REO schedule
SampleEvery property the sponsor owns, with its value, debt, coverage and equity, in the format lenders ask for.
Sample properties and figures; values are sponsor estimates. Balances and NOI as of Sep 30, 2026.
- Properties owned
- 8
- 942 units, 4 stabilized
- Total estimated value · sponsor estimate
- $211M
- Mixed methods, marks to Sep 30, 2026
- Total debt · as of Sep 30, 2026
- $113M
- LTV 53.5%, in band
- Portfolio NOI · trailing 12 months
- $6.2M
- DSCR 1.56x, in bandDSCR on stabilized properties only
Schedule of real estate owned
For lenders reviewing the sponsor and its guarantors, and for leadership. Open a row for its detail.
- Linden rowSample address, 2400 block of Linden Avenue, Minneapolis, MN$16,900,000Appraisal, Apr 30, 2026$7,445,5821.58xIn band44.1%In bandStabilized
- Como park apartmentsSample address, 1100 block of Como Avenue, St. Paul, MN$25,418,1825.50% cap on T12, Sep 30, 2026$12,807,6241.69xIn band50.4%In bandStabilized
- Seward stationSample address, 2200 block of Franklin Avenue East, Minneapolis, MN$21,400,000Appraisal, Nov 15, 2025$10,121,3091.92xIn band47.3%In bandStabilized
- Minnehaha loftsSample address, 3000 block of Minnehaha Avenue, Minneapolis, MN$32,609,5245.25% cap on T12, Sep 30, 2026$19,709,6111.31xIn band60.4%In bandStabilized
- Lowry flatsSample address, 800 block of Lowry Avenue NE, Minneapolis, MN$34,600,000Appraisal, Jun 15, 2026$20,400,0000.50xNot tested59.0%In bandLeasing up
- Nicollet commonsSample address, 2600 block of Nicollet Avenue, Minneapolis, MN$38,900,000Appraisal, Aug 20, 2026$28,400,0000.23xNot tested73.0%WatchLeasing up
- Cedar Lake flatsSample address, 2900 block of Cedar Lake Road, Minneapolis, MN$31,200,000Cost, Sep 30, 2026$13,840,000n/a44.4%In bandUnder construction
- Hiawatha yardsSample address, 4200 block of Hiawatha Avenue, Minneapolis, MN$9,800,000Cost, Sep 30, 2026$0n/a0.0%In bandUnder construction
| Property | Ownership entity | Sponsor % | Units | Acquired or completed | Cost basis | Estimated value | Lender and loan | Balance, Sep 30, 2026 | Rate | Maturity | Monthly debt service | T12 NOI, through Sep 30, 2026 | DSCR | LTV | Occupancy | Equity | Sponsor share of equity | Recourse | Status | Details |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Linden rowSample address, 2400 block of Linden Avenue, Minneapolis, MN | Sample Linden Row LLC | 20.0% | 54 | May 31, 2018Completed | $11,300,000Total cost | $16,900,000Appraisal, Apr 30, 2026 | Sample Life CompanyPermanent | $7,445,582 | 4.05%Fixed | Jan 1, 2029 | $49,877 | $948,000 | 1.58xIn band | 44.1%In band | 96.3% | $9,454,418 | $1,890,884 | N, carve-outs only | Stabilized | |
| Como park apartmentsSample address, 1100 block of Como Avenue, St. Paul, MN | Sample Como Park Owner LLC | 10.0% | 110 | Jun 28, 2019Acquired | $19,400,000Purchase plus capital work | $25,418,1825.50% cap on T12, Sep 30, 2026 | Sample Community BankBank term | $12,807,624 | 4.25%Fixed | Jan 1, 2027 | $68,872 | $1,398,000 | 1.69xIn band | 50.4%In band | 94.5% | $12,610,558 | $1,261,056 | Y, $2,100,000 | Stabilized | |
| Seward stationSample address, 2200 block of Franklin Avenue East, Minneapolis, MN | Sample Seward Station LLC | 15.0% | 72 | Aug 31, 2021Completed | $15,800,000Total cost | $21,400,000Appraisal, Nov 15, 2025 | Sample Agency LenderAgency | $10,121,309 | 3.45%Fixed | Jan 1, 2032 | $49,981 | $1,152,000 | 1.92xIn band | 47.3%In band | 95.8% | $11,278,691 | $1,691,804 | N, carve-outs only | Stabilized | |
