--- title: "Senior Living Fund Review" url: https://altstreet.investments/platforms/reviews/senior-living-fund kind: platform-review updated: 2026-11-04 description: "Senior Living Fund (SLF Investments) review: senior housing funds, 15% notes and a new credit fund, fees on gross proceeds, interfund loans, audit status and the record behind the offers." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Senior Living Fund Review Senior Living Fund (SLF Investments) is a Kansas sponsor of private funds that invest in assisted living and memory care communities, sold directly to accredited investors. Its investment-options page lists five open offerings: two value-add funds and 15% notes raised to fund capital needs at communities its earlier funds already own. Its home page now leads with American Senior Housing Credit Fund, a note fund lending against stabilized communities, marked 'Opening Q4 2026'. Its fee schedules and community reports are public. AltStreet located no audited statements or fund-level results in public material. AltStreet score: 23.9 (F), scored November 5, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Senior Living Fund | | What it is | Fund Sponsor | | Asset class | Real Estate / Senior Housing | | Website | slfinvestments.com | | Review first published | November 4, 2026 | | Last updated | November 4, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Senior Living Fund has raised about $104 million across 15 private vehicles since 2015, usually as the equity partner beside outside developers and operators of assisted living and memory care communities. The public record shows one realized exit with a stated result: Torrance, California, a property sold in 2018 at a 20.1% IRR on Fund IV's $1 million investment in it. That is a property-level result, not Fund IV's overall return. Its 2024 note offerings say pandemic deficits and higher interest rates 'dramatically drained reserves' and set capital needs of $3.85 million to $5.83 million for each of Funds IV, V and 6. The latest Form Ds located for those offerings, filed in November 2024 and January 2025, reported $150,000 to $425,000 sold on each. The operator of a Detroit skilled nursing facility, 38.74% owned by Fund IV, went through Chapter 11 between April 2025 and March 2026. Fees are published, are charged on gross offering proceeds, and rank ahead of note interest in the debt fund. The home page now leads with a new credit fund marked 'Opening Q4 2026'. - **1** Realized exit with a stated result in the public material: Torrance, California, sold October 31, 2018, 'with an IRR of 20.1% for SLF IV USA' on a $1,000,000 investment. It is the result of one property investment, not Fund IV's overall return or its investors' net return after fund expenses. The 2022 analyses planned to wind down Fund I by the end of 2023 and exit Fund III's communities in 2023 and 2024. AltStreet located no later public record of those exits. - **$150K of $5.55M** Sold on the Fund 6 Fixed Rate Notes as of the January 2025 Form D/A, the latest notice located, against the capital need the offering page states for two Fund 6 communities, including payoff of notes owed to SLF Fixed Income Fund I. At their latest notices, the Fund IV notes showed $320,000 of $2.85 million and the Fund V notes $425,000 of $3.85 million. All three are still listed as open. These are dated figures: sales since then, and capital from other SLF funds, co-owners or outside sources, are not public, so the remaining need cannot be determined. - **38.74%** Fund IV's interest in Mission Point of Detroit, LLC, the operator and tenant of a 59-bed skilled nursing facility, which filed Chapter 11 on April 16, 2025 after its bank loan matured in default. Its plan was confirmed October 2, 2025, and the case closed March 19, 2026. A plan filed in the related case of a co-owner of the building describes a tentative agreement for Senior Living Fund IV LLC, or an affiliate it designates, to buy the building for $7,250,000 and pay off the bank. AltStreet located no record of whether that purchase closed. - **2% + 1.5% + 1.5%** Annual management fee, marketing stipend and reimbursable expenses in SLF Fixed Income Fund I, each a percentage of gross offering proceeds. The memorandum says note interest is paid only 'to the extent the Company has cash available after' these. Value-Add Fund 2 adds a one-time 7.0% marketing stipend and a 3.0% placement fee. - **No audit located** The debt fund's memorandum promises 'unaudited internally generated financial statements annually'. The 2023 Value-Add FAQs expected a first audit by mid-2024 and said results would go to investors and to accredited prospective investors on request. AltStreet located no audit report or auditor name in public material and has not requested one, so audit status could not be verified. Data note: Form D figures are the amounts sold on each vehicle's latest notice as of November 4, 2026, and related-person payments are the estimates the form asks for. Community occupancy, revenue and NOI figures come from the sponsor's newsletters and analyses and are not audited. They describe properties, not investor returns. