NLC Florida Healthcare Sciences DST

Overview

NLC Florida Healthcare Sciences DST owns a specialty medical education building at 1 News Place, St. Augustine, Florida - a blend of new construction and fully renovated space completed in 2025, totaling 121,769 square feet on 14.76 acres with 408 parking spaces. The property was built in 2001 and renovated-to-suit for the University, with the renovation completed in 2025.

The property is 100% leased to the University of St. Augustine for Health Sciences (USAHS) on a 25-year triple net lease running from 5 January 2025 to 31 January 2050, with four five-year renewal options at fair market value and 2.00% annual escalations. Lease obligations are backed by a guaranty from Perdoceo Education Corporation (NASDAQ: PRDO), rated BBB/Stable by KBRA.

Founded in 1979, USAHS is a private institution headquartered in San Marcos, California and the largest educator of physical and occupational therapists in the United States, serving approximately 4,000 students across five campuses in California, Florida and Texas. In 2025 USAHS opened its flagship St. Augustine campus, a high-tech hub for medical training featuring an inpatient, outpatient and home care Simulation Center with a 10-bed hospital setting, driving simulator, VR simulation equipment, 3D printers, robotics, cadaver lab and Anatomage tables. USAHS was acquired by Perdoceo Education Corporation in December 2024.

St. Augustine, founded in 1565, is the oldest city in the United States and the county seat of St. Johns County, the fastest growing county in Florida. It sits within the Jacksonville MSA, less than 45 miles from Jacksonville.

Key highlights

• A 121,769 square foot specialty medical education building on 14.76 acres in St. Augustine, Florida, 100% leased to the University of St. Augustine for Health Sciences.
• A ZERO CASH FLOW offering: $16,739,129 of equity against $80,299,300 of assumed debt, 82.75% loan-to-value, $150,000 minimum purchase. No periodic distributions are projected.
• A 25-year triple net lease to 31 January 2050 with 2.00% annual escalations and four five-year renewal options, guaranteed by Perdoceo Education Corporation (NASDAQ: PRDO), rated BBB/Stable by KBRA.
• Both loans mature 15 January 2050, coterminous with the lease, with a combined balloon of $44,399,230 against an appraiser's prospective value of $129,000,000 at the end of the initial lease term.
• Return depends on debt amortization, the tax attributes of high leverage, and residual value at disposition rather than on current income; the appraiser's prospective values are opinions, not guarantees.

Financials

Projected distributions

Year 1

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Year 2

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Year 3

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Year 4

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Year 5

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Year 6

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Year 7

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Year 8

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Year 9

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Year 10

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Projections from the sponsor’s offering documents. Distributions are not guaranteed and may be lower than shown or suspended. See the PPM for assumptions.

Property address

1 News Place, St. Augustine, FL 32086 (University of St. Augustine for Health Sciences)

Documents

• NLC Florida Healthcare Sciences DST - PPM
• NLC Florida Healthcare Sciences DST - Exucutive Summary