# EDGAR Filing Document

**Accession Number:** 0001959961
**File Stem:** 0001193125-25-293580
**Filing Date:** 2025-11
**Character Count:** 20987
**Document Hash:** 3cccc5ce29a13ccbf55d48ca18cb94fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-293580.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001193125-25-293580

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20251119

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IPC Alternative Real Estate Income Trust, Inc.
- **CENTRAL INDEX KEY:** 0001959961
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 871302380
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-272750
- **FILM NUMBER:** 251512597

**BUSINESS ADDRESS:**
- **STREET 1:** 2901 BUTTERFIELD ROAD
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523
- **BUSINESS PHONE:** 6302188000

**MAIL ADDRESS:**
- **STREET 1:** 2901 BUTTERFIELD ROAD
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Inland Private Capital Alternative Assets Fund, LLC
- **DATE OF NAME CHANGE:** 20221227

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** November 19, 2025<br>

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IPC Alternative Real Estate Income Trust, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Maryland | 333-272750 | 87-1302380 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 2901 Butterfield Road |  |  |
| Oak Brook**,** Illinois |  | 60523 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (630) 218-8000<br>

N/A<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| None | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

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## Item 1.01 Entry into a Material Definitive Agreement.
On November 19, 2025, IPC Alternative Real Estate Operating Partnership, LP (the "Operating Partnership"), an entity for which IPC Alternative Real Estate Income Trust, Inc. (the "Company") acts as general partner, as borrower, entered into a Second Modification to Loan Documents Agreement (the "Second Credit Facility Amendment") with Inland Private Capital Corporation ("IPC"), an affiliate of the Company's sponsor, as lender.

The Second Credit Facility Amendment amends (i) the revolving credit facility loan agreement dated as of October 27, 2023 between the Operating Partnership and IPC (as amended by that certain Modification to Loan Documents Agreement dated November 26, 2024, the "Credit Agreement") and (ii) the revolving promissory note dated as of October 27, 2023 made by the Operating Partnership payable to IPC (as amended by that certain Modification to Loan Documents Agreement dated November 26, 2024, the "Promissory Note," and together with the Credit Agreement, the "Credit Facility") to provide that the maturity date of the Credit Facility is November 30, 2026 (as may be amended, modified, extended or renewed, but not accelerated, in IPC's sole discretion) or the date IPC declares obligations under the Credit Facility, or the obligations become, due and payable after the occurrence of an event of default.

The Second Credit Facility Amendment contains representations, warranties and covenants that are customary for agreements of this type.

A copy of the Second Credit Facility Amendment is attached as Exhibit 10.1 to this Current Report on Form 8-K.

## Item 9.01 Financial Statements and Exhibits.

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| | |
|:---|:---|
| **(d) Exhibits** |  |
| <u>Exhibit No.</u> | <u>Description</u> |
| 10.1 | [<u>Second Modification to Loan Documents Agreement, dated November 19, 2025, by and between IPC Alternative Real Estate Operating Partnership, LP and Inland Private Capital Corporation</u>](ck0001959961-ex10_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC. |
| Date: | November 24, 2025 | By:  | /s/ Jerry Kyriazis |
|  |  |  | Jerry Kyriazis<br>*Chief Financial Officer* |

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## Exhibit 10.1

**Exhibit 10.1**

**SECOND MODIFICATION TO LOAN DOCUMENTS**

THIS SECOND MODIFICATION TO LOAN DOCUMENTS (this "<u>Agreement</u>") is effective as of November 19, 2025, by and between IPC Alternative Real Estate Operating Partnership, LP, a Delaware limited partnership (the "<u>Borrower</u>") with its principal place of business at 2901 Butterfield Rd, Oak Brook, IL 60523, promises to pay to the order of INLAND PRIVATE CAPITAL CORPORATION, a Delaware corporation (the "<u>Lender</u>"), with its principal place of business at 2901 Butterfield Road, Oak Brook, IL 60523