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | $104M | Sold, 15 vehicles | Latest Form Ds, 2015 to 2025. | | 1 | Realized property exit with a stated result | Torrance, 2018: 20.1% IRR on Fund IV's $1M in that property. | | $895K | Reported sold on three note offerings | Of $12.25M offered, on the latest notices (Nov 2024, Jan 2025). | | 38.74% | Fund IV stake in a Chapter 11 debtor | Mission Point of Detroit, skilled nursing operator, 2025 to 2026. | ## Verdict Senior Living Fund publishes its PPMs, fee schedules and community reports. Those documents show funds raising 15% notes to support communities whose reserves ran down, money lent between its own vehicles, and fees on gross proceeds. No audited statements were located in public material. Its newest offering, a credit fund marked 'Opening Q4 2026', has no public PPM yet. Treat any offering as a loan to, or equity in, a specific fund whose balance sheet you should see first. **Best for** - Accredited investors who know senior housing operations and will obtain each fund's financials and lender status before investing **Look elsewhere if** - You need audited statements or a realized fund-level track record before investing - You may need the money before maturity or a community sale - You are not accredited **Strengths** - Full PPMs, fee schedules and community-level analyses are public - Form Ds filed for all 15 vehicles - No regulatory action or suit naming the sponsor or its principals located - Several featured communities report high occupancy in 2025 and 2026 **Limitations** - No audited statements or fund-level returns located in public material - Open notes fund capital needs at existing communities; the latest notices located (2024 and 2025) reported a small share sold - Routine lending between affiliated funds - Fees on gross offering proceeds, ranking ahead of note interest in the debt fund ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Accredited investors with senior housing experience who will review each fund's financials directly | neutral | | | Income investors attracted by the 15% notes | poor-fit | | | Investors who may need their money within three to five years | poor-fit | | | Non-accredited investors | poor-fit | | ## Questions **Is Senior Living Fund (SLF Investments) legit?** It is a real sponsor that has filed Form Ds for 15 vehicles since 2015, about $104 million sold, and publishes its PPMs and fee schedules. AltStreet located no regulatory action or lawsuit naming the sponsor or its principals. The concerns are about the funds, not the paperwork: AltStreet located no audited statements in public material, one realized property exit has a stated result, and its open notes fund capital needs at communities its earlier funds own. **What are the 15% Fixed Rate Notes?** Unsecured three-year notes issued by Senior Living Funds IV, V and 6 at 15% a year: 8 percentage points paid monthly and 7 accrued until maturity. The pages say the money supports the funds' existing communities, whose reserves were drained by pandemic deficits and higher rates. The notes rank ahead of the funds' equity investors and behind the community lenders. **How much have the note offerings raised?** By their last Form Ds: $320,000 of $2.85 million for Fund IV (November 2024), $425,000 of $3.85 million for Fund V and $150,000 of $5.55 million for Fund 6 (both January 2025). No later notice was located, so current totals are not public. The offering pages say the need also depends on capital from other SLF funds, co-owners and outside sources. **What fees does SLF charge?** There is no front-end load, and the funds pay fees based on gross offering proceeds. SLF Fixed Income Fund I pays 2% a year plus up to 1.5% for marketing and up to 1.5% for expenses. Value-Add Fund 2 pays 2.0% a year plus a 3.0% deferred fee a year that is paid only after investors have received their preferred payments and capital in full, a one-time 7.0% marketing stipend and a 3.0% placement fee. Value-Add Fund 1 adds a 2% loan origination fee. The Decatur DST pays 5.0% of trust assets a year. American Senior Housing Credit Fund's FAQ states 2.00% a year on outstanding note principal plus start-up expenses up to 1.50% of the maximum offering. The F4, F5 and F6 note fees are in PPMs that are not public. **Are SLF's funds audited?** AltStreet could not verify audit status from public material: it located no audit report or auditor name and has not requested one. The debt fund's memorandum promises unaudited internal statements each year. The 2023 Value-Add FAQs expected a first audit by mid-2024 and said results would be available to investors and to accredited prospective investors on request. **What returns has Senior Living Fund delivered?** Public material shows one exit with a stated result: Torrance, California, sold in 2018 at a 20.1% IRR on Fund IV's $1 million investment in that property. That is a property-level result, not Fund IV's overall return or its investors' net return after fund expenses. The 2022 analyses projected mid-to-upper single-digit IRRs for Fund I and 10%+ for Fund III, with exits in 2023 and 2024. AltStreet located no later public report of those results. Ask the sponsor for the capital returned and final IRR of each fund. **What happened with Mission Point of Detroit?** Mission Point of Detroit, LLC operates a 59-bed skilled nursing and rehabilitation facility in Detroit, in a building it leases from three co-owners. Senior Living Fund IV USA holds 38.74% of the operator. It filed Chapter 11 on April 16, 2025 after its Huntington Bank loan matured in default and the bank sought a receiver. The court confirmed its plan on October 2, 2025, and closed the case on March 19, 2026. SLF Fixed Income Fund I is in the creditor list. In the related case of HRM Detroit Holding, a co-owner of the building, the plan describes a tentative agreement for Senior Living Fund IV LLC, or an affiliate it designates, to buy the building for $7,250,000, which the debtor expected to pay the bank in full, subject to court approval and higher offers. AltStreet located no record of whether the purchase closed. The bankruptcy itself does not show that a lender took the property. **Do SLF funds lend to each other?