Exhibit 10.5


Loan No. 33-0924150


PROMISSORY NOTE


$24,351,750.00


Flowood, Mississippi


June 27, 2014


FOR VALUE RECEIVED
IREIT FLOWOOD DOGWOOD, L.L.C., a Delaware limited liability company,
as maker, having its principal place of business at 2901 Butterfield Road, Oak Brook, Illinois 60523 (“Borrower”),
hereby unconditionally promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION, having an address at Wells
Fargo Center, 1901 Harrison Street, 2nd Floor, MAC A0227-020, Oakland, California 94612 (together with its successors
and/or assigns, “Lender”), or at such other place as the holder hereof may from time to time designate in writing,
the principal sum of TWENTY FOUR MILLION THREE HUNDRED FIFTY ONE THOUSAND SEVEN HUNDRED FIFTY AND NO/100 DOLLARS ($24,351,750.00),
or so much thereof as is advanced, in lawful money of the United States of America, with interest thereon to be computed from the
date of this Note at the Interest Rate, and to be paid in accordance with the terms of this Note and that certain Loan Agreement
dated the date hereof between Borrower and Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified
from time to time, the “Loan Agreement”). All capitalized terms not defined herein shall have the respective
meanings set forth in the Loan Agreement.


ARTICLE
1: PAYMENT TERMS


Borrower agrees
to pay the principal sum of this Note and interest on the unpaid principal sum of this Note from time to time outstanding at the
rates and at the times specified in Article 2 of the Loan Agreement and the outstanding balance of the principal sum of this Note
and all accrued and unpaid interest thereon shall be due and payable on the Maturity Date. This Note shall be the “Note”
as defined in the Loan Agreement.


ARTICLE
2: DEFAULT AND ACCELERATION


The Debt shall without
notice become immediately due and payable at the option of Lender if any payment required in this Note is not paid when due (and
such nonpayment is an Event of Default) or if not paid on or before the Maturity Date or on the happening of any other Event of
Default.




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ARTICLE
3: LOAN DOCUMENTS


This Note is secured
by the Security Instrument and the other Loan Documents. All of the terms, covenants and conditions contained in the Loan Agreement,
the Security Instrument and the other Loan Documents are hereby made part of this Note to the same extent and with the same force
as if they were fully set forth herein. In the event of a conflict or inconsistency between the terms of this Note and the Loan
Agreement, the terms and provisions of the Loan Agreement shall govern.


ARTICLE
4: SAVINGS CLAUSE


Notwithstanding
anything to the contrary, (a) all agreements and communications between Borrower and Lender are hereby and shall automatically
be limited so that, after taking into account all amounts deemed interest, the interest contracted for, charged or received by
Lender shall never exceed the Maximum Legal Rate or amount, (b) in calculating whether any interest exceeds the Maximum Legal Rate,
all such interest shall be amortized, prorated, allocated and spread over the full amount and term of all principal indebtedness
of Borrower to Lender, and (c) if through any contingency or event, Lender receives or is deemed to receive interest in excess
of the Maximum Legal Rate, any such excess shall be deemed to have been applied (without prepayment penalty or premium) toward
payment of the principal of any and all then outstanding indebtedness of Borrower to Lender, or if there is no such indebtedness,
shall immediately be returned to Borrower.


ARTICLE
5: NO ORAL CHANGE


This Note may not
be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment,
waiver, extension, change, discharge or termination is sought.




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ARTICLE
6: WAIVERS


Borrower and all
others who may become liable for the payment of all or any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, notice of intention to accelerate, notice of acceleration, protest and notice of protest and non-payment
and all other notices of any kind. No release of any security for the Debt or extension of time for payment of this Note or any
installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Loan Agreement or the other Loan
Documents made by agreement between Lender or any other Person shall release, modify, amend, waive, extend, change, discharge,
terminate or affect the liability of Borrower or any other Person who may become liable for the payment of all or any part of the
Debt under this Note, the Loan Agreement or the other Loan Documents. No notice to or demand on Borrower shall be deemed to be
a waiver of the obligation of Borrower or of the right of Lender to take further action without further notice or demand as provided
for in this Note, the Loan Agreement or the other Loan Documents. If Borrower is a partnership or limited liability company, the
agreements herein contained shall remain in force and be applicable, notwithstanding any changes in the individuals comprising
the partnership or limited liability company, and the term “Borrower,” as used herein, shall include any alternate
or successor partnership or limited liability company, but any predecessor partnership or limited liability company and their partners
or members shall not thereby be released from any liability. If Borrower is a corporation, the agreements contained herein shall
remain in full force and be applicable notwithstanding any changes in the shareholders comprising, or the officers and directors
relating to, the corporation, and the term “Borrower,” as used herein, shall include any alternative or successor corporation,
but any predecessor corporation shall not be relieved of liability hereunder. If Borrower is a trust, the agreements contained
herein shall remain in full force and applicable notwithstanding any changes in the beneficial interests in Borrower, and the term
“Borrower” as used herein, shall include any alternate or successor trust, but any predecessor trust shall not be relieved
of liability hereunder. Nothing in the foregoing sentence shall be construed as a consent to, or a waiver of, any prohibition or
restriction on transfers of interests in such partnership, limited liability company or corporation, which may be set forth in
the Loan Agreement, the Security Instrument or any other Loan Document.


ARTICLE
7: TRANSFER


Upon the transfer
of this Note, Borrower hereby waiving notice of any such transfer except as provided in the Loan Agreement, Lender may deliver
all the collateral mortgaged, granted, pledged or assigned pursuant to the Loan Documents, or any part thereof, to the transferee
who shall thereupon become vested with all the rights herein or under applicable law given to Lender with respect thereto, and
Lender shall from that date forward forever be relieved and fully discharged from any liability or responsibility in the matter;
but Lender shall retain all rights hereby given to it with respect to any liabilities and the collateral not so transferred.




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ARTICLE
8: EXCULPATION


The provisions of
Article 13 of the Loan Agreement are hereby incorporated by reference into this Note to the same extent and with the same force
as if fully set forth herein.


ARTICLE
9: GOVERNING LAW


This Note shall
be governed, construed, applied and enforced in accordance with the Applicable Laws of the State where the Property is located
and Applicable Laws of the United States of America.


ARTICLE
10: NOTICES


All notices or other
written communications hereunder shall be delivered in accordance with Article 14 of the Loan Agreement.


ARTICLE
11: INTENTIONALLY OMITTED


 


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IN WITNESS WHEREOF,
Borrower has duly executed this Note as of the day and year first above written.


	 	BORROWER:
	 	 	 
	 	
        IREIT FLOWOOD DOGWOOD,
        L.L.C., a

        Delaware limited liability
        company

	 	 	 
	 	By:	
        Inland Real Estate Income
        Trust, Inc., a

        Maryland corporation, its
        sole member

	 	 	 
	 	By:	/s/ David Z. Lichterman
	 	Name:	David Z. Lichterman
	 	Title:	Vice President, Treasurer & CAO


 


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