IncomePlus Fund

Maple Street Lofts

Chicago,

IL

Total Required Equity
$6,250,000
Asset Type
Multifamily
Investment Objective
Income
Hold Period
2+ Years
Investment Date
7/17/2020

Investment Summary

Maple Street Lofts is a Class A multifamily development in downtown Mount Prospect, a suburb 19 miles northwest of Chicago, Illinois. Upon completion of Phase One, the property will contain 192 loft-style apartment units and approximately 15,000 square feet of grocery-anchored commercial space. The property will also have more than 3,000 square feet of tenant amenity space, a 15,000 square-foot terrace with views of downtown Chicago and attached garage parking for up to 245 vehicles. Furthermore, Maple Street Lofts is located just 50 feet from a Union Pacific Metra commuter rail stop to downtown Chicago.

Origin’s investment in Maple Street Lofts is preferred equity financing that will occupy the property’s capital stack from 67% to 81%, meaning we have a greater than 19% cushion to loss and get paid back before the sponsor equity holders. The development is expected to be completed in 2021.

Wingspan Development Group, our partner on the project, is a highly respected developer with more than 80 years of construction experience and a track record of successful execution in the niche Mount Prospect submarket.

Key Deal Points

The investment’s interest will be accrued throughout this phase (estimated to take 24 months) and will be paid in full to the Origin IncomePlus Fund upon completion of construction.

We have a "purchase right," but not an obligation, to acquire ownership of the property at 97% of the fair market value at any point throughout the investment hold period. We also have a "put right" that we can exercise at any point after year seven of the investment.

The project was greater than 25% complete at the date we made our investment. With more than $12.8 million of first-loss sponsor common equity ahead of our preferred equity position, our investment has significant protection in the project's payback priority.

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