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 originates, acquires and manages a diversified commercial real estate credit portfolio in the United States.
When used in this press release, in future filings with the Securities and Exchange Commission ("SEC") or in other written or oral communications, statements which are not historical in nature, including those containing words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "would," "could," "goal," "objective," "will," "may" or similar expressions, are intended to identify "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions.
Forward-looking statements are based on InPoint's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to InPoint. These risks and uncertainties and other factors, including the risk factors described in InPoint's periodic reports filed with the SEC, could cause InPoint's actual results to differ materially from those projected in any forward-looking statements it makes. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect InPoint. Except as required by law, InPoint is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.