Top1031

Salterra at Chesterfield

Senior living property in New Baltimore, MI · sponsored by Inspired Healthcare Capital

HistoricalIn bankruptcy or distress · last Form D Jun 29, 2022document.epiq11.com (opens in a new tab)

Salterra at Chesterfield was a DST sponsored by Inspired Healthcare Capital that owned a senior living property in New Baltimore, MI. In bankruptcy or distress.

How it ended

Lost or impaired investor capital

In bankruptcy or distress.

Source: cited report (opens in a new tab)

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$21,207,169
Equity offered, per the Form D
Sold
Not reported after the first Form D (Jun 29, 2022)
Form D, Jun 29, 2022
Selling commissions
$1,908,645 · 8.9% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
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: Salterra at Chesterfield. Top1031 is not a broker-dealer.
Salterra at Chesterfield image

Salterra at Chesterfield · New Baltimore, MI · Photo: leisurecare.com

What did Salterra at Chesterfield own?

Salterra at Chesterfield is an assisted living and memory care community in New Baltimore, Michigan. 2 The trust that holds it was formed in Delaware in 2022. 1 Public records disagree on the particulars: the purchase agreement filed in the sponsor's bankruptcy gives the address as 29891 32 Mile Road and a Michigan Home for the Aged license for 62 residents, against the 29891 23 Mile Road the operator's own page lists. 3

Reported location
New Baltimore, MI
Property size
74 resident capacity

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

Form D filings do not disclose property-level debt, and no loan documents, mortgage balance, or leverage figure for this trust surfaced in the public record reviewed.

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$1,908,645 · 8.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,249,724 · 5.8% of offering
Form D Item 16
· The filing’s note: “Sponsor receives $212,072 of offering proceeds for marketing, organizational and offering expenses + an acquisition fee of $577,500 + estimated bridge financing cost of $460,152”
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
Not in the Form D
Minimum investment
$50,000

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.

What does the SEC record show?

Nothing was filed with the SEC after the original notice of exempt offering, a private placement sold without advertising to accredited investors — people meeting SEC income or net-worth tests. The paper trail since runs through bankruptcy court, where a corrected notice dated August 4, 2026 set an auction for August 25 and a sale hearing for September 15, 2026. 6

Legal Trust name
Inspired Senior Living of Chesterfield DST
SEC CIK
1935792
First Form D
Jun 29, 2022
Latest Form D
Jun 29, 2022
Filings on record
1
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 sold
Form D$21,207,169
$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 Salterra at Chesterfield?
Salterra at Chesterfield is a Historical offering. In bankruptcy or distress.
What is happening to the property now?
It is in a court-supervised sale. The Debtors selected SYMPO 2026, LLC, or an affiliate or designee, as stalking-horse bidder for substantially all assets relating to Salterra at Chesterfield, with Inspired Senior Living of Chesterfield DST as the DST seller. The asset purchase agreement filed August 10, 2026 allocates a purchase price of $3,000,000 to Salterra at Chesterfield. A corrected court notice dated August 4, 2026 set binding bids for August 20, credit bids for August 21, an auction beginning August 25, and a sale hearing on September 15, 2026. As of August 22, 2026, no completed sale appears in the researched record.
Who operates the community?
The Trust's affiliated master tenant, Inspired Senior Living of Chesterfield MT, LLC, holds the master lease effective August 10, 2022 and engaged Senior Housing Management Group, LLC as manager under an agreement of the same date. Leisure Care's community page lists Volante Senior Living as manager, supported by Leisure Care through White Glove Consulting Services. Senior Housing News reported on July 18, 2025 that Inspired Healthcare Capital was shutting Volante and transferring communities to other operators.
How much of the offering was ultimately sold?
The record does not establish a final figure. Only one Form D exists for this Trust, filed June 29, 2022, and it reports amounts as of that filing date. No amendment or later filing updating the subscription totals appears on the SEC record, so no final sold amount or investor count is documented.
Where exactly is the property, and how many residents does it hold?
Both details are unresolved in the public record. The bankruptcy-court purchase agreement lists 29891 32 Mile Road, New Baltimore, Michigan 48047, while Leisure Care and Oasis Senior Advisors list 29891 23 Mile Road at the same ZIP. On capacity, the purchase agreement cites a Home for the Aged license for 62 residents, while the Oasis community guide reports 74 resident capacity. No current occupancy figure was located.
What does a Delaware Statutory Trust bankruptcy mean for beneficial owners?
Ownership interests in a DST are beneficial interests in a trust that holds the real estate, which is what makes them eligible for 1031 exchange treatment. Here, the trust itself is a debtor in the Chapter 11 case, so the disposition of the property and any recovery to beneficial owners is being determined through that court process. The researched record does not state any distribution or recovery amount for investors.

In the news

Sources

Show sources (13)Hide sources (13)

These links support the record as a whole; individual details may come from different sources.

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.