Senior Living Fund
Real Estate Agent · Sierra Vista, AZ · Member since 2016 · 23 posts · 6 votes
Hello,
Has anyone ever invested in Senior Living Fund I would like to and I just want to get some more information on this company. Thanks in advance guys. I am doing my homework as well and am tempted to jump.
Hello,
I have actually invested in SLF I after doing my due diligence. If it helps, the way I went about it was the following:
0. I was researching the space and run into their website from google searching.
1. Emailed them to get their documents. Initially their PPM and after reading it I asked for the Underwriting process doc, The Operating agreement and Subscription agreement which had more details and legal bindings.
2. I reviewed the docs together with a friend/advisor who had more experience than me in private equity investments.
3. I went through 4-5 rounds of questions about all I had read directly to the fund manager, Dan Brewer (I believe he is a BP member). This probably lasted 2 weeks. Depending on the complexity of the questions he'd either email me straight back or call me on the phone.
4. I asked for references and Dan gave me two names of people who'd invested with him in the past. I talked to one of them over the phone and heard their story and whether they trusted Dan and how he treated them. I had a detailed enough conversation that I didn't pursue the 2nd reference.
5. From steps 2, 3 and 4 I got satisfactory answers that addressed my concerns.
6. Dan Brewer was planning a visit to the Bay Area where I live and even though I had made up my mind to invest at that point and was done with paperwork, it didn't hurt that we met in person. We went over the details of how he runs his organization, what his investment vision is for the future regarding the senior living space etc.
My advise is if you read the paperwork and you're serious about investing, try to schedule a time to talk to Dan over the phone and raise any concerns you might have.
Hope this helps,
Nikos
I just learned about this company last week. Talked with them. The basic assumption and model are sound to me, the numbers are attractive. But still we have to take risk. I am tempted to. Appreciate if you can share some information
Hello,
I have actually invested in SLF I after doing my due diligence. If it helps, the way I went about it was the following:
0. I was researching the space and run into their website from google searching.
1. Emailed them to get their documents. Initially their PPM and after reading it I asked for the Underwriting process doc, The Operating agreement and Subscription agreement which had more details and legal bindings.
2. I reviewed the docs together with a friend/advisor who had more experience than me in private equity investments.
3. I went through 4-5 rounds of questions about all I had read directly to the fund manager, Dan Brewer (I believe he is a BP member). This probably lasted 2 weeks. Depending on the complexity of the questions he'd either email me straight back or call me on the phone.
4. I asked for references and Dan gave me two names of people who'd invested with him in the past. I talked to one of them over the phone and heard their story and whether they trusted Dan and how he treated them. I had a detailed enough conversation that I didn't pursue the 2nd reference.
5. From steps 2, 3 and 4 I got satisfactory answers that addressed my concerns.
6. Dan Brewer was planning a visit to the Bay Area where I live and even though I had made up my mind to invest at that point and was done with paperwork, it didn't hurt that we met in person. We went over the details of how he runs his organization, what his investment vision is for the future regarding the senior living space etc.
My advise is if you read the paperwork and you're serious about investing, try to schedule a time to talk to Dan over the phone and raise any concerns you might have.
Hope this helps,
Nikos
Did they file consolidated returns? Do you get a K1 from them?
I have not closed the year yet since I made the investment in 2016 so I don't know. They can probably answer that if you email them.
Hi Nikos, what is the minimum investment they need? And, where is their next project going to be and when is it scheduled for? Did they tell you how many investors they currently have?
SLF I has concluded raising money about a week ago. They are working on a new fund these days (SLF IV), so reach out to them to see when they can have a prospectus already. Given it's a new fund I'm not sure what the new shares class thresholds are going to be like (i.e., minimum investments to get a certain class of shares). They are pretty responsive.
@Nikos Michalakis wanted see if you had any updates. I think the year you invested has ended so just wanted to ask you overall experience with them now that you have been with them for a while.
Did they deliver everything to you that you expected? Did they ever miss a payment or scheduled communication update or anything else? Would you do another deal with them or would you recommend them to others?
I would also be interested in any experiences with Senior Living Fund. I've reviewed their materials and spoke with several members of their team, including Dan Brewer, and all appears very positive.
Hi Nikos, It's been over a year since your investment in SLF. How is is working out for you? I am considering investing and would love you feedback. Thx!