<u>W I T N E S S E T H</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Lender extended to Borrower a revolving loan (the "<u>Loan</u>") in the amount of Twenty Two Million Five Hundred Thousand Dollars ($22,500,000.00) pursuant to that certain Revolving Credit Facility Loan Agreement dated as of October 27, 2023 between Lender and Borrower, (as the same may be further amended, restated, supplemented or otherwise modified, the "<u>Credit Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Loan is evidenced by that certain Revolving Promissory Note dated as of October 27, 2023, made by Borrower payable to the order of Lender in the original principal amount of Twenty Two Million Five Hundred Thousand Dollars ($22,500,000.00) (as the same may be further amended, restated, supplemented or otherwise modified, the "<u>Note</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.On November 26, 2024, the Borrower and the Lender entered into that certain Modification to Loan Documents (the "<u>Modification</u>" and collectively with the Note and the Credit Agreement, the "<u>Loan Documents</u>") to extend the Maturity Date under the Credit Agreement from November 30, 2024 to November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Borrower and Lender have agreed to modify the Loan Documents to: (i) further extend the Maturity Date under the Credit Agreement from November 30, 2025 to November 30, 2026 and (ii) modify the Loan Documents to reflect such amendment through the date hereof pursuant to the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the foregoing and the agreements, promises and covenants set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **<u>AGREEMENTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Recitals</u>. The foregoing Recitals are hereby made a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Definitions</u>. Capitalized terms used in this Agreement shall have the meanings given them in this Agreement and any capitalized words and phrases used

8164505.2 ------

herein without definition shall have the respective meanings ascribed to such words and phrases in the respective Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **<u>AMENDMENT TO THE CREDIT AGREEMENT</u>**. The following defined term contained in <u>Section 1.01</u> of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

"<u>Maturity Date</u>" means November 30, 2026, as may from time to time be amended, modified, extended or renewed, but not accelerated, in the Lender's sole and absolute discretion or upon the date upon which Lender declares the Obligations, or the Obligations become, due and payable after the occurrence of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **<u>Documents to Remain in Effect; Confirmation of Obligations; References</u>.** The Loan Documents shall remain in full force and effect as originally executed and delivered by the parties as expressly modified and amended herein. Borrower hereby (a) confirms and reaffirms all of its obligations under the Loan Documents, as modified and amended herein; (b) acknowledges and agrees that Lender, by entering into this Agreement, does not waive any existing or future default or event of default under any of the Loan Documents, or any rights or remedies under any of the Loan Documents, except as expressly provided herein; (c) acknowledges and agrees that Lender has not heretofore waived any default or event of default under any of the Loan Documents, or any rights or remedies under any of the Loan Documents; and (d) acknowledges that it does not have any defense, set off or counterclaim to the payment or performance of any of its obligations under the Loan Documents as modified and amended herein. All references in the Loan Documents to any one or more of the Loan Documents, or to the "Loan Documents" shall be deemed to refer to such Document, Documents or Loan Documents, as the case may be, as amended by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **<u>REPRESENTATIONS, WARRANTIES AND COVENANTS</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Organization</u>. Borrower is a limited partnership, duly organized, existing and in good standing under the laws of the State of Delaware, with full and adequate powers to carry on and conduct its business as presently conducted. Borrower is duly licensed or qualified in all foreign jurisdictions wherein the nature of its activities requires such qualification or licensing, except for such jurisdictions where the failure to so qualify would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Authorization</u>. Borrower is duly authorized to execute and deliver this Agreement and is and will continue to be duly authorized to borrow monies under the Loan Documents, as amended hereby, and to perform its obligations under the Loan Documents, as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>No Conflicts</u>. The execution and delivery of this Agreement and the performance by Borrower of its obligations under the Loan Documents, as amended hereby, do not and will not conflict with, violate or contravene any provision of law or of or of any agreement binding upon Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Validity and Binding Effect</u>. The Loan Documents, as amended hereby, are legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors' rights or by general principles of equity limiting the availability of equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5<u>Compliance with Loan Documents</u>. The representation and warranties set forth in the Loan Documents, as amended hereby, are true and correct with the same effect as if such representations and warranties had been made on the date hereof, with the exception that all references to the financial statements shall mean the financial statements most recently delivered to Lender and except for such changes as are specifically permitted under the Loan Documents. In addition, Borrower has complied with and is in compliance with all of the covenants set forth in the Loan Documents, as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6<u>Release and Waiver</u>. Borrower does hereby release Lender and its officers, directors, employees, agents, attorneys, personal representatives, successors, predecessors and assigns from all manner of actions, cause and causes of action, suits, deaths, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, controversies, agreements, promises, variances, trespasses, damages, judgments, executions, claims and demands, whatsoever, in law or in equity, and particularly, without limiting the generality of the foregoing, in connection with the Loan Documents and any agreements, documents and instruments relating to the Loan Documents and the administration of the Loan Documents, all indebtedness, obligations and liabilities of Borrower to Lender and any agreements, documents and instruments relating to the Loan Documents (collectively, the "<u>Claims</u>"), which Borrower now has against Lender or ever had, or which might be asserted by its heirs, executors, administrators, representatives, agents, successors, or assigns based on any Claims which exist on or at any time prior to the date of this Agreement. Borrower expressly acknowledges and agrees that it has been advised by counsel in connection with this Agreement and that it understands that this Section 4.6 constitutes a general release of Lender and that it intends to be fully and legally bound by the same. Borrower further expressly acknowledges and agrees that this general release shall have full force and effect notwithstanding the occurrence of a Default pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7<u>Omnibus Amendment</u>. Each of the Loan Documents shall be deemed amended to give effect to the provisions of this Agreement without need for referencing each of the Loan Documents by name. Without limiting the generality of the foregoing, Borrower and Lender acknowledge that the term "Loan Documents" shall mean all of the Loan Documents as modified by this Agreement (and any notes, amendments and agreements delivered in connection herewith). Additionally, as used in the other Loan Documents, the term "Documents" and/or "Other Agreements" shall now be deemed to include this Agreement and any other documents, instruments or agreements executed in connection herewith.

