PRESS ROOMNEWS RELEASE
InPoint Commercial Real Estate Income, Inc. Announces Origination of $13.43 Million First Mortgage LoanOctober 25, 2018
Oak Brook, Ill. – InPoint Commercial Real Estate Income, Inc. (“InPoint”), a commercial mortgage real estate investment trust sponsored by Inland Real Estate Investment Corporation and sub-advised by an affiliate of Sound Point Capital Management, LP, announced today that, through its operating partnership, it originated a first mortgage loan for a 480-unit, garden-style multifamily property (the “Property”) located in Dallas, Texas. The loan is comprised of a $13.43 million initial funding and a potential future funding of $6.07 million for a total potential loan amount of $19.5 million.
The initial funding of $13.43 million represents 76 percent of the Property’s appraised value. The Property owner is a commercial real estate investment company focused on value-add multifamily assets, with a portfolio exceeding $1.7 billion comprised of 30 properties and over 18,250 units, with 1,100 units located in the Dallas area. With these funds, the Property owner plans to complete significant renovations to the Property’s interiors, exteriors and common areas that may allow for increased rents consistent with the local market.
“This multifamily property is ideally located in the high-performing South Dallas submarket, boasting strong demographics and providing convenient access to Interstate 45 and a direct route to the Dallas Central Business District,” said Don MacKinnon, president of InPoint.
“InPoint continues to experience accelerated growth, building a portfolio of size and scale consistent with the Company’s long-term strategic goals,” added Mitchell Sabshon, chief executive officer of InPoint. “InPoint has invested more than $52 million over the past month, contributing to a mature portfolio of $257 million.”
InPoint has created a diverse portfolio of first mortgage loans, CMBS and credit loans secured by hospitality, multifamily, office, retail and industrial real estate assets located across the country. The portfolio is composed of 96 percent floating-rate investments.
About InPoint Commercial Real Estate Income, Inc.
Externally managed by a wholly-owned indirect subsidiary of Inland Real Estate Investment Corporation, InPoint Commercial Real Estate Income, Inc. is a commercial mortgage real estate investment trust that seeks to originate, acquire and manage a diversified credit portfolio secured by commercial real estate properties primarily within the United States.
When used in this press release, in future filings with the Securities and Exchange Commission ("SEC") or in other written or oral communications, statements which are not historical in nature, including those containing words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "would," "could," "goal," "objective," "will," "may" or similar expressions, are intended to identify "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions.
Forward-looking statements are based on InPoint's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to InPoint. These risks and uncertainties and other factors, including the risk factors described in InPoint's periodic reports filed with the SEC, could cause InPoint's actual results to differ materially from those projected in any forward-looking statements it makes. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect InPoint. Except as required by law, InPoint is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.