Inpoint Commercial Real Estate Income Inc. completed the sale of 820,089 shares of its class P common stock for an aggregate purchase price of about $21.9 million.
The sale was made in connection with the private placement of up to $500 million of class P common shares to accredited investors. The private offering, which commenced Oct. 25, 2016, was terminated June 28. The company accepted subscription agreements executed no later than June 28 and subscription proceeds through July 16.
The purchase price, which was also the transaction price, was equal to $25.00 per share, plus applicable selling commissions, dealer manager fees and organization and offering expenses. The resulting maximum total initial purchase price was $27.38 per share.
The company paid its affiliated dealer manager, Inland Securities Corp., selling commissions of up to 5.0% of the transaction price and a dealer manager fee of up to 3.0% of the transaction price. All selling commissions and a portion of the dealer manager fees were reallowed to third-party broker-dealers participating in the offering.
As of Aug. 5, pursuant to the private offering, the company had sold class P shares for total gross proceeds of approximately $276.7 million to accredited investors.