| Minnehaha loftsSample address, 3000 block of Minnehaha Avenue, Minneapolis, MN | Sample Minnehaha Lofts LLC | 10.0% | 96 | Mar 31, 2025Completed | $24,900,000Total cost | $32,609,5245.25% cap on T12, Sep 30, 2026 | Sample Life CompanyPermanent | $19,709,611 | 5.10%Fixed | Jul 1, 2035 | $108,861 | $1,712,000 | 1.31xIn band | 60.4%In band | 94.8% | $12,899,912 | $1,289,991 | N, carve-outs only | Stabilized | |
| Lowry flatsSample address, 800 block of Lowry Avenue NE, Minneapolis, MN | Sample Lowry Flats LLC | 10.0% | 124 | Jan 31, 2026Completed | $31,800,000Total cost | $34,600,000Appraisal, Jun 15, 2026 | Sample Regional BankConstruction | $20,400,000 | 6.05%Floating, SOFR plus 290 | Jun 30, 2027 | $102,850 | $612,000 | 0.50xNot tested | 59.0%In band | 88.5% | $14,200,000 | $1,420,000 | Y, $5,167,500 plus completion | Leasing up | |
| Nicollet commonsSample address, 2600 block of Nicollet Avenue, Minneapolis, MN | Sample Nicollet Commons LLC | 7.5% | 168 | Nov 30, 2025Completed | $44,500,000Total cost | $38,900,000Appraisal, Aug 20, 2026 | Sample National BankConstruction | $28,400,000 | 6.25%Floating, SOFR plus 310 | Mar 31, 2027 | $147,917 | $410,000 | 0.23xNot tested | 73.0%Watch | 64.0% | $10,500,000 | $787,500 | Y, $7,231,250 plus completion | Leasing up | |
| Cedar Lake flatsSample address, 2900 block of Cedar Lake Road, Minneapolis, MN | Sample Cedar Lake Flats LLC | 8.0% | 182 | Mar 16, 2026Closed | $31,200,000Cost to date | $31,200,000Cost, Sep 30, 2026 | Sample Regional BankConstruction | $13,840,000 | 5.90%Floating, SOFR plus 275 | Jun 30, 2028 | $68,047 | Not operating | n/a | 44.4%In band | n/a | $17,360,000 | $1,388,800 | Y, $8,060,000 plus completion | Under construction | |
| Hiawatha yardsSample address, 4200 block of Hiawatha Avenue, Minneapolis, MN | Sample Hiawatha Yards LLC | 10.0% | 136 | Aug 11, 2026Closed | $9,800,000Cost to date | $9,800,000Cost, Sep 30, 2026 | Sample National BankConstruction | $0 | 6.00%Floating, SOFR plus 285 | Mar 31, 2029 | $0 | Not operating | n/a | 0.0%In band | n/a | $9,800,000 | $980,000 | Y, $5,882,500 plus completion | Under construction | |
| Total, 8 properties | 942 | $188,700,000 | $210,827,706 | $112,724,126 | $596,404 | $6,232,000 | 1.56xStabilized only | 53.5% | 85.5%Unit weighted | $98,103,580 | $10,710,034 | $28,441,250 guaranteed |
Linden row
Stabilized, 54 units. Sample figures as of Sep 30, 2026.
Waterfall position, Sep 30, 2026
- Tier the next dollar falls in
- Tier 5, Residual above a 15% investor return
- Investor capital contributed
- $3,200,000
- LP capital contributed
- $2,560,000
- LP capital returned to date
- $2,560,000
- Preferred return paid to date
- $716,299
- Preferred return accrued, unpaid
- $0
- Sponsor promote earned to date
- $953,364
Distributions to date
- Total distributed
- $7,051,000
- To investors, including sponsor co-invest
- $6,097,636
- To the sponsor as promote
- $953,364
- Jan 15, 2019, refinance
- $4,100,000
- Dec 31, 2019, operations
- $380,000
- Dec 31, 2020, operations
- $380,000
- Dec 31, 2021, operations
- $380,000
- Dec 31, 2022, operations
- $380,000
- Dec 31, 2023, operations
- $380,000
- Dec 31, 2024, operations
- $380,000
- Dec 31, 2025, operations
- $380,000
- Mar 31, 2026, operations
- $97,000
- Jun 30, 2026, operations
- $97,000
- Sep 30, 2026, operations
- $97,000
Value history
- May 31, 2018Cost, cost at completion
- $11,300,000
- Dec 14, 2018Appraisal, refinance appraisal
- $14,600,000
- Apr 30, 2026Appraisal, lender appraisal, as is
- $16,900,000
Covenant tests
- Debt service coverage, minimumMet
Required 1.25x, actual 1.58x, headroom +0.33x
Tested now. If missed: cash management.
