Forge legacy with us.

While other funds buy stabilized assets, we create them. Foundry Fund I is an architect-led fund capturing development alpha through a strict build-to-exit model. We co-invest beside our Partners to design, build, and sell premier Chicago residential properties.

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For accredited investors only · Regulation D Rule 506(c)

20Projects Delivered or In Execution
$105M+Total Project Value
~25%Avg. Realized IRR*
100%Sell-Out, Completed Projects

*IRR: internal rate of return. Figures are project-level, gross of fund fees, and reflect the Principal's development history through affiliates of the Manager; realized IRR on completed projects ~17–33%. Foundry Fund I is newly formed and has no operating history. Past performance is not indicative of future results.

Investment Thesis

Five advantages.

Chicago

Prime product at a ~60% discount

A top-ten global wealth center where prime condominiums clear at roughly a 60% discount to coastal comparables. We buy the overlooked parcels on proven blocks and underwrite them against established clearing ranges. Too small for institutions, too demanding for passive capital — so the opportunity persists.

Wealth density per Henley & Partners, 2025. Prime-submarket clearing ranges; the discount is measured against the average of the three coastal submarkets shown. Sources set out in the fund deck.

Quality

Design sells the premium

Buyers do not pay for square footage. They pay for proportion, light, and the way a residence feels the moment they walk in — and that is designed, not decorated. We underwrite design as a driver of return rather than a line of cost, and the results are measurable: realized pricing has averaged approximately 10% above underwriting, with roughly 70% of units pre-sold before completion and full sell-out on every completed project.

Trailing ten projects; project-level detail in the fund deck.

Velocity

Capital recycled, not locked

A conventional vehicle returns capital once, at termination. Foundry returns it at the close of each 16–18 month project cycle — a fast-track model where design and construction overlap rather than run end to end. Return is driven by velocity rather than leverage: across a five-year horizon, the same dollar may be deployed several times rather than held once.

Delivery

One team, fast-tracked to value

One integrated team carries each project from design through sale, removing the fragmentation and misaligned incentives of multi-party contracting. Direct procurement relationships — with both local and international trade partners — secure pricing that others in the market cannot access, reducing procurement cost 20–35% across certain divisions. Those savings accrue to the project, not to the affiliate that sources them. That margin is not spent, it is banked: it widens the cushion between our basis and the market, de-risking every project before the first unit sells. Value is measured against the end worth of the finished asset, not the cost contained along the way.

Average schedule saving of three to four months per project. Detail in the fund deck.

Flexibility

Choose your own exposure

A single PPM (private placement memorandum) provides access to every offering the fund runs, equity and debt alike. Partners select individual deals, size each allocation independently, and remain or exit between cycles as capital and profit return at each project’s sale. Mid-cycle entry is permitted: an allocation made in month three of an eighteen-month project accrues over the remaining fifteen on identical terms.

One PPMSingle Subscription
Offering 01Equity · Choose & Size
Offering 02Equity · Choose & Size
Offering 03Entitlement Note · Evergreen
Offering 04Entitlement Note · Evergreen
Future OfferingsFirst Access

Targets reflect the Manager’s historical execution; outcomes depend on each project’s terms and performance.

Philosophy

Architecture by absence.

That is what most housing has become. No author — a plan set by formula, a facade shaped by what could be cut, a process passed through so many hands that no one answers for the whole. The result offends no one, serves no one, says nothing. The architecture is traded away quietly, as if there were no other way to build. There is.

We practice the opposite — architecture by presence. The architect at the center, one team answerable for every step, land through last closing: one act of delivery, restoring what fragmentation strips out — the craft, the coherence, the soul. Nothing is inherited; every convention is questioned from first principles; nothing is lost between hands. We proved it for seven years on our own capital before opening it to anyone.

Presence compounds: 20 projects delivered or in execution, more than $105M in total project value, a ~25% average realized IRR, and sell-out on every completed project. Foundry Fund I is how it scales, and we invite investors as co-authors of the next chapter: presence, compounding across the city.

Kuan Chen, AIA — Managing Member, Foundry Fund Management LLC
Kuan Chen, AIA
Managing Member · Foundry Fund Management LLC

A licensed architect working exclusively in Chicago since 2012, with more than 300 units designed and more than 65 luxury homes delivered as principal since 2019. Across the trailing ten projects, approximately 70% of units were presold before completion, at realized pricing roughly 10% above underwriting, and every completed project sold out within three months of delivery. He designs, builds, and holds capital in the same projects his Partners do.