Hi all,
I think your questions are similar so I will try to answer them together:
1. They did send me a K1 for tax purposes. It came on the later end of the tax window (around end of March I believe).
2. No payments missed. Exact on the schedule the fixed amount per month that matches the percentage in the brochures pretty much like collecting rent. (I picked the shares that do not defer all the payments to the end that's why I get the monthly payments.).
3. Dan Brewer has visited the Bay Area (where I live) twice to sit with me in person and listen to my questions and give me updates, his investment criteria and recommendations. I like that.
4. About doing another deal with them: I'm a first-time investor with Dan Brewer and an investor in SLF I (now they are on III and IV at this point) and the expected closing of my fund is in 3.5-4 years. If all goes well and I get my principal and gains after the fund closes then I will re-invest the money to whichever fund is available at the time (SLF 15 or whichever number is there at the time) and possibly increase my principal amount.
5. I have recommended SLF to friends who have their investments primarily in the stock market given my experience with Dan and my own theory that an aging population will need the kinds of real-estate that Dan is investing in.
Are there any other investors that have invested in the Senior Fund and have positive or
negative comments ?? Also, would love to hear from an investor who besides receiving
the 10% monthly distributions as promised have also received their principal back and the
additional bonus 5-10% bonus at the end ??? Thanks, Robert C ( I am a possible Investor )
Hi Robert.
Positive: receiving monthly payments on time each month automatically and nice friendly team that always answer my questions.
Negative: reporting K-1s so far in the two years I've invested are always past the deadline so we have to ask for an extension with our accountant. It seems that's not unheard of in these kinds of investments.
I have not received any principal back. Given how the first fund kicked off late 2015 - early 2016 and it has a 5-year horizon I'm not sure you'll find anyone who has gotten their principal back. It's just too early and that's a risk you'll have to assess given the young age of SLF. Before SLF the fund manager, Dan Brewer, was managing other assets for investors so I'd recommend you ask for references there to tell you how he did. I did that before investing.
Why are there so few reviews about Senior Living (Fund)? I have researched the internet and cannot find much. Hard to believe since the company has existed for at least several years. Is there anybody else who has invested in this Fund that could comment?
I have been researching this company too and not able to find many reviews. They are fairly new and I believe only started offerings 3- 4 years ago so they do not have much of a track record in the senior housing market yet.
I did meet with Dan who seemed very nice and was able to answer some of my questions. I asked for references but was told as I get further in the due dilligence process he would provide. (Is this typical?)
Specifically I was looking at the offering for the ALF in Florida.
I have asked some very specific questions about their strategy and proforma for this particular offering but have yet to receive a response which is concerning.
If anyone else has feedback about this company it would be much appreciated.
With regard to concern per quite few people about getting principal redeemed, I would like to share my experience so far:
I started to invest with SLF since early 2016 (3 funds I, III, IV). These are expected to unwind in 2020-21 (4-5 years). I have received monthly payment on time. Also in June 2017 I participated in Opportunity fund for an existing property in Port Orange, Florida (I actually visited the place during one of my road trip in that are last year, very nice facility). The fund was planned to unwind in 1+ year (late 2018) via some 1031 exchange from new investors I think. It was 8% return (paid monthly) and expected to have additional 8% at the end along with original principal. Though I am given the option to keep my principal there, I decided to redeem for unexpected personal need, and I just got the principal back along with the remaining 8% (total 16% return). Dan and the whole SLF team are very nice and responsive. When Dan happens to be in town (I live in DFW area), he informed me so we get together one on one and I appreciate that, but sometimes I like to see a meeting or get together in an area where there are a handful of investors, that way I feel bit more cozy and camaraderie sort of feeling.
I think all passive income investment has risk. Everyone has his/her own situation/risk tolerance. For me going into retirement soon, I plan to diversify my passive real state investment asset this way: 50% in several rental houses, the remaining 50% in various syndication investment like SLF. Unlike my own rental houses, this 50% with syndication investment is not under my control, so my plan is to evenly distribute this 50% into 5 groups, about 10% per each. SLF is one of them. I also have another 15% in apartment (with a company called 37th Parallel), and recently another 7-8% in new house construction company (Megatel). I am looking for another 2 groups in the near future, currently interested in retail, natural gas, maybe land. If anyone has any experience in these areas please share with me, I would appreciate that.