Upcoming maturities and tests
- Permanent loan matures, Sample Life Company824 days from Sep 30, 2026
- Jan 1, 2029
Schedule fields
- Address
- Sample address, 2400 block of Linden Avenue, Minneapolis, MN
- Ownership entity
- Sample Linden Row LLC
- Sponsor ownership, before promote
- 20.0%
- Units
- 54
- Completed
- May 31, 2018
- Total cost
- $11,300,000
- Estimated value
- $16,900,000Appraisal, Apr 30, 2026
- Lender
- Sample Life Company, permanent
- Balance, Sep 30, 2026
- $7,445,582
- Commitment or original amount
- $9,400,000
- Rate
- 4.05%, fixed
- Maturity
- Jan 1, 2029
- Monthly debt service
- $49,877
- T12 NOI
- $948,000
- DSCR
- 1.58x
- LTV
- 44.1%
- Occupancy
- 96.3%
- Equity, value less debt
- $9,454,418
- Sponsor share of equity
- $1,890,884
- Recourse
- N, carve-outs only
- Status
- Stabilized
Como park apartments
Stabilized, 110 units. Sample figures as of Sep 30, 2026.
Waterfall position, Sep 30, 2026
- Tier the next dollar falls in
- Tier 1, Preferred return
- Investor capital contributed
- $6,100,000
- LP capital contributed
- $5,490,000
- LP capital returned to date
- $1,829,873
- Preferred return paid to date
- $2,766,808
- Preferred return accrued, unpaid
- $88,802
- Sponsor promote earned to date
- $0
Distributions to date
- Total distributed
- $4,800,000
- To investors, including sponsor co-invest
- $4,800,000
- To the sponsor as promote
- $0
- Jan 10, 2022, refinance
- $3,350,000
- Dec 31, 2022, operations
- $310,000
- Dec 31, 2023, operations
- $310,000
- Dec 31, 2024, operations
- $310,000
- Dec 31, 2025, operations
- $310,000
- Mar 31, 2026, operations
- $70,000
- Jun 30, 2026, operations
- $70,000
- Sep 30, 2026, operations
- $70,000
Value history
- Jun 28, 2019Cost, purchase price
- $16,250,000
- Nov 30, 2021Appraisal, refinance appraisal
- $22,800,000
- Sep 30, 2026Cap rate on trailing NOI, sponsor estimate, cap rate on trailing noi
- $25,418,182
Covenant tests
- Debt service coverage, minimumMet
Required 1.30x, actual 1.69x, headroom +0.39x
Tested now. If missed: default after cure period.
- Loan to value, maximumMet
Required 70.0%, actual 50.4%, headroom 19.6 pts
Tested now. If missed: paydown to rebalance.
Upcoming maturities and tests
- Bank term loan matures, Sample Community Bank93 days from Sep 30, 2026
- Jan 1, 2027
- Extended maturity if option 1 is exercised458 days from Sep 30, 2026
- Jan 1, 2028
Extension condition: 1.30x coverage and 70% loan to value at exercise.
Schedule fields
- Address
- Sample address, 1100 block of Como Avenue, St. Paul, MN
- Ownership entity
- Sample Como Park Owner LLC
- Sponsor ownership, before promote
- 10.0%
- Units
- 110
- Acquired
- Jun 28, 2019
- Purchase plus capital work
- $19,400,000
- Estimated value
- $25,418,1825.50% cap on T12, Sep 30, 2026
- Lender
- Sample Community Bank, bank term
- Balance, Sep 30, 2026
- $12,807,624
- Commitment or original amount
- $14,000,000
- Rate
- 4.25%, fixed
- Maturity
- Jan 1, 2027
- Monthly debt service
- $68,872
- T12 NOI
- $1,398,000
- DSCR
- 1.69x
- LTV
- 50.4%
- Occupancy
- 94.5%
- Equity, value less debt
- $12,610,558
- Sponsor share of equity
- $1,261,056
- Recourse
- Y, $2,100,000
- Status
- Stabilized
Seward station
Stabilized, 72 units. Sample figures as of Sep 30, 2026.