8164505.2 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **<u>GENERAL</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Governing Law; Severability</u>. This Agreement shall be delivered and accepted in and shall be deemed to be contracts made under and governed by the internal laws of the State of Illinois, and for all purposes shall be construed in accordance with the laws of such State, without giving effect to the choice of law provisions of such State. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by, unenforceable or invalid under any jurisdiction, such provision shall as to such jurisdiction, be severable and be ineffective to the extent of such prohibition or invalidity, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>Successors and Assigns</u>. This Agreement shall be binding upon Borrower and Lender and their respective successors and assigns and shall inure to the benefit of Borrower and Lender and the successors and assigns of Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Continuing Force and Effect of Loan Documents</u>. All terms and provisions of the Credit Agreement and the other Loan Documents are incorporated by reference herein as specifically modified or amended by the terms of this Agreement and in all respects, shall continue in full force and effect. Borrower, by execution of this Agreement, hereby reaffirms, assumes and binds itself to all of the obligations, duties, rights, covenants, terms and conditions that are contained in the Credit Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>Expenses</u>. Borrower shall pay all costs and expenses in connection with the preparation of this Agreement and other related loan documents, including, without limitation, reasonable attorneys' fees and time charges of attorneys who may be employees of Lender or any affiliate or parent of Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5<u>Counterparts</u>. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same agreement. Signature pages delivered by facsimile or other electronic transmission shall be deemed originals for all purposes hereof.

[signature page follows]

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IN WITNESS WHEREOF, the parties have executed this Second Modification to Loan Documents by and between Lender and Borrower as of the date first above written.

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| &nbsp;&nbsp;**<u>BORROWER</u>**:<br>**IPC Alternative Real Estate Operating Partnership**, a Delaware limited partnership<br>By: */s/ Denise C. Kramer*<br>Name: Denise C. Kramer <br>Title: Chief Executive Officer |
| &nbsp;&nbsp;**<u>LENDER</u>**:<br>**INLAND PRIVATE CAPITAL CORPORATION,** a Delaware corporation<br>By*: /s/ Joseph E. Binder*<br>Name: Joseph E. Binder<br>Title: Executive Vice President<br>|

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