InPoint Commercial Real Estate plans up to $57.5 million preferreds

By Wendy Van Sickle

Columbus, Ohio, Sept. 3 – InPoint Commercial Real Estate Income, Inc. plans to offer up to $57.5 million of series A cumulative redeemable preferred stock in an offering led by Raymond James & Associates, according to an updated filing with the Securities and Exchange Commission.

The amount includes a $50 million base deal and a $7.5 million over-allotment option.

The preferreds will be redeemable at par of $25.00 plus accrued dividends after two years.

The company previously announced on Aug. 13 that it was planning up to $50 million of the preferreds.

The company plans to apply to list the securities on the New York Stock Exchange under the symbol “ICRPrA.”

InPoint’s operating partnership is expected to use proceeds to acquire target assets and for general corporate purposes.

The commercial mortgage real estate investment trust with a focus on the origination of floating-rate loans structured by income producing institutional quality real estate is based in Oak Brook, Ill.

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