InPoint Commercial Real Estate Income Inc., 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, has originated a loan secured by a 200-unit multifamily property located in Phoenix, Arizona. The loan is comprised of a $12.8 million initial funding and a potential future funding of $4.2 million, for a total potential loan amount of $17 million.
The initial funding of $12.8 million represents 79.8 percent of the property’s appraised value. The property owner is a full-service real estate investment and management firm that owns seven multifamily properties in the Greater Phoenix and Tucson markets with values totaling more than $118 million.
“In the past three months, InPoint has experienced accelerated growth with investments of more than $78 million in first mortgage loans and CMBS,” said Mitchell Sabshon, chief executive officer of InPoint. “This multifamily loan brings InPoint’s portfolio to a total of approximately $204 million.”
InPoint has created a portfolio of first mortgage loans, CMBS and credit loans secured by hospitality, multifamily, office, retail and industrial real estate assets located across the country. As of June 30, 2018, the portfolio is composed of 94 percent floating-rate investments.
InPoint Commercial Real Estate Income Inc. seeks to originate, acquire and manage a diversified credit portfolio secured by commercial real estate properties primarily within the United States. The REIT launched its private offering in October 2016 and has raised approximately $110.7 million in investor equity, as of August 8, 2018.