Starboard DST Bridge Fund I, LP
Built for Gaps. Designed for Performance.
Fund Overview
The Starboard DST Bridge Fund I, LP offers investors access to a focused real estate bridge strategy designed to support time-sensitive acquisitions by DST sponsors. This bridge capital fund provides short-term preferred equity and debt capital ahead of DST syndication or permanent financing, addressing critical timing gaps in the transaction lifecycle. Liquidity is generally targeted through DST syndications, refinancings, or other capital events, subject to Fund terms and General Partner discretion.
Target Fund Size
$30 million
Minimum Investment
$250,000
Fund Term
7 years from final closing (extendable up to 3 years)
Investment Period
up to 5 years from final closing (extendable 1 year)
Preferred Return
10% annual, non-compounded
Carried Interest
20% after preferred return and return of capital
Management Fee
1.5% annually (0.375% quarterly)
Redemptions
semi-annual after 2-year lock-up, subject to liquidity
Redemption Gate
10% of aggregate commitments per six-month period
Connect with the Starboard Team
If you’d like to learn more about this fund and how it may fit within your portfolio, we invite you to get in touch. Submit an inquiry to request additional details or to connect with the team for a brief, no-obligation call.
The Opportunity
Real estate transactions executed through Delaware Statutory Trust (DST) structures require coordination across acquisitions, financing, and investor capital formation. These components often progress on different timelines, which can introduce execution risk at critical points in a transaction.
Sponsors may encounter periods where acquisition deadlines, financing requirements, or capital transitions arise before permanent capitalization is finalized. These timing gaps can create short-term capital needs that are operational in nature rather than reflective of long-term asset quality.
The challenge in many DST transactions is not sourcing opportunities but aligning capital availability with transaction timing to execute efficiently and preserve momentum.
Investment Approach
The Fund’s investment approach is designed to address timing-driven capital needs associated with DST transactions by providing structured capital solutions at defined points in the transaction lifecycle.
Capital is deployed through preferred equity and debt investments in DST depositor entities affiliated with the General Partner. These investments are used to support acquisitions, manage interim financing requirements, and facilitate capital transitions tied to DST execution.
Each investment is underwritten with a specific transaction objective in mind and structured around anticipated capital events, rather than long-term property ownership.
Use of Proceeds
Capital may be deployed for a range of transaction-related purposes, as permitted under the Fund Agreement, including:
- Supporting property acquisitions executed through DST structures
- Bridging timing gaps between acquisition, financing, and capitalization events
- Facilitating refinancings or recapitalizations
- Funding obligations that the General Partner believes are appropriate or necessary to preserve, protect, or enhance existing investments, subject to Fund terms
How Capital Moves Through the Fund
This bridge capital fund is structured to deploy and redeploy capital across multiple DST bridge transactions while maintaining clear mechanisms for capital to return as transactions reach liquidity events, subject to Fund terms, liquidity considerations, and applicable limitations.
Capital Commitments
Investors commit capital to the Fund, which is drawn as needed with advance notice in accordance with Fund terms.
Bridge Capital Deployment
Capital is deployed as preferred equity or debt into DST depositor entities to facilitate time-sensitive acquisitions or related financing requirements.
Syndication or Refinancing
Assets may be syndicated to 1031 exchange investors, refinanced, or otherwise recapitalized at the discretion of the General Partner.
Return of Capital
Proceeds generated from syndications, refinancings, or other liquidity events are returned to the Fund, subject to transaction performance.
Distributions or Redeployment
Returned capital may be distributed to investors or redeployed into new opportunities, based on Fund terms, available liquidity, and General Partner discretion.
Exit Pathways
Investments are structured with anticipated exit pathways tied to defined capital events rather than indefinite holds. These may include:
- DST syndications to investors
- Asset-level refinancings
- Other capitalization or liquidity events
Capital Recycling
During the investment period, capital returned to the Fund may be redeployed into new investments rather than immediately distributed. This recycling feature is intended to improve capital efficiency and support repeat deployment across multiple transactions.
The decision to recycle or distribute capital is made at the discretion of the General Partner and remains subject to Fund terms, liquidity considerations, and applicable limitations.
Risk Controls & Guardrails
The Fund operates within defined parameters intended to manage risk and maintain discipline, including:
- Investment limitations on asset class exposure as defined in the Fund Agreement
- Defined investment and fund term periods
- Restrictions on successor funds during the restricted period
- Use of leverage only in connection with investments or Fund expenses, including subscription or asset-level facilities permitted under the Fund Agreement
- GP discretion bounded by the Fund Agreement and LPAC oversight in specified circumstances
Designed with Purpose. Deployed with Precision.
Every element of the Starboard DST Bridge Fund I, LP is structured around clarity of capital position, defined transaction outcomes, and repeatable deployment. Request exclusive access to this bridge capital fund or schedule a confidential call to review the opportunity in more detail.