IncomePlus Fund

Aspire Westminster

Westminster,

CO

Total Required Equity
$18,000,000
Asset type
Multifamily
Investment Objective
Income
IRR
12%
Hold Period
3+ Years
Investment Date
2/28/2019

Investment Summary

Aspire of Westminster is a multifamily commercial real estate development in Westminster, CO that will feature 226 Class A apartment units and 34,500 square feet of ground-floor retail space. The development is expected to be completed in 2021. Our investment in Aspire of Westminster is preferred equity financing that will occupy the capital stack of the property from 52% to 75%, meaning we have a 25% cushion to loss and get paid back before true equity holders.

Key Deal Points

The interest on our preferred equity investment will be accrued throughout the development phase and paid in full to the Origin IncomePlus Fund upon completion of construction when the Sponsor refinances the property.

When the Sponsor refinances the property upon completion of construction, the repayment priority will start with the senior construction loan paid in full, then our preferred equity accrued interest paid in full and, finally, residual cash flow will go to the Sponsor equity holder.

The preferred equity investment will occupy the capital stack from 52% to 75%, sitting behind $47 million of senior bank financing and ahead of $22 million of equity provided by the sponsor, the City of Westminster.

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