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.
Request Access to the Fund Deck →For accredited investors only · Regulation D Rule 506(c)
*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
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.
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.
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.
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.
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.
Targets reflect the Manager’s historical execution; outcomes depend on each project’s terms and performance.
Philosophy
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.
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.
Principal's direct history — not a projection of fund returns.
The Offerings
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.
Equity Offering
Four residences · Old Town
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.
Equity Offering
Three residences · Lakeview East
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.
Entitlement Note
28 artist apartments · River North
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.
Entitlement Note
Garden-style workforce rental · Chicago
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.
Targets and projections, not guarantees. Offered only through offering documents to verified accredited investors. IRR: internal rate of return.
Portfolio
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
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
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.
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 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.
Approximately two minutes to complete an investor profile.
Accreditation confirmed per Rule 506(c) — handled on-platform.
Full deck, deal underwriting, and offering documents are released.
Subscribe and fund in advance of each project's closing.
Reporting through construction; capital and profit returned at sale — reinvest or exit.
Prefer a preliminary conversation? kc@foundryfund.com · 765.337.7379
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.
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.
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.