Whitefish Park DST
Land parcel in Kalispell, MT · sponsored by NuCare
Active offeringLatest Form D filed Sep 3, 2025 (opens in a new tab)
Whitefish Park DST is a DST sponsored by NuCare that owns a land parcel in Kalispell, MT (38 acres). Its latest Form D, filed Sep 3, 2025, lists a $2.6 million offering with a $50,000 minimum.
Key facts
- Minimum investment
- $50,000From the Form D
- Offering size
- $2,646,115Equity offered, per the Form D
- Sold so far
- Form D, Sep 3, 2025; the % is our arithmetic51.0%
- Investors reported
- Form D, Sep 3, 20255
- Selling commissions
- Form D Item 15; the % is our arithmetic$158,767 · 6.0% of offering
- Financing
- Sources disagreeThe financing classification on record says leveraged (mortgage debt); the profile says “having no 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
- Sep 3, 2025 · 1 filing
- First sale
- May 30, 2025
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $1,350,745
- Not yet sold
- $1,295,370
- Investors
- 5
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
51.0% of $2,646,115 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $428,264 a month
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
Weighing this offering for your exchange? A licensed 1031 specialist from our affiliated partner can go through these filings with you.
Ask a 1031 specialist about this recordFree. About: Whitefish Park DST. Top1031 is not a broker-dealer.Whitefish Park DST · Kalispell, MT · Photo: essential1031.com
What does Whitefish Park DST own?
The Trust's asset is unimproved land in Flathead County, Montana, which the sponsor describes as two parcels. 2 Marketing presents hospitality, retail and industrial pads as future uses of the site rather than completed development. 2 No acquisition date, purchase price, deed or entitlement record appears in the sources reviewed. In June 2026, the Flathead County Planning Board reviewed draft rules for development near the airport, including subdivision lot-size and FAA screening requirements.
- Property address
- Highway 2 East, adjacent to Glacier Park International Airport, Kalispell, MT
- Property size
- 38 acres
How have sales gone?
The Form D record has one sales figure so far, so there is no trend to chart. The figure is in Sales so far ↑.
How is it financed, and what did it cost to sell?
Investor exchange equity sits alongside mortgage debt secured by the land. DST loans of this kind are generally fixed at closing rather than renegotiated later, and are typically non-recourse to investors personally, meaning the lender looks to the property. No lender is named in the filing on record, and published descriptions of the debt do not agree with one another.
Debt
- Financing
- Sources disagree The financing classification on record says leveraged (mortgage debt); the profile says “having no debt”.
Costs and terms from the Form D
- Selling commissions
- $158,767 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $440,115 · 16.6% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Metric Financial, LLC · CRD 33324
Individual representatives named in Item 12 are not listed.
- Date of first sale
- May 30, 2025
- 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.
Who's behind Whitefish Park DST?
The Form D names no sponsoring firm, so attribution here comes from marketing rather than the SEC record: the Trust is presented on the LPT REIT platform of NAI Legacy, a Bloomington, Minnesota commercial real estate firm, whose page publishes the land and capital-stack detail. 2 That platform lists the Trust among available offerings without dating the status. 3 In January 2026, NAI Legacy combined operations with the Caspian Group under the name NAI Gateway Commercial.
- Sponsor
- Offerings on record
- 3 active / 3 total
What does the SEC record show?
The public record consists of the initial Form D — the brief notice an issuer files for a private offering exempt from SEC registration — with no amendment or closing notice after it. 1 Because the exemption used bars general advertising, interests go to accredited investors, those meeting SEC income or net-worth tests, whom the sponsor already knows.
- Legal Trust name
- Whitefish Park DST
- SEC CIK
- 2082186
- First Form D
- Sep 3, 2025
- Latest Form D
- Sep 3, 2025
- Filings on record
- 1
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $2,646,115 | $1,350,745 | 5 | 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
- Is Whitefish Park DST an active offering?
- Whitefish Park DST is an Active offering: its latest Form D was filed Sep 3, 2025. 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.
- Who is the sponsor?
- The Form D names no sponsoring firm, and the SEC record does not establish a legal sponsor relationship. The offering is presented on the LPT REIT platform of NAI Legacy, a Bloomington, Minnesota commercial real estate firm, which publishes the property and capitalization detail for the Trust. Confirm the sponsoring entity, the trustee and the asset manager in the offering documents.
- Why do different sources give different offering sizes?
- They disagree, and the promotional figures are marketing rather than filings. NAI Legacy lists total capitalization of $5,146,115, comprising $2,646,115 of equity and $2,500,000 of debt, at a stated 48.58% loan-to-value ratio. A separate intermediary summary, as captured in this site's record, shows a $6,456,000 total offering and 49% LTV, while elsewhere on the same page describing the deal as having no debt — internally inconsistent terms. The figure on the public record is the $2,646,115 securities offering amount reported in the September 3, 2025 Form D, which covers interests sold rather than total project cost.
- How is a land DST different from one that owns a leased building?
- A leased building has an identified tenant paying rent under a written lease, so the rent roll shows where money comes from. Here the public filings identify no tenant and the asset is a development site, so the paperwork — not a rent roll — defines the source of any cash, how carrying costs such as property taxes and insurance get paid, and what happens if parcels are not developed or sold.
- Can this Trust convert into a REIT later?
- The record shows no 721/UPREIT exit path — the arrangement in which a DST's property is contributed to a REIT's operating partnership in exchange for units instead of cash. Nothing in the September 3, 2025 Form D or the sponsor material reviewed describes one. Confirm exit mechanics, including any sale or roll-up rights, in the offering documents.
- What does the airport work next door mean for the site?
- Glacier Park International Airport, which the site adjoins, rehabilitated its primary runway in mid-2026. The airport said the runway reopened at 9 a.m. on July 10, 2026, ahead of schedule, after the first of four planned weekly closures. The Daily Inter Lake reported roughly 88 hours of nonstop work by more than 150 workers. The Flathead Beacon reported the airport returned to full operations on July 31, 2026, having replaced more than 30 acres of pavement. The airport is a neighbor, not a party to the Trust.
In the news
Sources
Show sources (6)Hide sources (6)
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.