OAK BROOK, Ill.--(BUSINESS WIRE)--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 first mortgage loan for the refinancing of a Class-A office building (the “Property”) located in the Eisenhower Avenue Corridor of Alexandria, Virginia just 10 miles south of Washington, D.C. The loan is comprised of a $12 million initial funding and potential future funding of $8 million.
The $12 million initial loan funding represents 55 percent of the Property’s appraised value. The borrower is a joint venture between two real estate operators, one with a 40-year track record of developing, investing and managing real estate in the Washington, D.C. market and the other who has invested over $750 million of equity in real estate assets.
The National Science Foundation, a $13.7 billion federal agency, recently moved their headquarters less than a mile from the Property, which is expected to create an estimated 3,000 new jobs and bring over 200,000 visitors per year to the submarket.
“InPoint was attracted to this deal because the operators are best-in-class and have a long track record of executing their business plans,” said Don MacKinnon, president of InPoint Commercial Real Estate Income, Inc. “The recently renovated Property is well positioned to take advantage of the rapidly expanding submarket.”
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.