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VA Outpatient Clinic and Garage, Birmingham, AL

Class A medical office clinic property in Birmingham, AL · sponsored by Net Lease Capital Advisors

HistoricalLast Form D filed Oct 29, 2021 (opens in a new tab)

VA Outpatient Clinic and Garage, Birmingham, AL was a DST sponsored by Net Lease Capital Advisors that owned a class A medical office clinic property in Birmingham, AL. Its last Form D was filed Oct 29, 2021.

How it ended

No outcome recorded · under 7 years

Last Form D filed Oct 29, 2021.

Net Lease Capital Advisors has 8 active offerings on record →

Key facts

Minimum investment
Not in the Form D
From the Form D
Offering size
$15,731,988
Equity offered, per the Form D
Sold
Not reported after the first Form D (Oct 29, 2021)
Form D, Oct 29, 2021
Selling commissions
$0 · 0.0% 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 →

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Ask a 1031 specialist about this recordFree. About: VA Outpatient Clinic and Garage, Birmingham, AL. Top1031 is not a broker-dealer.

What did the Trust own?

Sponsor materials describe a newly constructed, build-to-suit three-story Class A medical-office clinic on a 3.67-acre site in Birmingham. 4 A February 3, 2016 project report from builder BL Harbert International said the clinic and its connected eight-story, 2,334-space parking garage had opened ahead of schedule. 8 On February 24, 2026, the VA said the clinic and parking deck had marked ten years of service, seeing more than 24,000 veterans annually. 6

Reported location
Birmingham, AL
Property size
63,649 rentable square feet

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

This Trust is leveraged rather than all-cash. Sponsor materials describe a first mortgage stacked with two mezzanine loans — debt that sits behind the mortgage in repayment priority — totaling $63,985,211 against a reported $73,971,343 purchase price. 7 Each loan is described as a 20-year term ending in a balloon payment. 7

Debt

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

Costs and terms from the Form D

Selling commissions
$0 · 0.0% 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
None named in the Form D
Date of first sale
Not in the Form D
Minimum investment
Not in the Form D

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?

No amendment to the original Form D appears in SEC filing history through August 18, 2026, so public records do not track how the raise progressed after launch. 3 The Trust was offered privately under the exemption noted below — no general advertising, with sales limited to accredited investors (those meeting SEC income or net-worth tests) already known to the sponsor.

Legal Trust name
NLCA VA BIRMINGHAM REALTY DST
SEC CIK
1891045
First Form D
Oct 29, 2021
Latest Form D
Oct 29, 2021
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$15,731,988
$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 VA Outpatient Clinic and Garage, Birmingham, AL?
VA Outpatient Clinic and Garage, Birmingham, AL is a Historical offering. Last Form D filed Oct 29, 2021.
Who pays the rent on this building?
Sponsor materials report the clinic 100% leased to the U.S. General Services Administration on behalf of the U.S. Government for the Veterans Administration, on a 20-year firm term from September 21, 2015 through September 30, 2035 with no termination options. A federal lease means the credit behind the rent is a government agency rather than a private corporate tenant.
Is the clinic actually operating today?
Yes. On February 24, 2026, the U.S. Department of Veterans Affairs reported that the Birmingham VA Clinic and its parking deck had celebrated ten years of service, with nearly 250 employees, more than 24,000 veterans served annually, and over 108,000 outpatient visits.
What is the Soreide Law Group investigation about?
On April 30, 2026, Soreide Law Group — a plaintiff-side securities law firm — published a page stating it was investigating potential losses involving NLCA VA Birmingham Realty DST. That is a law firm solicitation, not a regulatory action or court ruling.
Why do two different street addresses appear for this property?
The Net Lease Capital Advisors executive summary for the Trust identifies 2401 7th Avenue South, while current official VA location pages and 2026 VA reporting list the Birmingham VA Clinic at 2415 7th Avenue South. The parcel relationship between the two addresses is unresolved in public records, so a buyer should have counsel tie the legal description in the offering documents to the deed.
What does the mezzanine debt in this structure mean for an investor?
Sponsor materials describe a first mortgage plus two mezzanine loans. Mezzanine debt ranks behind the mortgage for repayment and typically carries a higher interest cost, so total leverage — and the balloon payments due at each loan's maturity — is a central item to trace in the offering documents and loan documents.

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.