The Heron
Multifamily property in Chicago, IL — sponsored by Madison Capital Group
Files with the SEC as Heron DST Holdings
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
The Heron is a 78-unit apartment building in Chicago's Edgewater neighborhood, built ground-up by CEDARst Companies and delivered in 2023.1 Its issuer, Heron DST Holdings, is a Delaware statutory trust (DST) — the wrapper that lets 1031 exchange investors hold fractional interests in real estate — raising up to $12,625,000 from accredited investors under Rule 506(b), the private exemption that bars public advertising.2
Sponsor: CEDARst Cos (Samoylovich/Heffron); built 2023, 5 stories, Edgewater; 506(b) first sale 2026-04-07; $12.6M
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These links support the public record as a whole; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Associated Bank announced a $15,484,000 land-and-construction loan to CEDARst Companies in February 2020 for a five-story apartment building on this Edgewater site.3 Cook County records show a new-building permit issued November 9, 2020 to 5440 Sheridan Property Owner LLC, since closed, covering simplex and duplex units and a rooftop deck.4 CEDARst delivered the building in 2023, with studios, one- and two-bedroom apartments and multilevel townhouses.1 No retrieved record shows what the Trust paid or when it took title.
- Property address
- 5440 N Sheridan, Chicago, IL 60640
- Property size
- 78 Residential Units
Who is the tenant, and what's the lease?
Income here comes from many short residential leases rather than one corporate tenant, so cash flow tracks occupancy, concessions and turnover. Listing pages for the building showed units advertised as available as of September 1, 2026, though no retrieved record reports occupancy, rent roll or a named current operator.5
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $125,000
- Still available
- $12,500,000
- Investors reported
- 1
- Total offering
- $12,625,000
How is it financed, and what does it pay?
The Form D reports an offering of equity interests and names no lender or loan.2 The 2020 construction loan was debt of the development entity, not evidence of this Trust's current mortgage.3 Where a DST carries a mortgage, it is customarily non-recourse to investors — the lender looks to the property, not to individual holders.
Who's behind it?
The Form D names 5440 Sheridan Property Owner as signatory trustee and 5440 Sheridan Manager LLC as its manager, with Alex Samoylovich, Mark Heffron and William Murphy as that manager's managers; no primary filing retrieved names the sponsor shown below.2 CEDARst Companies, which developed the building, remains active in Chicago multifamily, announcing the Avra West Loop acquisition on March 17, 2026. The sponsor below separately launched a $36 million opportunity-zone fund for a Reno hotel redevelopment, reported July 7, 2026.
- Sponsor
- Madison Capital Group
- Legal Trust name
- Heron DST Holdings
- May convert to a REIT
- No
- Offerings from this sponsor
- 6 active / 12 total offerings from Madison Capital Group
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The SEC record here is an initial notice rather than an amendment: the issuer reported a first sale on April 7, 2026 and a $500,000 minimum from any outside investor.2 Interests are placed privately with accredited investors — those meeting SEC income or net-worth tests — without public advertising.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
Is The Heron still raising money?
Top1031 lists The Heron as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for The Heron?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
What does this Trust actually own?
An apartment building known as The Heron, at 5440 N Sheridan in Chicago's Edgewater neighborhood, with 78 residential units. CEDARst Companies' project page describes ground-up construction delivered in 2023, with studios, one- and two-bedroom apartments and multilevel townhouses, and a Cook County permit record for the site describes a five-story building with simplex and duplex units and a rooftop deck. The Form D filed April 9, 2026 names 5440 Sheridan Property Owner as signatory trustee and 5440 Sheridan Manager LLC as that trustee's manager, but the filing itself does not confirm that Heron DST Holdings holds deed title. The private placement memorandum (PPM) — the offering's governing disclosure document — and the county title record settle that ownership chain.
Who is behind this Trust?
The Form D filed April 9, 2026 identifies 5440 Sheridan Property Owner as signatory trustee of Heron DST Holdings, with 5440 Sheridan Manager LLC as manager of that trustee, and lists Alex Samoylovich, Mark Heffron and William Murphy as managers of that manager. CEDARst Companies developed the building and its co-founders continue to buy and build Chicago multifamily, announcing the Avra West Loop acquisition on March 17, 2026. The sponsor attribution shown on this page comes from Top1031's own directory; as of September 1, 2026, no primary SEC record retrieved names that sponsor in connection with this Trust.
How much debt is on the property?
Public filings do not say. The Form D reports an offering of equity interests and identifies no lender, loan balance, interest rate or maturity. Associated Bank announced a $15,484,000 loan to CEDARst Companies in February 2020 for the land purchase and construction, but that was debt of the development entity years before this offering and is not evidence of the Trust's current mortgage. The PPM's sources-and-uses table and loan summary settle whether the Trust is leveraged or all-cash.
Is the building leased up?
No verified occupancy figure appears in any record retrieved as of September 1, 2026. Third-party listing pages for the building showed units advertised as available around that date, which indicates active leasing but says nothing about building-wide occupancy, rent levels or concessions. A current rent roll and occupancy history would come from the PPM and the sponsor's operating materials.
What is the minimum investment?
The Form D filed April 9, 2026 reports a $500,000 minimum accepted from any outside investor. A Form D is a point-in-time notice rather than the governing contract, so the current minimum — and whether the sponsor will accept a smaller exchange amount — has to be confirmed in the PPM.
Is there a 721/UPREIT exit?
No public record retrieved shows one, and the record page marks the Trust as not convertible to a REIT. A 721/UPREIT exit is a provision letting a DST's interests be contributed into a real estate investment trust's operating partnership in exchange for partnership units, instead of the property being sold for cash. Any exit route here, including a straight sale of the building, has to be traced through the PPM.