Waterfall position, Sep 30, 2026
- Tier the next dollar falls in
- Tier 1, Preferred return
- Investor capital contributed
- $5,530,000
- LP capital contributed
- $4,700,500
- LP capital returned to date
- $0
- Preferred return paid to date
- $2,625,000
- Preferred return accrued, unpaid
- $604,484
- Sponsor promote earned to date
- $0
Distributions to date
- Total distributed
- $2,625,000
- To investors, including sponsor co-invest
- $2,625,000
- To the sponsor as promote
- $0
- Jan 12, 2022, refinance
- $1,050,000
- Dec 31, 2022, operations
- $330,000
- Dec 31, 2023, operations
- $330,000
- Dec 31, 2024, operations
- $330,000
- Dec 31, 2025, operations
- $330,000
- Mar 31, 2026, operations
- $85,000
- Jun 30, 2026, operations
- $85,000
- Sep 30, 2026, operations
- $85,000
Value history
- Aug 31, 2021Cost, cost at completion
- $15,800,000
- Dec 3, 2021Appraisal, agency appraisal
- $19,900,000
- Nov 15, 2025Appraisal, lender appraisal, as is
- $21,400,000
Covenant tests
- Debt service coverage, minimumMet
Required 1.25x, actual 1.92x, headroom +0.67x
Tested now. If missed: reporting trigger.
Upcoming maturities and tests
- Agency loan matures, Sample Agency Lender1919 days from Sep 30, 2026
- Jan 1, 2032
Schedule fields
- Address
- Sample address, 2200 block of Franklin Avenue East, Minneapolis, MN
- Ownership entity
- Sample Seward Station LLC
- Sponsor ownership, before promote
- 15.0%
- Units
- 72
- Completed
- Aug 31, 2021
- Total cost
- $15,800,000
- Estimated value
- $21,400,000Appraisal, Nov 15, 2025
- Lender
- Sample Agency Lender, agency
- Balance, Sep 30, 2026
- $10,121,309
- Commitment or original amount
- $11,200,000
- Rate
- 3.45%, fixed
- Maturity
- Jan 1, 2032
- Monthly debt service
- $49,981
- T12 NOI
- $1,152,000
- DSCR
- 1.92x
- LTV
- 47.3%
- Occupancy
- 95.8%
- Equity, value less debt
- $11,278,691
- Sponsor share of equity
- $1,691,804
- Recourse
- N, carve-outs only
- Status
- Stabilized
Minnehaha lofts
Stabilized, 96 units. Sample figures as of Sep 30, 2026.
Waterfall position, Sep 30, 2026
- Tier the next dollar falls in
- Tier 1, Preferred return
- Investor capital contributed
- $8,715,000
- LP capital contributed
- $7,843,500
- LP capital returned to date
- $2,059,372
- Preferred return paid to date
- $1,671,809
- Preferred return accrued, unpaid
- $264,560
- Sponsor promote earned to date
- $0
Distributions to date
- Total distributed
- $3,960,000
- To investors, including sponsor co-invest
- $3,960,000
- To the sponsor as promote
- $0
- Jul 10, 2025, refinance
- $3,600,000
- Dec 31, 2025, operations
- $90,000
- Mar 31, 2026, operations
- $90,000
- Jun 30, 2026, operations
- $90,000
- Sep 30, 2026, operations
- $90,000
Value history
- Sep 14, 2023Cost, building purchase
- $4,100,000
- Mar 31, 2025Cost, cost at completion
- $24,900,000
- Jun 12, 2025Appraisal, permanent loan appraisal
- $30,400,000
- Sep 30, 2026Cap rate on trailing NOI, sponsor estimate, cap rate on trailing noi
- $32,609,524
Covenant tests
- Debt service coverage, minimumMet, thin
Required 1.25x, actual 1.31x, headroom +0.06x
Tested now. If missed: cash sweep until cured.
Upcoming maturities and tests
- Permanent loan matures, Sample Life Company3196 days from Sep 30, 2026
- Jul 1, 2035
Schedule fields
- Address
- Sample address, 3000 block of Minnehaha Avenue, Minneapolis, MN
- Ownership entity
- Sample Minnehaha Lofts LLC
- Sponsor ownership, before promote
- 10.0%
- Units
- 96
- Completed
- Mar 31, 2025
- Total cost
- $24,900,000
- Estimated value
- $32,609,5245.25% cap on T12, Sep 30, 2026
- Lender
- Sample Life Company, permanent
- Balance, Sep 30, 2026
- $19,709,611
- Commitment or original amount
- $20,050,000
- Rate
- 5.10%, fixed
- Maturity
- Jul 1, 2035
- Monthly debt service
- $108,861
- T12 NOI
- $1,712,000
- DSCR
- 1.31x
- LTV
- 60.4%
- Occupancy
- 94.8%
- Equity, value less debt
- $12,899,912
- Sponsor share of equity
- $1,289,991
- Recourse
- N, carve-outs only
- Status
- Stabilized
Lowry flats
Leasing up, 124 units. Sample figures as of Sep 30, 2026.
