EXHIBIT
10.2


PROMISSORY
NOTE





	$76,532,500.00	New York, New York

December 3, 2015







FOR VALUE RECEIVED
IREIT PITTSBURGH SETTLERS RIDGE, 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 METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation, as lender, having an address at 10 Park Avenue,
Morristown, New Jersey 07962 (“Lender”), or at such other place as the holder hereof may from time to time designate
in writing, the principal sum of SEVENTY-SIX MILLION FIVE HUNDRED THIRTY-TWO THOUSAND FIVE HUNDRED AND NO/100 DOLLARS ($76,532,500.00),
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 or the Default Rate, as applicable, and to be paid in accordance with the terms of this
Note and that certain Loan Agreement dated as of the date hereof by and between Borrower and Lender (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 II 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.


Article
2 : DEFAULT AND ACCELERATION


Subject to the terms
and provisions of the Loan Agreement, 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 on or prior to the date when due or if the Debt is not paid on the Maturity Date
or on the happening of any other Event of Default.


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.




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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, (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 toward payment of the principal of any and all then outstanding
indebtedness of Borrower to Lender, or if there is no such indebtedness, shall promptly 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.


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 or entities
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. (Nothing in the foregoing
two sentences 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.)



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Article
7 : TRANSFER


Upon the transfer
of this Note, Borrower hereby waiving notice of any such transfer, 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 thereafter 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.


Article
8 : EXCULPATION


The provisions of
Section 12.23 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
IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA, WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES.


Article
10 : NOTICES


All notices or other
written communications hereunder shall be delivered in accordance with Section 12.6 of the Loan Agreement.


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IN WITNESS WHEREOF,
THIS NOTE has been duly executed by Borrower as of the day and year first above written.


	 	
        BORROWER:

         

        IREIT PITTSBURGH SETTLERS RIDGE, L.L.C., 

        a Delaware limited liability company

	 	 	 	 
	 	By:	
        Inland Real Estate Income Trust, Inc.,

        a Maryland corporation, its sole member

	 	 	 	 
	 	 	By:	/s/ Mary J. Pechous
	 	 	 	Name:  Mary J. Pechous
	 	 	 	Title:    Assistant Secretary
	 	 	 	 


 




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