Cosmos Fund I: Housing For US Veterans

Cosmos Fund is a private, government-backed real estate strategy focused on acquiring and operating ~100 condominium units in Parkchester, The Bronx, leased to U.S. veterans under the HUD-VASH program. The fund combines voucher-anchored income, institutional operations, and conservative leverage to deliver resilient cash flow with long-term upside.

What makes the opportunity distinctive

Federal payor, not just a tenant: Rents are largely paid via Housing Assistance Payments (HAP) administered by local housing authorities, historically reliable across cycles, subject to compliance.

Price-to-rent arbitrage: Entry pricing around ~$350/ft² in Parkchester versus ~$1,000/ft² in other sub-20-minute NYC neighborhoods creates a margin of safety at entry.

Operational edge at scale: Standardized inspections and turns, HUD-VASH compliance, and active HOA governance (board representation) support low vacancy and predictable operations across a diversified 100-door portfolio.

Downside-aware capital structure: Fixed-rate, amortizing portfolio debt with a 65% baseline LTV (70% cap), DSCR guardrails, and $5,000+ per-unit locked reserves to buffer shocks and avoid forced sales.

Exit flexibility: A 7-year base term with up to three 1-year extensions allows timing exits opportunistically (block sale, rolling condo sales, or refi-and-hold if favorable).

Return profile (illustrative, not guarantees)

Target ~18–20% net IRR over 7–10 years, driven by current cash yield, inflation-linked rent growth, amortization, and conservative valuation assumptions.

Distributions are quarterly as available, with a European (fund-as-a-whole) waterfall: return of capital → 8% simple preferred return → 80/20 LP/GP split.

Why now

Parkchester remains undervalued relative to access; a new rail station under construction (treated as upside, not base case) is expected to shorten Midtown commutes materially.

Veteran housing enjoys long program history and bipartisan support, while demand outstrips supply in targeted submarkets.

Investor fit

Best suited for investors seeking probability-weighted returns, income resilience, and institutional governance, accepting private-fund illiquidity.

Minimum investment: $50,000 (eligibility via Reg D 506(c) for U.S. accredited investors; Reg S for non-U.S.).

Important: Targets are illustrative and subject to risks including compliance, market, HOA, and liquidity. Full details are governed by the PPM and operating documents.