The Walk
Crew / KHCA track. Bought 29 Apr 2022 for $45.5 million. Form D $24.7 million; circular offering $29.9 million. BCS1 remove-trustee petition on disk.
- Asset
- ~87 units / 251 beds · student housing · The Walk · 899 12th Street, Tuscaloosa, AL 35401 (circular loan table; KHCA used 83 units)
- Purchase
- 29 Apr 2022 · $45,500,000 (VIP Bonds circular)
- Senior mortgage
- BankPlus · $27,834,000 · 3.50% · 29 Apr 2022–5 May 2029 · interest-only through 31 May 2027 (circular coupon and dates). Walk 1055 petition recites BankPlus from the sealed PPM. Circular does not name the lender.
- Trust Agreement
- 28 Apr 2022 (Walk 1055 petition). Sealed Exhibit A (103086818). Delaware Trustee Sorensen Entity Services; Independent Trustee Chris Sorensen; The Walk ST Signatory Trustee.
- Master lease
- Recited in the PMA as effective 29 Apr 2022 · DST → The Walk LeaseCo
- Property management
- Book and Ladder LLC · exclusive · 3% of Monthly Gross Revenues + quarterly incentive ($0.25 per dollar of NOI above budget). 1-year term, auto-renew. PMA §6.8 makes Versity Invest a third-party beneficiary.
- PPM
- 28 Apr 2022 plus supplement 29 Apr 2022 (Walk 1055 petition). Sealed Exhibit B (103086818). Petition recites offering $24,694,414 and *alleges* the trust was fully subscribed.
- Offering
- Form D 9 May 2022 · first sale yetToOccur · $24,694,414 · CIK 0001926553. Circular lists $29,897,965. Petition *alleges* fully subscribed.
- Circular (30 Jun 2023)
- Offering substantially completed · ~1% remaining · occupancy ~99% · ~95% pre-leased for 2023/24. Sponsor disclosure.
- Selling group
- No commissioned sellers listed (
yetToOccur). - Bridge (petition)
- $15,959,315.23 in the introduction / $15,950,315.23 where the 29 Apr 2022 PPM supplement is cited. Crew guaranteed. Allegations as to later nonpayment.
- BCS1 stake (petition)
- $4,638,609.92 on or about 15 Jun 2022 · 18.8628%. Exhibit M *alleges* another 40.19% engaged to remove the signatory trustee. Allegations. Owner list not republished.
- Stack
- Unpaid bridge with Vintage, One on 4th, Hayworth. Circular names the revolving mezz Crayhill. Walk 1055 recites leftover-IB caption The Walk IB, LLC v. The Walk, DST, C.A. 2025-0754-SEM (pleading not in this archive).
- Delaware
- [BCS1 v. The Walk DST](/cases/de-2025-1055-sem/), C.A. 2025-1055-SEM
Named throughout the investor thread and the KHCA case as one of the four DSTs under the ~$56M bridge. Bought 29 Apr 2022 for $45.5 million. Delaware action to remove Crew as signature trustee: BCS1 v. The Walk DST. Capital Square webinar target, August 2026.
Purchase
The VIP Bonds circular says the trust bought the property 29 Apr 2022 for $45,500,000. Senior loan $27,834,000 at 3.50%, 29 Apr 2022–5 May 2029, interest-only through 31 May 2027. The circular does not name that lender. The Walk 1055 petition recites BankPlus from the sealed PPM as that seven-year first mortgage. Trust Agreement 28 Apr 2022 and PPM 28 Apr 2022 plus 29 Apr 2022 supplement remain sealed Exhibits A–B.
The PMA is dated 29 Apr 2022 (exhibit). The Walk LeaseCo is the Owner; Book & Ladder is exclusive PM at 3% of Monthly Gross Revenues, plus a quarterly NOI incentive. One-year term, auto-renew. PMA §6.8 makes Versity Invest a third-party beneficiary. The PMA recites a master lease the same day and ~87 units / 251 beds. The KHCA complaint used 83 units at 899 12th Street; the circular loan table uses that address. Fee table across the Crew PMAs lives on Book & Ladder.
Offering
Form D offering $24,694,414; circular offering $29,897,965. EDGAR name is WALK, DST (CIK 0001926553), not “THE WALK, DST.” No commissioned sellers listed. First sale yetToOccur.
As of 30 Jun 2023 the circular says the offering was substantially completed (~1% remaining), occupancy about 99%, and about 95% pre-leased for 2023/24. Sponsor disclosure. The Walk 1055 petition alleges the $24,694,414 Form D offering was fully subscribed.
Bridge
Unpaid stack with Vintage, One on 4th, and Hayworth. Circular names the revolving mezz Crayhill. New York caption: Index 651885/2024. The Walk 1055 petition alleges a ~$15.95 million Walk-level bridge (two figures in that pleading) guaranteed by Crew, and recites leftover-IB caption The Walk IB, LLC v. The Walk, DST, C.A. 2025-0754-SEM. That IB pleading is not in this archive.
Litigation
BCS1 v. The Walk DST, C.A. 2025-1055-SEM. Petitioners allege $4,638,609.92 / 18.8628% from about 15 Jun 2022, books-and-records refusals, and Cause to remove The Walk ST. Exhibit M alleges another 40.19% with McQuade. Motion to dismiss heard 14 Jul 2026; no opinion posted. Allegations.