Waterfall position, Sep 30, 2026
- Tier the next dollar falls in
- Tier 1, Preferred return
- Investor capital contributed
- $11,130,000
- LP capital contributed
- $10,017,000
- LP capital returned to date
- $0
- Preferred return paid to date
- $0
- Preferred return accrued, unpaid
- $1,242,694
- Sponsor promote earned to date
- $0
Distributions to date
- Total distributed
- $0
- To investors, including sponsor co-invest
- $0
- To the sponsor as promote
- $0
Value history
- May 16, 2025Cost, land at closing
- $3,900,000
- Jun 15, 2026Appraisal, lender appraisal, as is
- $34,600,000
Covenant tests
- Debt service coverage, minimumNot tested
Required 1.20x, actual 0.50x, headroom -0.70x
From Mar 31, 2027. If missed: extension denied.
- Loan to value, maximumMet
Required 75.0%, actual 59.0%, headroom 16.0 pts
Tested now. If missed: paydown to rebalance.
- Occupancy, minimumNot tested
Required 90.0%, actual 88.5%, headroom -1.5 pts
From Jun 30, 2027. If missed: permanent conversion delayed.
Upcoming maturities and tests
- First debt service coverage, minimum test182 days from Sep 30, 2026
- Mar 31, 2027
- Construction loan matures, Sample Regional Bank273 days from Sep 30, 2026
- Jun 30, 2027
- First occupancy, minimum test273 days from Sep 30, 2026
- Jun 30, 2027
- Extended maturity if option 1 is exercised456 days from Sep 30, 2026
- Dec 30, 2027
- Extended maturity if option 2 is exercised639 days from Sep 30, 2026
- Jun 30, 2028
Extension condition: 1.15x coverage on trailing three months.
Schedule fields
- Address
- Sample address, 800 block of Lowry Avenue NE, Minneapolis, MN
- Ownership entity
- Sample Lowry Flats LLC
- Sponsor ownership, before promote
- 10.0%
- Units
- 124
- Completed
- Jan 31, 2026
- Total cost
- $31,800,000
- Estimated value
- $34,600,000Appraisal, Jun 15, 2026
- Lender
- Sample Regional Bank, construction
- Balance, Sep 30, 2026
- $20,400,000
- Commitment or original amount
- $20,670,000
- Rate
- 6.05%, floating, sofr plus 290
- Maturity
- Jun 30, 2027
- Monthly debt service
- $102,850
- T12 NOI
- $612,000
- DSCR
- 0.50x
- LTV
- 59.0%
- Occupancy
- 88.5%
- Equity, value less debt
- $14,200,000
- Sponsor share of equity
- $1,420,000
- Recourse
- Y, $5,167,500 plus completion
- Status
- Leasing up
Nicollet commons
Leasing up, 168 units. Sample figures as of Sep 30, 2026.
Waterfall position, Sep 30, 2026
- Tier the next dollar falls in
- Tier 1, Preferred return
- Investor capital contributed
- $15,575,000
- LP capital contributed
- $14,406,875
- LP capital returned to date
- $0
- Preferred return paid to date
- $0
- Preferred return accrued, unpaid
- $1,996,434
- Sponsor promote earned to date
- $0
Distributions to date
- Total distributed
- $0
- To investors, including sponsor co-invest
- $0
- To the sponsor as promote
- $0
Value history
- Mar 7, 2025Cost, land at closing
- $5,200,000
- Nov 30, 2025Cost, cost at completion
- $44,500,000
- Aug 20, 2026Appraisal, lender appraisal, as is, during lease-up
- $38,900,000
Covenant tests
- Debt service coverage, minimumNot tested
Required 1.15x, actual 0.23x, headroom -0.92x
From Mar 31, 2027. If missed: extension denied.
- Loan to value, maximumMet, thin
Required 75.0%, actual 73.0%, headroom 2.0 pts
Tested now. If missed: paydown to rebalance.
Upcoming maturities and tests
- Construction loan matures, Sample National Bank182 days from Sep 30, 2026
- Mar 31, 2027
- First debt service coverage, minimum test182 days from Sep 30, 2026
- Mar 31, 2027
- Extended maturity if option 1 is exercised548 days from Sep 30, 2026
- Mar 31, 2028
Extension condition: 1.15x coverage and an approved concession plan.