Thuan
I too have been checking them out and was curious as to why so little is out there in the way of reviews. It almost, I say “almost” because I’d like to think otherwise”, too good to be true!
I called today and spoke with a representative named Stephanie. She advised that the company is 8 years old and owned by parent company "Bridge Capital Management". Easy enough to google; Bridge appears to be a REIT with a specialty niche in this market.
Any further light anyone can share would be much appreciated.
Hello,
I have actually invested in SLF I after doing my due diligence. If it helps, the way I went about it was the following:
0. I was researching the space and run into their website from google searching.
1. Emailed them to get their documents. Initially their PPM and after reading it I asked for the Underwriting process doc, The Operating agreement and Subscription agreement which had more details and legal bindings.
2. I reviewed the docs together with a friend/advisor who had more experience than me in private equity investments.
3. I went through 4-5 rounds of questions about all I had read directly to the fund manager, Dan Brewer (I believe he is a BP member). This probably lasted 2 weeks. Depending on the complexity of the questions he'd either email me straight back or call me on the phone.
4. I asked for references and Dan gave me two names of people who'd invested with him in the past. I talked to one of them over the phone and heard their story and whether they trusted Dan and how he treated them. I had a detailed enough conversation that I didn't pursue the 2nd reference.
5. From steps 2, 3 and 4 I got satisfactory answers that addressed my concerns.
6. Dan Brewer was planning a visit to the Bay Area where I live and even though I had made up my mind to invest at that point and was done with paperwork, it didn't hurt that we met in person. We went over the details of how he runs his organization, what his investment vision is for the future regarding the senior living space etc.
My advise is if you read the paperwork and you're serious about investing, try to schedule a time to talk to Dan over the phone and raise any concerns you might have.
Hope this helps,
Nikos
I invested in SLF 1 which terminated June 2019. Interest was good 8% and paid on time. Now instead of returning my capital in a lump sum they want to return it in monthly payments similar to what I was getting in interest over 24 months and not pay any interest. Where can I complain about this??
Fred Tanner has a misunderstanding of his investment. Fred invested in one of our funds 3 years ago. The fund is an equity fund designed for investing in the construction and operations of senior housing communities. From the beginning of construction to the ultimate sale or refinance of a senior housing community typically takes 4 to 5 years. The fund will invest in several such communities over a 1-2 year period, Therefore the fund life is estimated at 5-6 years. The fund pays "preferred returns" (not interest) for the first 48 months of the fund's life, which was reached in June, 2019. Thereafter, the fund begins it "wind-down" period, whereby the investor's capital is returned, along with the investor's share of profits earned based on the investor's ownership in the fund. This wind-down period is estimated at two years, and is dependent on the maturity (sale or refinance) of each senior housing community in which the fund invests. In summary, the fund is performed exactly as is described in the fund PPM and related investment documents.
From the date Fred registered with Senior Living Fund, until the time he invested, approximately three months elapsed. During that period, there were numerous email exchanges with Fred, as well as a direct phone conversation with me and also our investor relations personnel. Fred was provided with all the necessary investment documents, as well as our FAQs. These documents, and particularly the PPM and the FAQs, directly discuss the function of the fund and the distribution process, as I have summarized in this response. Regardless, its clear Fred at present does not remember the merits of his investment in the fund. Prior to Fred's posting, we had several conversations with Fred, and I had a followup conversation. I am working with Fred to address his concerns.
Dan any plans to visit Northern CA any time soon or if you can forward enrollment docs and due diligence set before your upcoming arrival ?
Hi Igal, I travel to the SF bay area frequently, and in fact was just there the last week in September. I imagine I will visit again in late November or early December. I will put you on my "notify" list. I checked our records, you have signed up on our website, and you have been corresponding with us. Let me know if there is anything I can do for you, happy to chat with you at your leisure. Thanks, Dan
Hi Dan,
My name is Grace. I am currently researching on different ways on investing on Senior Living housing. You mentioned you come here at San Francisco often. Do you have any upcoming live seminars in the bay area? If not, do you hold any webinars in the near future?
Thanks
Hi Grace, I anticipate being in the Bay area in January 2020. I do not hold seminars, but meet with investors one-on-one. We should talk on the phone before I come to the bay area, and then we can meet if you feel the investment is suitable for you. Just let me know. Otherwise, we will send out a notice a few days before my trip to the bay area. Thanks Dan
Hi Dan,
I am in NYC area. Any plans to visit there?