** Yes. At the end of 2022, SLF Fixed Income Fund I had lent $4.25 million to Fund I, $1.92 million to Fund 6 and $600,000 to Fund IV, plus $675,600 to a developer partner. The Fund 6 notes would partly repay the debt fund. The memorandum says affiliate transactions 'will routinely occur' and are not subject to independent approval. **Can I withdraw early?** Only with the manager's consent. Note early redemption is at the Fund Manager's discretion ('under no obligation to approve'), with best efforts to pay within 90 days. Fixed Income Fund I notes roll over each year unless notice is given in a one-month window, and redemptions can be suspended. There is no secondary market. **What is the minimum investment?** $50,000 for the five offerings the investment-options page lists as open, and $100,000 with a five-year minimum term for American Senior Housing Credit Fund, marked 'Opening Q4 2026'. Accredited investors only. IRA, trust, entity and non-US investors with an ITIN are accepted. **Who runs Senior Living Fund?** Dan Brewer, Chief Fund Manager and owner of Bridge Capital Management, LLC; Mark Shader, Chief Operating Officer; Rick Maner, Chief Financial Officer. Neither the firm nor its principals hold FINRA or SEC adviser registrations, according to public searches. **What is American Senior Housing Credit Fund?** SLF's newest offering, now the first one on its home page, marked 'Opening Q4 2026'. It will issue payment-dependent notes at Senior, Mezzanine and Junior levels (6.00% to 12.00% projected IRR, $100,000 minimum, five-year minimum term) and make secured loans to stabilized senior housing, often planning a HUD refinance as the exit. Noteholders have no security interest in the loans or collateral; they are paid only as the loans pay. The FAQ says that in the first two years note proceeds may be used to pay the fixed-rate interest, redemption is at the managers' discretion, and the fund may borrow from Senior Living Fund or its affiliates. Fees are 2.00% a year on outstanding note principal plus start-up expenses up to 1.50% of the maximum offering. No PPM or Form D was located as of November 4, 2026; a Form D is due within 15 days of a first sale. Ask for the PPM, the issuing entity and its exemption. ## Update history **November 4, 2026: Review published** First published review, built from the Form Ds, the public PPMs and analyses, the site as captured November 4, 2026, and the federal court record, including the HRM Detroit Holding plan. ## Evidence appendix Platform website captured November 4, 2026. Every Form D of the 15 vehicles; 38 public PDFs from slfinvestments.com (two full PPMs, FAQs, fund updates and analyses 2018 to 2024, newsletters 2024); 90 site pages and newsletters captured November 4, 2026; CourtListener RECAP and opinion searches for the sponsor, fund names, principals and address; the HRM Detroit Holding combined plan and disclosure statement (publicly hosted copy); FINRA BrokerCheck and SEC adviser searches; AltStreet SEC and FINRA enforcement tables. **Highlights** - Fund IV update: 'The facility was sold on October 31, 2018 with an IRR of 20.1% for SLF IV USA.' - F6 page: 'The total estimated capital need at this time for these two communities is $5,550,000'; Form D: $150,000 sold. - Debt fund PPM: 'Noteholders will receive unaudited internally generated financial statements annually.' - Debt fund PPM: 'SELF-DEALING AND AFFILIATE-AFFILIATE TRANSACTIONS WILL ROUTINELY OCCUR'. - Mission Point of Detroit petition: Senior Living Fund IV USA, LLC, 38.74% percentage interest. - HRM Detroit Holding plan: 'Debtor and Mission Point Detroit have reached a tentative agreement with Senior Living Fund IV LLC ("SLF"), or an affiliate to be designated by SLF, by which SLF will purchase the Real Property for $7,250,000'. - American Senior Housing Credit Fund FAQ: 'Through the first two year of this offering's life, proceeds from the Investor Notes may be utilized for the fulfillment of Fixed Rate payments.' **Primary source pages** - slfinvestments.com home, about, investment options, value-add, F4, F5 and F6 note pages, note FAQs, team, locations and newsletters (captured November 4, 2026) - SLF Fixed Income Fund I Confidential Private Placement Memorandum with Supplement No. 2 (public PDF) - SLF 1031 Decatur DST Private Placement Memorandum, March 19, 2021 (public PDF) - SLF Value-Add Fund 2 FAQ (2023) and Value-Add Funds 1 & 2 FAQ (November 2023) - SLF IV USA Fund Update Q2 2019; SLF I, III and 6 Q3 2022 analyses; Fixed Income Fund I Q4 2022 update; CountrySide Lakes DST Q1 2024 analysis - SEC EDGAR Form D and D/A filings of the 15 vehicles - In re Mission Point of Detroit, LLC, Bankr. E.D. Mich. 25-43883 (petition, docket) - In re HRM Detroit Holding, LLC, Bankr. E.D. Mich. 25-43887, Debtor's Combined Plan of Reorganization and Disclosure Statement (docket 32, 2025) with the proposed asset purchase agreement - slfinvestments.com home page, American Senior Housing Credit Fund overview and FAQ (captured November 4, 2026) - Boone v. Bentley, Bankr. C.D. Ill. Adv. 20-09014, opinion of September 21, 2021 ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/senior-living-fund - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/fractional-real-assets --- Source page: https://altstreet.investments/platforms/reviews/senior-living-fund Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.