Schedule fields
- Address
- Sample address, 2600 block of Nicollet Avenue, Minneapolis, MN
- Ownership entity
- Sample Nicollet Commons LLC
- Sponsor ownership, before promote
- 7.5%
- Units
- 168
- Completed
- Nov 30, 2025
- Total cost
- $44,500,000
- Estimated value
- $38,900,000Appraisal, Aug 20, 2026
- Lender
- Sample National Bank, construction
- Balance, Sep 30, 2026
- $28,400,000
- Commitment or original amount
- $28,925,000
- Rate
- 6.25%, floating, sofr plus 310
- Maturity
- Mar 31, 2027
- Monthly debt service
- $147,917
- T12 NOI
- $410,000
- DSCR
- 0.23x
- LTV
- 73.0%
- Occupancy
- 64.0%
- Equity, value less debt
- $10,500,000
- Sponsor share of equity
- $787,500
- Recourse
- Y, $7,231,250 plus completion
- Status
- Leasing up
Cedar Lake flats
Under construction, 182 units. Sample figures as of Sep 30, 2026.
Waterfall position, Sep 30, 2026
- Tier the next dollar falls in
- Tier 1, Preferred return
- Investor capital contributed
- $17,360,000
- LP capital contributed
- $15,971,200
- LP capital returned to date
- $0
- Preferred return paid to date
- $0
- Preferred return accrued, unpaid
- $740,100
- Sponsor promote earned to date
- $0
Distributions to date
- Total distributed
- $0
- To investors, including sponsor co-invest
- $0
- To the sponsor as promote
- $0
Value history
- Sep 30, 2026Cost, cost to date, under construction
- $31,200,000
Covenant tests
- Loan to value, maximumMet
Required 70.0%, actual 44.4%, headroom 25.6 pts
Tested now. If missed: in-balance deposit.
- Debt service coverage, minimumNot tested
Required 1.20x, actual Not yet measured, headroom Not yet measured
From Mar 31, 2028. If missed: extension denied.
Upcoming maturities and tests
- First debt service coverage, minimum test548 days from Sep 30, 2026
- Mar 31, 2028
- Construction loan matures, Sample Regional Bank639 days from Sep 30, 2026
- Jun 30, 2028
- Extended maturity if option 1 is exercised1004 days from Sep 30, 2026
- Jun 30, 2029
- Extended maturity if option 2 is exercised1369 days from Sep 30, 2026
- Jun 30, 2030
Extension condition: 1.15x coverage on trailing three months.
Schedule fields
- Address
- Sample address, 2900 block of Cedar Lake Road, Minneapolis, MN
- Ownership entity
- Sample Cedar Lake Flats LLC
- Sponsor ownership, before promote
- 8.0%
- Units
- 182
- Closed
- Mar 16, 2026
- Cost to date
- $31,200,000
- Estimated value
- $31,200,000Cost, Sep 30, 2026
- Lender
- Sample Regional Bank, construction
- Balance, Sep 30, 2026
- $13,840,000
- Commitment or original amount
- $32,240,000
- Rate
- 5.90%, floating, sofr plus 275
- Maturity
- Jun 30, 2028
- Monthly debt service
- $68,047
- T12 NOI
- Not operating
- DSCR
- n/a
- LTV
- 44.4%
- Occupancy
- Not operating
- Equity, value less debt
- $17,360,000
- Sponsor share of equity
- $1,388,800
- Recourse
- Y, $8,060,000 plus completion
- Status
- Under construction
Hiawatha yards
Under construction, 136 units. Sample figures as of Sep 30, 2026.
Waterfall position, Sep 30, 2026
- Tier the next dollar falls in
- Tier 1, Preferred return
- Investor capital contributed
- $9,800,000
- LP capital contributed
- $8,820,000
- LP capital returned to date
- $0
- Preferred return paid to date
- $0
- Preferred return accrued, unpaid
- $103,864
- Sponsor promote earned to date
- $0
Distributions to date
- Total distributed
- $0
- To investors, including sponsor co-invest
- $0
- To the sponsor as promote
- $0
Value history
- Sep 30, 2026Cost, cost to date, under construction
- $9,800,000
Covenant tests
- Loan to value, maximumMet
Required 70.0%, actual 0.0%, headroom 70.0 pts
Tested now. If missed: in-balance deposit.
