3650 REIT Ends 2021 With More Than $1.45B in Originations, Brings Momentum Into 2022
3650 REIT ("3650"), a nationwide commercial real estate investment firm originating and servicing portfolio loans for relationship borrowers in addition to making other strategic investments, today announced that it has ended 2021 with more than $1.45 billion in total deployed capital. The firm is seeing a healthy pipeline of opportunities for the first quarter of 2022, and plans to continue its strategic investments in a variety of commercial real estate asset classes, including retail, multifamily, office and others.
"We at 3650 are proud of our track record as a firm, particularly in the last year as our company has continued to grow our origination volume," said 3650 Co-Founder and Managing Partner Jonathan Roth. "Throughout this extraordinarily trying time for our nation with the evolution of the pandemic, we've proven that our differentiated approach to lending and commitment to building long-term relationships have been powerful tools that resonate with borrowers. As we enter 2022 with significant momentum, we remain committed to deploying capital thoughtfully and working with sophisticated sponsors to help them realize their visions and execute on their business plans ? even in an unprecedented market environment."
Recently closed loans include:
- $95 million to sponsors Real Property Venture Capital and DJM Capital Partners, developers and owner/operators of retail properties in Southern California with over 2 million square feet under management, to refinance a 375,000-square-foot, dual grocery-anchored open-air shopping center in La Habra, California, located approximately 20 miles southeast of downtown Los Angeles; and
- $60.5 million to sponsor Hunington Properties ("Hunington"), a full-service commercial real estate company with extensive experience developing and investing in multifamily and retail properties, for the construction of The Vic on Park Row, a 363-unit multifamily property spanning two four-story buildings in Houston, Texas.
1641 Imperial Highway is centrally located in La Habra, a diverse community situated in the northwestern corner of Orange County, California. The tenancy at the center serves a wide variety of needs for local residents, and includes Sprouts Farmers Market, Smart & Final, Ross, Regal Cinemas, Esporta/LA Fitness, Ulta Beauty and several national chain restaurants including Chick-fil-A, Red Robin, Wendy's, and Starbucks. The sponsors sought to refinance the existing bridge loan and fund reserves for the continued improvement of the center. 3650 considered the primary credit strengths of the property to be its retail-centric sponsorship, essentials-based tenant profile and densely populated location.
The Vic on Park Row will feature a diverse range of amenities, including a game room, entertainment area, business center, conference room, fitness center, club room, bowling alley, outdoor recreational area with a pool, BBQ space, covered cabanas, dog park and playground. It will be located across the street from Texas Medical Center's West Campus in Houston's Energy Corridor, which is the second-largest employment center in the region. This area of Houston comprises more than 300 companies employing 94,000-plus people, and includes world-class organizations such as bp America, The ConocoPhillips Company and Shell Oil Company. 3650 was able to provide Hunington with an attractive financing package which addressed increasing construction costs resulting from ongoing supply chain constraints and inflationary pressures.
3650 REIT manages in excess of $5 billion in loans and investments across its Bridge and Event-Driven (BED) and Stable Cash Flow (SCF) lending platforms.
About 3650 REIT
3650 (pronounced "Thirty-Six Fifty") REIT is a nationwide commercial real estate investment firm originating and servicing portfolio loans for relationship borrowers in addition to other strategic investments. 3650 REIT's highly differentiated investment process, national scale, vertically integrated platform and rated special servicer status enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Additionally, 3650 REIT's ability to retain the risk on each investment allows it to closely manage its portfolio while incorporating ESG best practices. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets. Headquartered in Miami, Florida with offices in New York, Los Angeles, Dallas, Atlanta and Nashville. For more information, visit: www.3650REIT.com.
THIS INFORMATION DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, AN INTEREST IN ANY JURISDICTION.
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