Development, construction, procurement, and capital functions are staffed by dedicated teams, so the Manager does not depend on a single individual to execute.

2012In Chicago since
300+Units designed
65+Homes delivered
10%+Sales above underwriting

Principal's direct history — not a projection of fund returns.

The Offerings

Subscriptions are open.

A single subscription — one PPM (private placement memorandum) — provides access to the full platform. Each offering stands alone: Partners select deals against their own objectives, size allocations independently, combine equity and debt, and add or exit as cycles complete. Accreditation verification through Avestor requires several days, so verification in advance is recommended. The offering period opened August 1, 2026, and allocations are taken in the order verified Partners complete subscription.

Wieland 1529 — exterior render

Equity Offering

Wieland 1529

Four residences · Old Town

~24%Target Partner IRR
$1,300,000Equity Raise
16–18 moProject Cycle
Under construction · Presales Q2 2027 · Exit Q4 2027

Two duplex penthouses over two triplex townhomes, $9.7M projected sell-out. Held in its own stand-alone SPE (special-purpose entity), with a 30% Manager co-investment on identical terms.

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Belmont 651 — exterior render

Equity Offering

Belmont 651

Three residences · Lakeview East

~25%Target Partner IRR
$450,000Equity Raise
14–16 moProject Cycle
Under construction · Presales Q2 2027 · Exit Q3 2027

Duplex up, simplex, and duplex down on a classic 25-foot lot, $4.15M projected sell-out. Land secured October 2025 with the Manager’s own capital. Own SPE, same waterfall, same 30% co-investment.

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Huron One Forty — concept sketch

Entitlement Note

Huron One Forty

28 artist apartments · River North

12.5%Target Return · Debt
$700,000Note Raise
12 moMinimum Hold
In entitlement · Evergreen, continuously open

A defined return for Partners who prefer fixed income to equity participation. Secured at the project level; noteholders receive priority access to each subsequent equity offering. Terms are set out in the offering documents.

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The Grove Reserve — site concept

Entitlement Note

The Grove Reserve

Garden-style workforce rental · Chicago

12.5%Target Return · Debt
$550,000Note Raise
12 moMinimum Hold
In pursuit · Evergreen, continuously open

The same note terms applied to a second entitlement position: a defined return, secured at the project level, with priority access to the equity offering that follows entitlement.

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Targets and projections, not guarantees. Offered only through offering documents to verified accredited investors. IRR: internal rate of return.

Portfolio

Selected completed projects.

Fullerton Pointe
Fullerton Pointe — photo 1 Fullerton Pointe — photo 2 Fullerton Pointe — photo 3 Fullerton Pointe — photo 4 Fullerton Pointe — photo 5 Fullerton Pointe — photo 6 Fullerton Pointe — photo 7 Fullerton Pointe — photo 8
Lincoln Park · 16 Residences · ~$28M · Sold Out

Fullerton Pointe

Two buildings on Fullerton Parkway adjoining Oz Park; fully sold out prior to delivery.

Claremount Residence
Claremount Residence — photo 1 Claremount Residence — photo 2 Claremount Residence — photo 3 Claremount Residence — photo 4 Claremount Residence — photo 5 Claremount Residence — photo 6 Claremount Residence — photo 7 Claremount Residence — photo 8
Chicago · Private Residence · Completed

Claremount Residence

Designed and delivered by a single integrated team, from concept through finished interiors.

Bell Residence
Bell Residence — photo 1 Bell Residence — photo 2 Bell Residence — photo 3 Bell Residence — photo 4 Bell Residence — photo 5 Bell Residence — photo 6 Bell Residence — photo 7 Bell Residence — photo 8
Chicago · Private Residence · Completed

Bell Residence

A private residence delivered by the same integrated team, concept through finished interiors.