- Debt service coverage, minimumNot tested
Required 1.20x, actual Not yet measured, headroom Not yet measured
From Jan 31, 2029. If missed: extension denied.
Upcoming maturities and tests
- First debt service coverage, minimum test854 days from Sep 30, 2026
- Jan 31, 2029
- Construction loan matures, Sample National Bank913 days from Sep 30, 2026
- Mar 31, 2029
- Extended maturity if option 1 is exercised1278 days from Sep 30, 2026
- Mar 31, 2030
- Extended maturity if option 2 is exercised1643 days from Sep 30, 2026
- Mar 31, 2031
Extension condition: 1.15x coverage on trailing three months.
Schedule fields
- Address
- Sample address, 4200 block of Hiawatha Avenue, Minneapolis, MN
- Ownership entity
- Sample Hiawatha Yards LLC
- Sponsor ownership, before promote
- 10.0%
- Units
- 136
- Closed
- Aug 11, 2026
- Cost to date
- $9,800,000
- Estimated value
- $9,800,000Cost, Sep 30, 2026
- Lender
- Sample National Bank, construction
- Balance, Sep 30, 2026
- $0
- Commitment or original amount
- $23,530,000
- Rate
- 6.00%, floating, sofr plus 285
- Maturity
- Mar 31, 2029
- Monthly debt service
- $0
- T12 NOI
- Not operating
- DSCR
- n/a
- LTV
- 0.0%
- Occupancy
- Not operating
- Equity, value less debt
- $9,800,000
- Sponsor share of equity
- $980,000
- Recourse
- Y, $5,882,500 plus completion
- Status
- Under construction
How each figure is calculated
- Estimated value: the sponsor's estimate by the method in each row (cap rate on trailing NOI, latest appraisal, or cost), dated.
- Balance: drawn balance on interest-only loans; on amortizing loans, the scheduled balance after payments to Sep 30, 2026.
- Monthly debt service: interest on the drawn balance, or the level payment on an amortizing loan.
- DSCR: trailing 12 month NOI over 12 months of current debt service. Tested on stabilized properties only; the total is their NOI over their debt service.
- LTV: balance over estimated value. Equity: estimated value less balance. Sponsor share: equity times ownership, before promote.
- Bands: DSCR 1.25x or more in band, from 1.15x watch, below that out of band. LTV 65% or less in band, to 75% watch, above that out of band.
- Waterfall: the worked example's terms on every property, a 8% preferred return and a 15% hurdle, compounding annually and pro rata for part years.
- Prepared Nov 7, 2026.
When the debt matures
Current balances by maturity year, colored by each property's DSCR and LTV status.
- 2026None
- 2027$61.6M
- Como park apartments, Jan 2027, $12.8M, in band
- Lowry flats, Jun 2027, $20.4M, in band
- Nicollet commons, Mar 2027, $28.4M, watch
- 2028$13.8M
- Cedar Lake flats, Jun 2028, $13.8M, in band
- 2029$7.4M
- Linden row, Jan 2029, $7.4M, in band
- 2030None
- 2031None
- 2032$10.1M
- Seward station, Jan 2032, $10.1M, in band
- 2033None
- 2034None
- 2035$19.7M
- Minnehaha lofts, Jul 2035, $19.7M, in band
In bandWatchOut of bandNot tested
Schedule of real estate owned
Sample Sponsor LLC and guarantors. Sample data in the live format.
