InPoint Commercial Real Estate Income Inc., a commercial mortgage real estate investment trust, has closed its private offering, which launched in October 2016 and was comprised of $500 million in Class P shares priced at $25.00 each. The offering raised total gross proceeds of approximately $274 million, as of July 16, 2019.
The registration statement for the company’s $2.35 billion initial public offering was declared effective in May 2019. The offering is comprised of Class A, Class T, Class S, Class D, and Class I shares priced at $25.11 each, which is based on the net asset value per share as of June 30, 2019. The company has not sold any shares in the public offering as of June 30, 2019.
The REIT’s primary focus in making commercial real estate debt investments will be to originate, acquire and asset manage first mortgage loans.
Each class of shares will be sold at the then-current transaction price, plus various upfront selling commissions and dealer manager fees.
Class A shares have upfront selling commissions of 6 percent of the transaction price, upfront dealer manager fees of 1.25 percent, an annual advisor stockholder servicing fee of 0.65 percent, and an annual dealer stockholder servicing fee of 0.20 percent.
Class T shares have upfront selling commissions of 3.0 percent and dealer manager fees of 0.5 percent.
Class S shares have selling commissions of 3.5 percent and a stockholder servicing fee of 0.85 percent.
Class D shares have an annual stockholder servicing fee of 0.25 percent.
The minimum investment is $2,500 for all share classes except Class I shares, which have a minimum investment of $1 million.
The company oversees a portfolio of first mortgage loans, CMBS and credit loans that are secured by multifamily, industrial, office, hospitality and retail real estate assets located across the United States. The portfolio totals $564.7 million and is composed of 98 percent floating-rate investments.
InPoint Commercial Real Estate Income is advised by an affiliate of Inland Real Estate Investment Corporation and sub-advised by an affiliate of Sound Point Capital Management LP.