Sawyer 2414
Sawyer 2414 — photo 1 Sawyer 2414 — photo 2 Sawyer 2414 — photo 3 Sawyer 2414 — photo 4 Sawyer 2414 — photo 5 Sawyer 2414 — photo 6 Sawyer 2414 — photo 7 Sawyer 2414 — photo 8
Logan Square · 9 Units · ~$8.7M · Completed

Sawyer 2414

Grace 1840
Grace 1840 — photo 1 Grace 1840 — photo 2 Grace 1840 — photo 3 Grace 1840 — photo 4 Grace 1840 — photo 5 Grace 1840 — photo 6 Grace 1840 — photo 7 Grace 1840 — photo 8
North Center · 6 Units · ~$6.5M · Completed

Grace 1840

Addison 1913
Addison 1913 — photo 1 Addison 1913 — photo 2 Addison 1913 — photo 3 Addison 1913 — photo 4 Addison 1913 — photo 5 Addison 1913 — photo 6 Addison 1913 — photo 7
Lakeview · 3 Units · ~$3.8M · Completed

Addison 1913

Hermitage 4321
Hermitage 4321 — photo 1 Hermitage 4321 — photo 2 Hermitage 4321 — photo 3
Ravenswood · 2 Homes · ~$4.4M · Completed

Hermitage 4321

Webster 642
Lincoln Park · 3 Units · ~$4.8M · Completed

Webster 642

Selected from 20 projects and 94 residences delivered or in execution. Project-level returns are disclosed in the investor deck. Full design portfolio available on request.

Access

Direct access to the asset, not only the reporting.

Site visits during construction. Advance previews of residences before listing. Access to Foundry Rooms, the Manager’s venue at 700 N. LaSalle Dr. — and direct contact with the principal rather than an investor relations inbox.

Fund Terms

Foundry Fund I LLC

The Manager’s first pooled vehicle. Twenty projects were delivered or placed in execution on the Manager’s own capital before Fund I opened the platform to Partners, with the Manager investing 30% on identical terms.

VehicleFoundry Fund I LLC · Regulation D Rule 506(c)
ManagerFoundry Fund Management LLC
Distributions8% preferred → 70/30 to a 20% IRR → 50/50 above
Sponsor AlignmentManager co-invests 30%, pari passu with Partners
Deal StructureStand-alone SPE per project — capital ring-fenced
Fees & AffiliatesAffiliates of the Manager provide design, construction, procurement, and brokerage services at disclosed, arm’s-length rates set out in the offering documents
Administration & VerificationAvestor platform · accreditation verified per 506(c)

Summary for discussion purposes only. Terms are governed exclusively by the offering documents. SPE: special-purpose entity; IRR: internal rate of return. Open to verified accredited investors.

Investor Inquiry

Request access to the fund deck.

Request access below to review the full deck, deal-level underwriting, and offering documents. An investor profile is created and accreditation verified pursuant to Rule 506(c) before deal-level detail is released.

Request Access

Approximately two minutes to complete an investor profile.

Verify

Accreditation confirmed per Rule 506(c) — handled on-platform.

Review

Full deck, deal underwriting, and offering documents are released.

Invest

Subscribe and fund in advance of each project's closing.

Hold to Exit

Reporting through construction; capital and profit returned at sale — reinvest or exit.

Request Access to the Fund Deck

Prefer a preliminary conversation? kc@foundryfund.com · 765.337.7379

Three allocations, worked through.

The same three allocation sizes, shown against each of the two offering types. Bars are drawn to scale within each group.

Equity · approximately 18 month hold · one distribution, at sale

The short hold is the point. Capital is committed for roughly eighteen months against a built and sold asset, not the five to seven year lock of a traditional fund. Nothing is paid out along the way; the whole return arrives at sale.

$50,000
$69,877Profit $19,877
$100,000
$139,754Profit $39,754
$250,000
$349,385Profit $99,385

Capital returned · 8% preferred · 70/30 tier · 50/50 tier

Entitlement note · 12.5% · 12 month minimum · monthly distributions

The debt side pays cash while it works. A fixed 12.5% annual coupon, distributed monthly, with a twelve month minimum term and principal returned at maturity. No upside past the coupon, and no waterfall to wait through.

$50,000
$56,250Interest $6,250 · $520.83/mo
$100,000
$112,500Interest $12,500 · $1,041.67/mo
$250,000
$281,250Interest $31,250 · $2,604.17/mo

Principal returned at maturity · 12.5% fixed · paid monthly · 12 month minimum

Illustration of mechanics only. Equity figures are derived from the stated waterfall and a target Partner internal rate of return of approximately 25% over an 18 month hold. Note figures are simple interest at a 12.5% annual rate over a 12 month term. Not projections, not guarantees, not an offer, and not specific to any offering. Minimum allocation is $50,000. Downside: equity capital is impaired before the senior loan is touched and pays no interim income; a note pays a fixed coupon with no participation in profit above it.