Balances, NOI and occupancy as of Sep 30, 2026
Prepared Nov 7, 2026
Prepared for [LENDER NAME]
| Property and address | Entity | Spons. % | Units | Acq. or compl. | Cost basis | Est. value and basis | Lender, type | Balance | Rate | Maturity | Mo. debt svc. | T12 NOI | DSCR | LTV | Occ. | Equity | Sponsor equity | Recourse | Status |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Linden row Sample address, 2400 block of Linden Avenue, Minneapolis, MN | Sample Linden Row LLC | 20.0% | 54 | Completed May 31, 2018 | $11,300,000 | $16,900,000 Appraisal, Apr 30, 2026 | Sample Life Company Permanent | $7,445,582 | 4.05% Fixed | Jan 1, 2029 | $49,877 | $948,000 | 1.58x | 44.1% | 96.3% | $9,454,418 | $1,890,884 | N, carve-outs only | Stabilized |
| Como park apartments Sample address, 1100 block of Como Avenue, St. Paul, MN | Sample Como Park Owner LLC | 10.0% | 110 | Acquired Jun 28, 2019 | $19,400,000 | $25,418,182 5.50% cap on T12, Sep 30, 2026 | Sample Community Bank Bank term | $12,807,624 | 4.25% Fixed | Jan 1, 2027 | $68,872 | $1,398,000 | 1.69x | 50.4% | 94.5% | $12,610,558 | $1,261,056 | Y, $2,100,000 | Stabilized |
| Seward station Sample address, 2200 block of Franklin Avenue East, Minneapolis, MN | Sample Seward Station LLC | 15.0% | 72 | Completed Aug 31, 2021 | $15,800,000 | $21,400,000 Appraisal, Nov 15, 2025 | Sample Agency Lender Agency | $10,121,309 | 3.45% Fixed | Jan 1, 2032 | $49,981 | $1,152,000 | 1.92x | 47.3% | 95.8% | $11,278,691 | $1,691,804 | N, carve-outs only | Stabilized |
| Minnehaha lofts Sample address, 3000 block of Minnehaha Avenue, Minneapolis, MN | Sample Minnehaha Lofts LLC | 10.0% | 96 | Completed Mar 31, 2025 | $24,900,000 | $32,609,524 5.25% cap on T12, Sep 30, 2026 | Sample Life Company Permanent | $19,709,611 | 5.10% Fixed | Jul 1, 2035 | $108,861 | $1,712,000 | 1.31x | 60.4% | 94.8% | $12,899,912 | $1,289,991 | N, carve-outs only | Stabilized |
| Lowry flats Sample address, 800 block of Lowry Avenue NE, Minneapolis, MN | Sample Lowry Flats LLC | 10.0% | 124 | Completed Jan 31, 2026 | $31,800,000 | $34,600,000 Appraisal, Jun 15, 2026 | Sample Regional Bank Construction | $20,400,000 | 6.05% Floating, SOFR plus 290 | Jun 30, 2027 | $102,850 | $612,000 | 0.50x | 59.0% | 88.5% | $14,200,000 | $1,420,000 | Y, $5,167,500 plus completion | Leasing up |
| Nicollet commons Sample address, 2600 block of Nicollet Avenue, Minneapolis, MN | Sample Nicollet Commons LLC | 7.5% | 168 | Completed Nov 30, 2025 | $44,500,000 | $38,900,000 Appraisal, Aug 20, 2026 | Sample National Bank Construction | $28,400,000 | 6.25% Floating, SOFR plus 310 | Mar 31, 2027 | $147,917 | $410,000 | 0.23x | 73.0% | 64.0% | $10,500,000 | $787,500 | Y, $7,231,250 plus completion | Leasing up |
| Cedar Lake flats Sample address, 2900 block of Cedar Lake Road, Minneapolis, MN | Sample Cedar Lake Flats LLC | 8.0% | 182 | Closed Mar 16, 2026 | $31,200,000 | $31,200,000 Cost, Sep 30, 2026 | Sample Regional Bank Construction | $13,840,000 | 5.90% Floating, SOFR plus 275 | Jun 30, 2028 | $68,047 | n/a | n/a | 44.4% | n/a | $17,360,000 | $1,388,800 | Y, $8,060,000 plus completion | Under construction |
| Hiawatha yards Sample address, 4200 block of Hiawatha Avenue, Minneapolis, MN | Sample Hiawatha Yards LLC | 10.0% | 136 | Closed Aug 11, 2026 | $9,800,000 | $9,800,000 Cost, Sep 30, 2026 | Sample National Bank Construction | $0 | 6.00% Floating, SOFR plus 285 | Mar 31, 2029 | $0 | n/a | n/a | 0.0% | n/a | $9,800,000 | $980,000 | Y, $5,882,500 plus completion | Under construction |
| Total, 8 properties | 942 | $188,700,000 | $210,827,706 | $112,724,126 | $596,404 | $6,232,000 | 1.56x stab. | 53.5% | 85.5% | $98,103,580 | $10,710,034 | $28,441,250 guaranteed |
Values are the sponsor's estimates on the basis stated in each row. Equity is estimated value less the loan balance. Sponsor equity is equity times the sponsor's ownership, before promote. Total DSCR is stabilized properties only: their trailing NOI over their annual debt service. LTV bands: 65% or less in band, to 75% watch. DSCR bands: 1.25x or more in band, from 1.15x watch.
Recourse shows the repayment guarantee amount; completion guarantees are open-ended and noted. Apolis formats this schedule; the sponsor owns every figure.
[GUARANTOR NAME], signature
Title
Date