14
Units delivered
Multifamily · North Hollywood
The Calvert XIV
10957 Calvert St · Refinanced & Held · 14 Units · 2023 – present
2.9x
Equity multiple to date — unrealized
1.69
Debt service coverage ratio
100%
Occupancy
The Investment
The largest ground-up project in the portfolio — built, stabilized, refinanced, and held.
A ground-up 14-unit apartment building in North Hollywood, and the largest development by unit count in the schedule. It received its certificate of occupancy in October 2025 at a total project cost of $5.73M in construction and acquisition.
Rather than sell into the stabilized-asset market, the building was refinanced in June 2026 into a Kinecta Federal term loan at 5.93% interest-only and retained. The asset is 100% occupied at roughly $48,100 per month of scheduled rent, with a 1.69x debt service coverage ratio — the strongest coverage of the three retained buildings.
Sponsor equity of approximately $1.15M carries a mark of roughly $3.30M today — about 2.9x. That multiple is unrealized: it reflects appraised value less first trust deed debt, and it is not proceeds until the building is sold or further refinanced.
Gallery
The property.
Return On Investment
The numbers.
| Strategy | Total project cost | Disposition / value | Gross profit | Profit on cost |
|---|---|---|---|---|
| Ground-up multifamily | $6.30M | $8.25M | $1.95M | 31.0% |
Equity Position — Unrealized
| Equity invested | Equity value today | Multiple to date | DSCR | Status |
|---|---|---|---|---|
| $1.15M | $3.30M | 2.9x | 1.69 | Held — unrealized |
Equity value = appraised value less first trust deed debt, per SREO dated 7/14/26. Multiples to date are unrealized and are not proceeds. Junior portfolio debt also encumbers this asset.
This project was completed by the principals through Thornton Development Group or an affiliated predecessor entity. It was not an Assemble Capital offering and did not involve Assemble Capital investors. Figures are sponsor-level, pre-tax, unaudited, and derived from internal records, closing statements, and lender documentation. Past performance is not indicative of future results.
Investment Cycle
How the deal ran.
Every project follows the same arc — acquire, design and permit, build, market, exit. What changes is where the time and the risk concentrate.
2023
Acquire
North Hollywood site acquired for ground-up multifamily development.
2023
Permit
14-unit program permitted.
2023–2025
Build
Construction completed; certificate of occupancy October 2025.
2025–2026
Stabilize
Leased to 100% occupancy at ~$48.1K/mo scheduled rent.
June 2026
Refinance & hold
Kinecta Federal term loan at 5.93% IO; asset retained at 1.69x DSCR.
The Takeaway
Build-to-hold converts a development margin into a durable equity position — but the multiple stays unrealized until the asset trades.
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