PRESS ROOMNEWS RELEASE
InPoint Commercial Real Estate Income, Inc. Announces Origination of $21 Million First Mortgage LoanJuly 24, 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 loan for a 268-unit multifamily property (the “Property”) located in Cedar Hill, Texas, a suburb of Dallas. The loan is comprised of a $21 million initial funding and a potential future funding of $250,000 for a total potential loan amount of $21.25 million.
The initial funding of $21 million represents 60 percent of the Property’s appraised value. The Property owner focuses on value-add multifamily properties and has a portfolio comprised of 28 properties, with more than 18,000 units and a value exceeding $1.7 billion. With these funds, the Property owner plans to complete renovations that may allow for increased rents consistent with the local market.
“This multifamily property is ideally located near the Dallas Central Business District and DFW Airport, and boasts strong demographics,” said Mitchell Sabshon, chief executive officer of InPoint. “InPoint has experienced accelerated growth, with a mature portfolio of more than $181 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 94 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.
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