Senior Living Fund

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.

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.

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.

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.

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.

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.

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.

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.

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.

$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.

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.

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.