InPoint Commercial Real Estate Income, Inc. (“InPoint”), a commercial mortgage real estate investment trust sub-advised by an affiliate of Sound Point Capital Management, LP, announced today that, through its operating partnership, it originated a mortgage loan for an 8-story, class A office building and parking structure (the “Property”) located in Honolulu, HI. The loan is comprised of a $12.4 million initial funding to refinance existing debt and a potential future funding of $2.25 million for a loan total of $14.65 million.
The initial funding of $12.4 million represents 67% of the Property’s appraised value. The borrower is a joint venture between two experienced and well-capitalized, national commercial real estate firms.
The Property is located in the Honolulu Central Business District (“CBD”). The immediate area includes many state and federal agencies, courthouses and the expanding Hawaii Pacific University.
“The Property is right downtown, walkable to all the major demand generators in the Honolulu CBD,” said Don MacKinnon, president of InPoint Commercial Real Estate Income, Inc. “In addition, the submarket continues to grow, particularly with Hawaii Pacific University increasing their need for space. We are excited to be partnered with two seasoned operators that have shown they can increase value at the asset.”
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 seeks to originate, acquire and manage a diversified debt portfolio secured by commercial real estate properties primarily within the United States. Single-tenant net leased properties also may be acquired as appropriate based on market opportunity.
Contacts
Inland Marketing & Communications, Inc.
Nicole Spreck, (630) 586-4896
nicole.spreck@inlandgroup.com
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