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3650 REIT Lends ~$783 Million in First Fiscal Year of Operations

May 14, 2019

MIAMI--(BUSINESS WIRE)--May 14, 2019--

3650 REIT (“3650”), a balance-sheet lender focused on creating long-term relationships by originating, servicing and asset managing long- and short-term fixed-rate commercial real estate loans through maturity, is pleased to announce that it enjoyed a banner first 12 months of originations, lending approximately $783 million since its launch in April 2018.

“3650’s differentiated business model has enabled us to quickly build a national platform capable of providing loans of all sizes to sophisticated, real estate savvy sponsors,” said Managing Partner and Co-Founder Toby Cobb. “As a relationship-focused lender, our growth over the past year is a testament to the experience of our leadership team, as well as our hands-on approach to asset management and loan servicing. We look forward to continuing to provide borrowers with tailored financing solutions that create positive results and lasting value.”

3650 is custom-built to meet the market demand for a stable portfolio lender focused on long-term relationships and reliable performance. Select deals originated over the past year include:

  • $78 million construction loan to complete the development of the Tacoma Marriott Convention Center Hotel in Tacoma, Washington, one of the largest meeting places in the Pacific Northwest;
  • $46.5 million 10-year first mortgage loan to refinance the Causeway Square project in North Miami, Florida;
  • $43.5 million 10-year first mortgage loan for the refinancing of the Bernardus Lodge and Spa in Carmel Valley, California;
  • $33 million 10-year first mortgage loan to refinance the Desert Marketplace project in the Southwest submarket of Las Vegas;
  • $27.5 million construction loan for a multifamily project in Phoenix, Arizona; and
  • $13.1 million 10-year first mortgage loan to refinance the Atrium building in the Pacific Palisades neighborhood of Los Angeles, California.

Commenting on 3650’s impressive first year, Managing Partner and Co-Founder Justin Kennedy added, “Our business is defined by the loans we originate, and the progress we’ve made in year one is proof that our value proposition is resonating. We believe that our concentration on high-quality borrowers combined with our in-house origination, servicing and asset-management capabilities creates a close alignment of interest between our firm and the sponsors with whom we work.”

Since its inception, 3650 has rapidly assembled a highly experienced team of commercial real estate professionals to structure and service loans for stable performance through maturity. This group includes 48 people located across offices in Miami, New York, Los Angeles, Chicago and Dallas, providing the firm with a physical presence in major markets throughout the country. These individuals have track records across multiple debt, equity and servicing disciplines, providing them with a thorough understanding of the borrower’s perspective and how to properly identify, assess and mitigate risk.

About 3650 REIT

3650 (“Thirty-Six Fifty”) REIT is a balance-sheet lender focused on creating long-term relationships by originating, servicing and asset managing long- and short-term fixed-rate commercial real estate loans through maturity. 3650 REIT’s highly differentiated lending process, national scale and vertically integrated platform enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets with track records of success across CRE lending, mortgage banking, capital markets, loan servicing and distressed credit management. Headquartered in Miami, Florida with offices in New York, Chicago, Dallas and Los Angeles, 3650 REIT is well positioned to lend on properties located throughout the country. For more information, visit: www.3650REIT.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190514005611/en/

CONTACT: Media:

Greg Michaels, ICR for 3650 REIT

Gregory.Michaels@icrinc.com| 646-677-1836

KEYWORD: UNITED STATES NORTH AMERICA FLORIDA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT BANKING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: 3650 REIT

Copyright Business Wire 2019.

PUB: 05/14/2019 09:30 AM/DISC: 05/14/2019 09:31 AM

http://www.businesswire.com/news/home/20190514005611/en

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