PSA
Purchase and sale agreement. The contract to buy the building, usually before the DST exists.
The buyer is often the sponsor LLC. The DST takes assignment at close. Price, unit count, and close date in the PSA can differ from the later PPM, PMA, or circular.
Why it shows up here: the Apex PSA (1 Aug 2022) is $100 million; the circular close is $99.55 million plus a $400,000 credit. KHCA says it declined to finance Apex after that PSA. One on 4th’s PSA said 415 beds; the PMA recites 475.