OAK BROOK -- InPoint Commercial Real Estate Income, a commercial mortgage real estate investment trust, announced it originated a mortgage loan for an 8-story, class A office building and parking structure 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 percent 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. The immediate area includes many state and federal agencies, court houses 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."