Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
Offering summary
Inland Mokena Senior Living DST is an all-cash Delaware Statutory Trust offering sponsored by Inland Private Capital Corporation (IPC) seeking $86,840,527 in equity. The offering holds Clarendale of Mokena, a 156-unit senior living community offering multiple care levels located at 21536 Wolf Road in Mokena, Illinois. Constructed in 2015, the asset was acquired for $72,000,000 ($72,593,909 total acquisition cost) against a CBRE appraised value of $72,300,000, and reports 94.23% occupancy. The trust carries no debt, eliminating interest rate and mortgage refinancing risks. Year 1 projected cash flow is 4.5%, with a full-term projected average income of 4.65%. Total upfront fees and reserves equal $14,840,527, reflecting an upfront fee-to-acquisition cost ratio of 20.61% and an offering premium of 20.11% over the contract purchase price.
0.0% of the offering is closed
$86,840,527 still available
$86,840,527
$0
0.0% of offering$0
Pending subscription$86,840,527
Open for subscriptionThe DST seeks a total equity raise of $86,840,527 with a minimum cash investment threshold of $100,000. To date, $29,840,527 in equity has closed, leaving $57,000,000 in available equity and $0 in pending reservations. The offering does not utilize any trust-level debt financing.
Sector
Senior living
Investment Category
DST
Projected First Year Cashflow
4.5%
Avg. 4.65% over term
Min. Cash Investment
$100,000
Min. 1031 Investment
—
Total Offering Price
$86,840,527
$556,670 per unit
Offering Debt
NA
All-equity offering
LTV
N/A - All-Cash at Trust level
On acquisition price
Units / Tenants
156
21536 Wolf Road, Mokena, Illinois 60448 ("Clarendale of Mokena")
Property Age
Clarendale of Mokena was built in 2015, approximately 11 years old as of the Offering.
The offering comprises a 156-unit, 2015-built multi-care senior living community operating at 94.23% occupancy in Mokena, Illinois. The DST is fully equity-funded at $86,840,527 with no third-party debt at the trust level. Stabilized base rent to the trust via the master lease is projected at $1,663,246 per year starting in 2027.
All-Cash Capital Structure
0% LTV / No DebtThe trust carries zero mortgage debt, eliminating loan default, interest rate exposure, and balloon refinancing risks.
High In-Place Occupancy
94.23%The 156-unit multi-care senior living community operates at a stabilized occupancy of 94.23%.
Substantial Funded Reserves
$4,781,000The capitalization establishes $4,781,000 (5.51% of gross proceeds) in reserves for property improvements and master tenant support.
Substantial Upfront Fee Load
20.61% of Acq. CostTotal upfront loads and reserves equal $14,840,527, creating an appraisal-to-offering value ratio of 83.26%.
Single-Property Senior Living Exposure
1 Asset / 156 UnitsThe program is entirely reliant on the performance and specialized operational requirements of one senior living facility in Mokena, IL.
Moderate Distribution Profile
4.5% Yr. 1 / 4.65% Avg.The projected cash flow starts at 4.5% in Year 1 and averages 4.65% across the projected holding term.
The offering is structured with zero leverage, entirely removing interest rate, debt service, and maturity refinancing risks. The property maintains strong in-place occupancy of 94.23% within an 11-year-old facility. The capitalization also sets aside $4,781,000 in upfront reserves, backed by an established sponsor with $13,100,000,000 in AUM.
Offering Equity
100.0% of offering
Acquisition Cost
83.6% of offering
Offering Expenses
8.4% of offering
Reserves
5.5% of offering
Unallocated / other uses
2.5% of offering
Total Offering
$86.84M
All equity — no mortgage debt
Acquisition Cost
$72.59M
83.6% of offering to the property
Total Fees & Expenses
$7.29M
14840527.00% of offering
Reserves
$4.78M
5.5% of offering
Gross equity proceeds of $86,840,527 fund the $72,000,000 acquisition price ($72,593,909 total acquisition cost), $7,294,605 in front-end fees and expenses, and $4,781,000 in reserves. Itemized third-party due diligence and title/recording costs are not disclosed separately and remain lumped in total acquisition costs. Selling commissions equal $4,342,026 (5.00%), acquisition fees equal $2,171,013, and dealer fees total $1,085,507.
Tone reflects relative strength, not a rating
Leverage & Debt Risk
PositiveThe trust is 100% equity funded with 0% debt, eliminating mortgage default and interest rate volatility.
Offering Premium / Fee Load
CautionThe offering price sits at a 20.11% premium over purchase price, with front-end load and reserves totaling $14,840,527.
