandridge, an independent and assisted living community at 7255 W. Grandridge Blvd., and Fieldstone Memory Care at 575 N. Young St. Senior housing is an operating business, not a passive net-leased building, so revenue depends on resident census, care staffing, and state licensing.
- Who runs the communities day to day?
- Cascadia Senior Living & Development. Cascadia built and owned Fieldstone Grandridge, was part of the joint venture with Bourne Financial Group that acquired the two communities in March 2018, and continued as operator after the sale.
- Can this Trust roll into a REIT through a 721 exchange?
- No. The record shows no 721/UPREIT feature — the structure in which a DST's property is contributed to a REIT's operating partnership in exchange for OP units. Investors here should expect a conventional DST exit path and confirm the exit language in the offering documents.
- How much debt was placed on the properties?
- CBRE arranged $26.4 million of acquisition financing for the Bourne–Cascadia joint venture in March 2018, reported as fixed-rate with a seven-year term and 36 months of interest-only payments. How much of that debt sits inside this Trust, and whether it has since been refinanced, is not settled by public filings.
- Why is only one filing on record?
- Sponsors file a Form D within 15 days of the first sale and may, but need not, amend it as a raise progresses. Bourne filed once, on May 1, 2018, and never amended, so EDGAR captures a single snapshot of this offering rather than its full history.
In the news
Sources
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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.