Top1031

NLC Florida Healthcare Sciences DST

Healthcare property in Saint Augustine, FL · sponsored by Net Lease Capital Advisors

Active offeringLatest Form D filed Oct 8, 2026 · 2 filings since Aug 25, 2026 (opens in a new tab)

NLC Florida Healthcare Sciences DST is a DST sponsored by Net Lease Capital Advisors that owns a healthcare property in Saint Augustine, FL. Its latest Form D, filed Oct 8, 2026, lists a $97 million offering with a $150,000 minimum.

Key facts

Minimum investment
$150,000
From the Form D
Offering size
$97,038,429
Equity offered, per the Form D
Sold so far
47.3%
Form D, Oct 8, 2026; the % is our arithmetic
Selling commissions
$410,634 · 0.4% 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 →

Sales so far

Latest Form D
Oct 8, 2026 · 2 filings
First sale
Sep 1, 2026

These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed Oct 8, 2026.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.
Amount sold
$45,907,278
Not yet sold
$51,131,151
Investors
24

Calculated by Top1031 from the Form D filings, not stated by the sponsor:

47.3% of $97,038,429 sold, calculated by Top1031 from the Form D

Average since first sale
about $37.7 million a month
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Ask a 1031 specialist about this recordFree. About: NLC Florida Healthcare Sciences DST. Top1031 is not a broker-dealer.
NLC Florida Healthcare Sciences DST image

NLC Florida Healthcare Sciences DST · Saint Augustine, FL · Photo: baker1031.com

City-level mapSaint Augustine, FL metroMap shows the city, not the exact address.

What does the Trust own?

A 121,769-square-foot specialty campus on 14.76 acres at 1 News Place, St. Augustine, Florida, renovated for its university tenant with work completed in 2025.2 The campus traded on February 13, 2026 for $71.53 million; the recorded buyer was KPI St. Augustine LLC, whose deed address was reported as Net Lease Capital Advisors in Nashua, New Hampshire.3

Reported location
Saint Augustine, FL

How have sales gone?

The sponsor’s own numbers, with the caveat in Sales so far ↑.

Share of the offering sold at each Form D filing date, calculated by Top1031 from the filed amounts
0%50%100%0%47.3%Aug 25, 2026Oct 8, 20260%50%100%0%47.3%Aug 25, 2026Oct 8, 2026

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

Sponsor materials describe a zero cash flow structure: the Trust takes on a mortgage sized so the triple-net rent covers the loan payments, leaving investors to look to loan paydown and a sale rather than periodic cash.2 Reporting on the February 2026 purchase named a mortgage involving UMB Bank.3

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
May convert to a REIT (721)
Not stated in the public record

Costs and terms from the Form D

Selling commissions
$410,634 · 0.4% of offering
Finders’ fees
$0
Recipients of sales compensation
10 named in the Form D
Show the names
  • Edward Eric Fernandez
  • Robert Dale Mutch
  • Bruce Ira Greenberg
  • Simon Louber Brower
  • Scott David Offerman
  • Adam Roy Van Dyke
  • Daniel James Mercer
  • Bradford Lee Watt
  • Nicholas Robert Snyder
  • Bryan Robert Cogliano
Date of first sale
Sep 1, 2026
Minimum investment
$150,000

Form D Item 15 amounts may be the issuer’s estimates; the percentage is Top1031’s arithmetic on two Form D figures.

What does the SEC record show?

A Form D is a short notice of an exempt securities offering: it names the issuer and the exemption claimed and requires no description of the property, lease or debt, which is why those details come from sponsor materials.1 The notice has since been amended.

Legal Trust name
NLC Florida Healthcare Sciences DST
SEC CIK
2151117
First Form D
Aug 25, 2026
Latest Form D
Oct 8, 2026
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
  1. First Form D filedThe public offering record begins.
  2. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.

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

Is NLC Florida Healthcare Sciences DST an active offering?
NLC Florida Healthcare Sciences DST is an Active offering: its latest Form D was filed Oct 8, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
What property is this Trust tied to?
Sponsor materials published by Baker 1031 identify a 121,769-square-foot specialty medical education campus on 14.76 acres at 1 News Place in St. Augustine, Florida, renovated for its university tenant with work completed in 2025. The Jax Daily Record reported that this campus sold on February 13, 2026 for $71.53 million, with KPI St. Augustine LLC named as the deed buyer and that buyer's deed address given as Net Lease Capital Advisors in Nashua, New Hampshire.
Who is the tenant, and who stands behind the lease?
The Baker 1031 offering summary describes the campus as 100% leased to the University of St. Augustine for Health Sciences. The lease is reported as triple-net, meaning the tenant rather than the landlord carries taxes, insurance and maintenance, running from January 5, 2025 through January 31, 2050, with 2% annual rent escalations and four five-year renewal options at fair market value. Perdoceo Education Corporation is named as guarantor of the tenant's lease obligations. These are sponsor-reported terms rather than terms read off an executed lease.
What does zero cash flow mean here?
A zero cash flow DST carries a mortgage sized so that the rent from a single credit tenant goes to servicing the loan rather than to periodic payments to investors. The Baker 1031 offering summary describes this Trust that way and states that no periodic distributions are projected. In structures like this, the elements that matter over the hold are the 1031 tax deferral, the paydown of the mortgage, and whatever a later sale or refinancing produces.
How is this Trust offered, and who can invest?
It is offered under Rule 506(b) of Regulation D, a private placement exemption that bars general advertising and in practice limits sales to accredited investors, meaning people who meet SEC income or net worth tests, reached through a pre-existing relationship with the sponsor or a broker-dealer. The Form D filed August 25, 2026 states a $150,000 minimum investment from an outside investor and identifies the issuer as a Delaware statutory trust organized in 2026.
What mortgage has been reported on the campus?
The Jax Daily Record reported that KPI St. Augustine LLC took a $73.15 million mortgage involving UMB Bank when it bought the campus for $71.53 million in February 2026. That acquisition mortgage is a separate number from the $80,299,300 of debt shown in the Baker 1031 offering summary for this Trust, which also lists an equity raise of $16,739,129. The amount on a Form D measures the securities offering and is not split between equity and assumed debt.

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 Private Placement Memorandum before investing.