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Industry Veterans Start Portfolio Lender

3650 REIT to Offer 10-Year, Bridge Loans
April 9, 2018

Three commercial real estate finance executives have launched 3650 REIT, a Coconut Grove, FL-based private portfolio lender.

The new company name comes from the number of days in a 10-year loan, one of its two primary products.

“If you’re our borrower, we have a relationship with you for 3,650 days,” co-founder Jonathan Roth told CoStar News. “We really want to communicate that we’re a relationship lender, and we’re there for the duration.”

Roth said he and co-founders Justin Kennedy and Toby Cobb will be the originators and primary servicers on the loans.

Unlike the many mortgages sold off during the housing bust and financial crisis a decade ago, 3650 REIT’s loans will remain in-house, according to Cobb.

“We believe it’s a better way of doing things,” he said.

Aside from the 10-year loans, 3650 REIT will offer shorter-term bridge loans for real estate assets in some form of transition.

The REIT’s institutional shareholders include anchor investor TPG Sixth Street Partners, a global investment firm managing more than $20 billion in assets.

In 2013, Kennedy and Cobb co-founded Grass River Property, a South Florida developer and property manager. The firm will serve as 3650 REIT’s development affiliate.

Roth previously served as president of Canyon Partners Real Estate LLC, an investment adviser that invested approximately $5.6 billion in more than 200 deals.

Aside from its Florida headquarters, 3650 REIT has offices in New York, Los Angeles, Newport Beach, CA and Chicago. A fifth office is planned for Dallas.

Paul Owers, South Florida Market Reporter  CoStar Group   
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