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

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.

Business Wire


“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.