Sector Operational Risk
CautionSenior living operations are labor- and management-intensive, relying on manager execution across care levels.
Asset Diversification
CautionThe offering holds a single 156-unit asset, leaving zero geographical or property diversification.
Investors absorb a 20.11% premium over the acquisition price and upfront loads representing 20.61% of the acquisition cost. Revenue is exposed to single-asset operational risks within the labor-intensive senior housing sector. Furthermore, Year 1 projected distribution yield is 4.5%, averaging 4.65% over the full holding period.
Syndicated Cap Rate
—
NOI ÷ offering price
Upfront Load
14840527.00%
Total fees ÷ offering price (all-equity offering)
Premium / Discount
20.11%
Offering price vs. appraised value
Offering vs. Acquisition
120.6%
Offering price ÷ acquisition price
Price per Unit
$556,670
Offering price ÷ 156 units
Distribution rates as extracted from the offering materials.
The offering equity of $86,840,527 reflects a 20.11% premium over the $72,000,000 purchase price and an appraisal-to-offering ratio of 83.26%. Total upfront load and reserves sum to $14,840,527, representing 20.61% of total acquisition costs. Total front-end offering fees and expenses stand at $7,294,605, while $4,781,000 is reserved.
Sponsor
Inland Private Capital Corporation is an established sponsor managing $13,100,000,000 in assets with over 55 years of enterprise real estate experience. IPC has sponsored 113 DSTs and manages 18 senior living assets encompassing approximately 2,800 units.
Inland's senior living portfolio includes 18 properties with approximately 2,800 units offering independent living, assisted living and memory care options.
Properties owned or managed
$13,100,000,000
Across all programs
113
Prior DST offerings
—
DST-held assets
The Property's manager oversees senior living communities serving nearly 40,000 seniors and employs approximately 27,000 employees.
Disclosed headcount
senior living
Stated strategy
Inland Private Capital Corporation possesses more than 55 years of real estate experience and manages $13,100,000,000 in assets across 113 DST programs. IPC's senior living portfolio encompasses 18 properties with approximately 2,800 units across independent living, assisted living, and memory care. The designated property manager oversees facilities serving nearly 40,000 seniors supported by approximately 27,000 employees.
Extensive corporate track record spanning more than 55 years.
Sponsor oversees $13,100,000,000 in AUM and 113 DST programs.
Dedicated senior living platform with 18 properties and ~2,800 units.
History of converting programs between DST and LLC structures to facilitate non-permitted DST actions.
DST-specific AUM breakout was not disclosed.
The property
$72,000,000 acquisition price
Inland Mokena Senior Living DST
Senior Living Community with Multiple Care Levels
Clarendale of Mokena was built in 2015, approximately 11 years old as of the Offering.
21536 Wolf Road, Mokena, Illinois 60448 ("Clarendale of Mokena")
21536 Wolf Road, Mokena, Illinois 60448 ("Clarendale of Mokena")
$72,000,000
100.0% of portfolio
The offering utilizes virtually no third-party debt, presenting an offering LTV of 0.28%. This unleveraged posture removes traditional lender covenants, interest rate volatility, and refinancing risks.
All-cash offering — no mortgage debt, so there is no leverage to chart.
N/A - All-Cash at Trust level
Trust Agreement terminates on the earlier of December 31, 2076 or sale/other disposition of the Property
N/A - All-Cash at Trust level
N/A - All-Cash at Trust level
N/A - All-Cash at Trust level
N/A - No Mortgage Debt
N/A - All-Cash at Trust level
N/A - All-Cash at Trust level
The total acquisition cost is $82,270,000 ($82,805,000 inclusive of reserves) across 6 properties in 5 states. The purchase price reflects a 6.0% acquisition capitalization rate based on $4,890,945 of master tenant income.
Premium / discount to appraised value
20.11%
$72,000,000
$86,840,527
$72,300,000
$72,300,000 (CBRE, as-is value dated 12/19/2025)
$14,840,527
91.17%
—
—
—
20.11%
83.26%
5.51%
The $89,517,000 in equity proceeds is allocated to property acquisition ($82,270,000), total offering and front-end expenses ($6,712,000), and master tenant reserves ($275,000).
