IncomePlus Fund

Maple Street Lofts

Chicago,

IL

Equity Invested to Date
$6,250,000
Asset Type
Multifamily
Investment Objective
Development
Investment Date
July 2020
Realized IRR
22.50%
Realized Net Multiple
1.30x

Investment Summary

Maple Street Lofts was a Class A multifamily development in downtown Mount Prospect, a suburb 19 miles northwest of Chicago, Illinois. Origin maintained a preferred equity position over a 15-month hold period, beginning in July of 2020 and ending in October of 2021. During that time, the property underwent two separate development phases.

The now complete project contains 192 loft-style apartment units, approximately 15,000 square feet of grocery-anchored commercial space, 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. The investment generated a 1.30x gross equity multiple and a 22.5% gross IRR for IncomePlus Fund investors.

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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