InPoint Commercial Real Estate Income Originates $31 Million Mortgage Loan
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 $31 million loan.
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 $31 million loan for a 629,011-square-foot property with two industrial buildings and 23 acres of excess land located in Denver, Pennsylvania.
The loan represents 64 percent of the property’s appraised value. The real estate owners are in a joint venture and have owned and managed the property for 17 years.
“The property is 100 percent occupied primarily by a Fortune 500 tenant and is well positioned approximately one mile from the Pennsylvania Turnpike and strategically located in the center of the Boston-Washington Corridor,” said Don MacKinnon, president of InPoint Commercial Real Estate Income Inc.
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 $76.7 million in investor equity, as of May 9, 2018. As of the first quarter of 2018, the company’s investment portfolio consisted of $52 million in commercial mortgage loans held for investment and $30.9 million in commercial mortgage backed securities.
