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 for a 268-unit multifamily property located in the Dallas suburb of Cedar Hill, Texas.
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 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 Commercial Real Estate Income 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 raised approximately $102 million in investor equity, as of July 23, 2018. As of June 30, 2018, the company’s investment portfolio consisted of $181.1 million in commercial mortgage loans and commercial mortgage backed securities.