The Fund raises up to $100 million of accredited-investor equity to help finance ground-up development of five assisted living and senior housing communities (about 150 units and 130,000 square feet each) on surplus land owned by Roman Catholic parishes in the Diocese of Phoenix, Arizona. Facilities are built and operated by affiliates of the Managing Member under 90-year parish ground leases. Investor Units earn a 12% cumulative, non-compounding Preferred Return, paid at the Managing Member’s discretion, plus a later 25% share of Net Cash Flow. No returns are assured.