Top1031

University of Iowa

Medical office property in Iowa City, IA · sponsored by Four Springs (FSX)

Historical · soldSold, as reported by Four Springs (FSX) · last Form D Nov 9, 2018Sponsor source (opens in a new tab)

University of Iowa was a DST sponsored by Four Springs (FSX) that owned a medical office property in Iowa City, IA. Four Springs (FSX) sold the property for $23,802,432, as reported by the sponsor.

How it ended

No public outcome found

Sold for $23,802,432 as reported by the sponsor

Sponsor document (opens in a new tab)

Four Springs (FSX) has 2 active offerings on record →

Key facts

A free account shows how much of each active offering has sold and the Sponsor Grade letters.
Minimum investment
$25,000
From the Form D
Offering size
$11,845,000
Equity offered, per the Form D
Sold
100%
Form D, Nov 9, 2018; the % is our arithmetic
Investors reported
42
Form D, Nov 9, 2018
Selling commissions
$769,925 · 6.5% of offering
Form D Item 15; the % is our arithmetic
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 →

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: University of Iowa. Top1031 is not a broker-dealer.

What did University of Iowa own?

The asset is a medical office building of roughly 61,000 square feet, described in Four Springs' September 19, 2018 announcement as newly constructed and operating as an outpatient clinic for women's healthcare. 1

Reported location
Iowa City, IA

How was it financed, and what did it cost to sell?

This trust carried mortgage debt rather than owning the building free and clear. In a DST, the loan is typically non-recourse to the investors, and each investor's share of it can count toward the debt a 1031 exchange needs to replace.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$769,925 · 6.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$0 · 0.0% of offering
Form D Item 16
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jun 21, 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.

What does the SEC record show?

The issuer reported June 21, 2018 as the offering's first sale date, shortly before filing its first Form D, the brief notice an issuer files with the SEC after a private sale. 3 One later amendment updated the sales figures. The shares were offered through existing relationships, not public advertising.

Legal Trust name
FSC HEALTHCARE IV DST
SEC CIK
1745543
First Form D
Jul 5, 2018
Latest Form D
Nov 9, 2018
Filings on record
2
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$11,845,000
$11,845,000+$10,304,213
42+39
EDGAR
Form D$11,845,000
$1,540,787
3
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 University of Iowa?
University of Iowa is a Historical offering. Sold, as reported by Four Springs (FSX).
What does FSC Healthcare IV DST own?
It owns a medical office building of roughly 61,000 square feet. Four Springs' September 19, 2018 offering announcement described the building as newly constructed and in use as an outpatient clinic for women's healthcare, and valued it at $24.2 million.
Who is the tenant and what kind of lease is in place?
University of Iowa Hospitals and Clinic. The September 19, 2018 announcement reported the building fully leased to that tenant on a 12-year triple-net lease, under which the tenant pays property taxes, insurance and maintenance in addition to rent.
How is the trust financed?
It carries mortgage debt alongside investor equity, so each investor owns a share of both the building and the loan. In a DST, that debt is typically non-recourse to the individual investors and can count toward the debt a 1031 exchange needs to replace.
Who sponsored the offering?
Four Springs TEN31 Xchange. The September 19, 2018 offering announcement names the firm as sponsor of FSC Healthcare IV DST, and the Four Springs TEN31 Xchange sponsor brochure lists the program under select closed Four Springs TEN31 Xchange programs.
What was the minimum investment?
$25,000, as reported in the trust's Form D filings with the SEC. The offering was made under Rule 506(b) to accredited investors, meaning people who meet SEC income or net worth tests, without general advertising.

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.