Total Fees & Expenses
$7,294,605
% of offering
14840527.00%
All-equity offering — load on equity equals load on offering price. · $14,840,527 including reserves (17.09% of offering)
Total fees & expenses
$7.29M
14840527.00% of offering
Offering expenses
$7.29M
8.40% of offering
Reserves held
$4.78M
5.51% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $2,171,013 | 2.50% | 2.50% |
| Reserves (Loan Proceeds) | $4,781,000 | 5.51% | 5.51% |
| Reserves (Master Tenant) | $4,781,000 | 5.51% | 5.51% |
| Reserves (Lumped) | $4,781,000 | 5.51% | 5.51% |
| Reserves (Improvements) | $4,781,000 | 5.51% | 5.51% |
| Finance Expenses | $0 | 0.00% | 0.00% |
| Total Acquisition Cost | $72,593,909 | 83.59% | 83.59% |
| Total Acq. Cost (Reserves) | $79,545,922 | 91.60% | 91.60% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $4,342,026 | 5.00% | 5.00% |
| Dealer Fee | $1,085,507 | 1.25% | 1.25% |
| Placement Agent Fee | $1,432,869 | 1.65% | 1.65% |
| O&O Expenses | $434,203 | 0.50% | 0.50% |
| Total Offering Expenses | $7,294,605 | 8.40% | 8.40% |
| Total Fees / Expenses | $7,294,605 | 8.40% | 8.40% |
| Total Upfront Fees (Reserves) | $14,840,527 | 17.09% | 17.09% |
Front-end load includes a $1,342,000 dealer fee, $895,000 in organizational and offering expenses, and other closing costs totaling $6,712,000. The sponsor also collects an ongoing annual asset management fee of $447,585.
$2,171,013
2.50%
$49,167
0.06%
$1,085,507
1.25%
$7,294,605
10.13%
Master tenant income is projected at $4,890,945, supporting investor distributions starting at 4.6% in Year 1. Master tenant reserves are funded upfront at $275,000 (0.31% of offering equity).
$144,000
$1,663,246
5.00%
3.0%
$49,167
Standing
42 of 57
Blended percentile across 13 extracted metrics.
Pricing
24th pct
Leverage
97th pct
Cost
55th pct
Ongoing
47th pct
Structure
34th pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Year 1 distribution
40th pct4.50%median 4.60%
Total upfront load
38th pct8.40%median 5.97%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Price per unitPricing | $557K | $284K | $180K – $418K | +$273K | 15th |
| Year 1 distributionPricing | 4.50% | 4.60% | 4.40% – 5.00% | −0.10% | 40th |
| Avg. distribution (term)Pricing | 4.65% | 5.08% | 4.77% – 5.32% | −0.43% | 18th |
| Loan termLeverage | 31 yrs | 10 yrs | 8.5 yrs – 10 yrs | +21 yrs | 97th |
| Total upfront loadCost | 8.40% | 5.97% | 4.89% – 9.50% | +2.43% | 38th |
| Selling commissionCost | 5.00% | 6.00% | 5.00% – 6.00% | −1.00% | 78th |
| Acquisition feeCost | 2.50% | 2.65% | 1.74% – 3.77% | −0.15% | 58th |
| ReservesCost | 5.51% | 5.54% | 1.67% – 9.03% | −0.04% | 47th |
| Property management feeOngoing | 5.00% | 4.25% | 3.00% – 5.00% | +0.75% | 50th |
| Disposition feeOngoing | 3.00% | 2.95% | 2.00% – 3.50% | +0.05% | 43rd |
| Equity share of capitalStructure | 100.00% | 97.50% | 52.74% – 100.00% | +2.50% | 50th |
| Hold periodStructure | 31 yrs | 10 yrs | 8.5 yrs – 10 yrs | +21 yrs | 3rd |
| Minimum cash investmentStructure | $100K | $75K | $63K – $88K | +$25K | 50th |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| BR Diversified Industrial Portfolio 8 DST | BIGR Exchange 8 TRS, LLC | 6.32% | — | — | 9.45% | — | 93% |
| Inland Self Storage Portfolio XXII DST | Inland Private Capital Corporation | — | 0.00% | — | 8.40% | — | 93% |
| Madison Waterstar Orlando DST | Madison Capital Group | 5.30% | 40.00% | — | 7.55% | — | 92% |
| Passco Riverside DST | PASSCO | 4.75% | — | 2.16x | 7.65% | — | 92% |
| Canyon State Minerals LLC | Montego Minerals | — | — | — | 9.50% | — | 91% |
| Blue Door Property II DST | Unknown sponsor | 6.11% | 0.00% | — | 10.50% | — | 89% |
| MCG Arden NC Multifamily DST | Madison Long Shoals Manager, LLC | — | — | 1.64x | 10.50% | — | 89% |
| AEI Healthcare Property VII DST | AEI Capital Corporation | 7.00% | — | — | 7.62% | — | 88% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.