Novella at Tuscan Village

The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.

Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

The most recent Form D amendment for Passco Toscana DST, filed May 28, 2026, reports that sales have begun and does not show the offering as terminated. A Form D sets no subscription deadline and is not a live inventory report — it is a notice filing an issuer updates periodically. The Private Placement Memorandum (PPM), the document that governs the deal, controls when the offering closes and whether the sponsor may close it early. A distributor page for the offering displayed a 'confirm availability' status as of August 10, 2026, which is a reseller's status rather than an issuer filing. Whether interests remain available today is a question for the sponsor or the broker-dealer handling subscriptions.

Not in the primary record. The SEC Form D filed March 17, 2026 and its May 28, 2026 amendment identify Passco Toscana DST as a Delaware statutory trust but name no specific property — not Novella, not Hanover Toscana, not the Artisan Drive address. Deed reporting from The Registry Review names a Passco affiliate, not the DST, as buyer of the building, and Passco's May 8, 2026 release describes the acquisition without naming any trust. The mapping rests on sponsor, property name, address and unit count lining up, plus a distributor listing that ties the two together. A PPM or a deed naming the trust is where the ownership chain would be confirmed.

The Registry Review, citing registry records, reports that KeyBank provided a $68.75 million Fannie Mae mortgage in connection with the March 12, 2026 sale of the building at 15 Artisan Drive, with a Passco affiliate as borrower. That report describes a property-level financing record and does not tie the loan to Passco Toscana DST. No SEC filing for this Trust states debt terms or names the property, so the rate, maturity, any interest-only period, prepayment terms and lender cash-management triggers are PPM and loan-document items. A distributor page lists capitalization and loan-to-value figures that the primary filings do not support.

Both Form D filings for Passco Toscana DST state a $25,000 minimum outside investment. Interests are sold only to accredited investors — individuals or entities meeting SEC income or net-worth tests. The PPM controls the actual subscription minimum, and sponsors sometimes set a higher one for cash investors than for 1031 exchangers, so confirm the figure in the current offering documents.

Greystar lists Novella at Tuscan Village at 15 Artisan Drive, Salem, New Hampshire, on its own property site, and a rental listing service identifies Greystar as the manager. In a DST, the trustee cannot actively operate real estate, so day-to-day management typically sits with an affiliate of the sponsor or a third-party manager under a contract described in the PPM. The Form D filings say nothing about property management, so the management agreement and its fees are PPM items.

A 721/UPREIT exit is one where a DST's property is contributed to a REIT's operating partnership in exchange for OP units, which converts a real-property interest into a securities interest and generally ends the ability to do a future 1031 exchange with that asset. Top1031's record for this Trust shows no REIT conversion contemplated. The Form D filings say nothing about exit mechanics, so the PPM's disposition and exit-option language is the governing source.