InPoint Commercial Real Estate Income’s $87.5 Million Shares Offering

Alston & Bird advised InPoint Commercial Real Estate Income on the deal.

InPoint Commercial Real Estate Income Inc., a commercial mortgage REIT, announced its underwritten public offering of $87.5 million of Series A preferred stock. The offering was novel because it marked the company’s capital markets debut on the New York Stock Exchange with a public offering of preferred stock rather than the more customary offering of common stock.

The company has also granted the underwriters a 30-day over-allotment option to purchase an additional 525,000 shares of the Series A preferred stock and will receive an additional $13.1 million in gross proceeds if the underwriters exercise their over-allotment option in full.

InPoint intends to use the net proceeds to acquire targeted assets in a manner consistent with its investment strategies and investment guidelines and for general corporate purposes.

The Series A Preferred Stock will list on the NYSE under the symbol “ICR PR A,” with trading expected to commence on or about September 23, 2021.

Advising InPoint is an Alston & Bird team led by partners Michael Kessler (Picture) and Rosemarie Thurston, senior associates Daniel Honeycutt and Ian Jones, and associate Alexa Shockley (REITs); and partner Shawna Tunnell and senior associate Stefanie Kavanagh (Tax).

 

 

Involved fees earner: Daniel Honeycutt – Alston & Bird LLP; Ian Jones – Alston & Bird LLP; Stefanie Kavanagh – Alston & Bird LLP; Michael Kessler – Alston & Bird LLP; Alexa Shockley – Alston & Bird LLP; Rosemarie Thurston – Alston & Bird LLP; Shawna Tunnell – Alston & Bird LLP;

Law Firms: Alston & Bird LLP;

Clients: InPoint Commercial Real Estate Income Inc.;

Author: Martina Bellini