FSC Healthcare 29
Medical office property in Florence and Orangeburg, SC · sponsored by Four Springs (FSX)
FSC Healthcare 29 was a DST sponsored by Four Springs (FSX) that owned a medical office property in Florence and Orangeburg, SC (29,744 sq ft). Its last Form D, filed May 29, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed May 29, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $14,956,000Equity offered, per the Form D
- Sold
- 100%Form D, May 29, 2025; the % is our arithmetic
- Investors reported
- Form D, May 29, 202547
- Selling commissions
- Form D Item 15; the % is our arithmetic$747,800 · 5.0% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: FSC Healthcare 29. Top1031 is not a broker-dealer.What did FSC Healthcare 29 own?
The three buildings were developed years apart: Florence in 2007 at 6,750 square feet, Orangeburg in 2009 at 6,300 square feet, and the American Fork plasma collection center in 2015 at 16,694 square feet. 2 Four Springs packaged them into one trust portfolio; the sponsor and public materials reviewed do not disclose what the Trust paid or when it closed on the properties.
- Reported location
- Florence and Orangeburg, SC
- Property size
- 29,744 sq ft (3-property portfolio)
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
Sponsor materials describe this as an all-cash Trust: the properties were bought with investor equity and no mortgage debt. 2 That means no lender, no loan covenants and no maturity date forcing a refinancing or sale.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $747,800 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $488,548 · 3.2% of offeringForm D Item 16· The filing’s note: “Estimate of certain fees and expenses including Organization and Offering Expense, Acquisition Fee, Third-Party Due Diligence Expenses, which may accrue to one or more related persons.”
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Third Seven Capital LLC · CRD 160209
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Sep 6, 2024
- 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 FSC Healthcare 29?
Four Springs TEN31 Xchange is the 1031 exchange platform of Four Springs Capital. The Form D names Four Springs TRS1, LLC as sponsor, FSC Healthcare 29 Depositor, LLC as depositor, FSC Healthcare 29 Manager, LLC as manager, and William P. Dioguardi as chief executive and signer. 4 The sponsor announced on August 29, 2024 that it had completed $160 million in DST offerings immediately preceding this one. 5 AltsWire reported on June 23, 2025 that this Trust was fully subscribed alongside FSC Industrial 32, DST. 1
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed an initial Form D — the short notice an issuer files with the SEC for a private placement — when the Offering launched, followed by a single amendment reporting the raise complete. 4 It was offered under Rule 506(c), which permits public advertising but limits purchasers to accredited investors whose status is verified.
- Legal Trust name
- FSC Healthcare 29, DST
- SEC CIK
- 2034060
- First Form D
- Aug 16, 2024
- Latest Form D
- May 29, 2025
- Filings on record
- 2
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $14,956,000 | $14,956,000+$14,956,000 | 47 | EDGAR | |
| Form D | $14,956,000 | $0 | 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 FSC Healthcare 29?
- FSC Healthcare 29 is a Historical offering. The last Form D, filed May 29, 2025, reports the offering fully sold.
- Who are the tenants, and how long do the leases run?
- Two properties are urgent care clinics originally leased under the Doctors Care brand, in Florence and Orangeburg, South Carolina; the third is a BioLife Plasma Services donation center in American Fork, Utah. Top1031's record of the offering lists a weighted-average remaining lease term of 6.49 years. Sponsor materials describe the American Fork property as subject to a 15-year absolute triple-net lease with annual rent increases and three five-year renewal options, and each South Carolina property as having one five-year renewal option carrying a 5% increase.
- Why do the South Carolina clinics now say Novant Health?
- Novant Health announced on November 4, 2024 that it had completed its purchase of UCI Medical Affiliates, the Doctors Care operator, from BlueCross BlueShield of South Carolina — a network of 52 Doctors Care clinics. Both Trust addresses, 2410 Hoffmeyer Road in Florence and 1748 St. Matthews Road in Orangeburg, are now identified as Novant Health Urgent Care. That is an operator rebrand at the tenant level; no public record reviewed shows a change in ownership of the properties themselves.
- Who guarantees the leases?
- The sources disagree, and the distinction matters because a guarantor is who stands behind the rent if the operating tenant does not pay. Top1031's offering record lists BlueCross BlueShield of South Carolina as guarantor on the Doctors Care leases and Grifols, described as BioLife's parent, on the Utah lease. The sponsor's own placement materials instead identify BioLife Plasma Services as a Baxalta subsidiary whose obligations, including lease guarantees, are supported by Takeda. The governing offering documents control.
- Does the Trust carry a mortgage?
- Sponsor materials describe the offering as all-cash — equity only, with debt marked not applicable. In an unleveraged DST there is no lender to refinance and no loan maturity, but investors replacing debt in a 1031 exchange should note that an all-cash Trust supplies no mortgage boot to match debt relinquished on a sold property.
- Can this Trust convert into a REIT?
- No. The record shows no 721/UPREIT exit feature — the structure under which a DST's property is contributed to a REIT's operating partnership in exchange for units. Absent that, the eventual outcome would be a sale of the properties, and no sale, foreclosure or other disposition has been reported in the public record reviewed.
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.