PRESS ROOMNEWS RELEASE
InPoint Commercial Real Estate Income, Inc. Announces Origination of $5.6 Million Mortgage LoanApril 23, 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 62-unit multifamily property (the “Property”) located in Beaverton, Oregon, a suburb of Portland. The loan is comprised of a $5.6 million initial funding for the acquisition of the Property and a potential future funding of $2.1 million for a total loan amount of $7.7 million.
The initial funding of $5.6 million represents 72.5 percent of the Property’s appraised value. This is the Property owner’s ninth acquisition in the greater Portland market where they have successfully increased cash flows across their existing multifamily portfolio.
“This multifamily property is well positioned in a high performing market with strong demographics and abundant public transportation options,” said Don MacKinnon, president of InPoint Commercial Real Estate Income, Inc. “Well-known employers such as Nike, Intel and numerous healthcare providers are also strong economic drivers for Beaverton.”
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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