Madison Capital Group filed the first Form D for MCG Links Car Wash I, DST on October 3, 2025. The amendment dated September 14, 2026 is the first filing in the offering's record to report any equity sold. It is also the first to report a smaller offering.
Filing | Date | Amount sold | Offering amount | Investors | Sold as % of offering amount |
|---|---|---|---|---|---|
Form D | October 3, 2025 | $0 | $16,074,993 | 0 | 0% |
Form D/A | September 14, 2026 | $1,824,665 | $9,428,445 | 7 | 19.4% |
Raise velocity is a pace metric Top1031 computes from those filing dates and nothing else: days from the date of first sale a filing reports to the amendment showing half the offering amount sold, and again to 90% of it. Neither mark has been reported here, so both readings stay open.
The amendment puts the date of first sale at July 29, 2026, earlier than its own filing date. That is where the clock starts, because that is the date the filing gives.
The market benchmark puts both marks, half and 90%, at 15 days from first sale. Read that figure for what it is. It is a median taken at the filing level across 4,591 programs in the record, amendments counted rather than one reading per Trust, and where a sponsor amends once at or near the close, the measured pace collapses to the filing schedule rather than to anything investors did. The same caution runs the other way here: amount sold is as the filing reports it, and a filing can lag the book.
Form D asks for the offering amount, not the reason it changed, and neither filing supplies one. Top1031's own derived completion ratio for this offering reads 11.4%, below the ratio the amendment's own lines produce, because the derived field is measured against a different offering amount than the one now on file. The filed figures govern, and the table above carries them.
Madison Capital Group has no prior program with a measured pace in the record, so there is no sponsor precedent to set this against. The market median is the only comparison available, and it is a weak one for a single offering of this size. The documents themselves say little about what the money buys: Top1031 classifies the asset as Commercial, the offering is 506(c), which permits open marketing, and the minimum investment is $100,000. No property description appears in either filing.
Pace is a reading of the filing record, not a verdict on the offering. A raise that closes is subscribed, not proven, and this one has not closed. The next amendment is the document that moves any of it: more equity against the reduced amount, or that amount restated again.