MIAMI – (BUSINESS WIRING) – 3650 REIT (“3650” or “Company”), a nationwide commercial real estate lender providing and servicing portfolio loans to partner borrowers, is pleased to announce that it has disbursed approximately $ 168 million in new loans secured by well-located properties … in USA. Most recently, the Company provided a $ 59 million loan to sponsor New Mountain Capital (“New Mountain”) to finance the acquisition of 50 Horseblock (the “Property”), a 100 percent leased 491,200 square foot industrial property. located at 50 Horseblock Road in Yaphanka, New York. The loan was issued by the investment platform “Stable Cash Flow” 3650 and is provided for a period of 120 months.
“The 3650 continues to grow strongly as we approach mid-2021,” said Toby Cobb, 3650 REIT Co-Founder and Managing Partner. “Our recent projects involve strategic investments with high quality sponsors in markets that we believe will continue to operate as the country emerges from the pandemic. These successes are a testament to the 3650 differentiated lending platform, which reflects our ability to prioritize relationships with borrowers while maintaining risk on every loan we make throughout their life cycle. ”
Built in 1986, 50 Horseblock is fully leased to a leading manufacturer of generics and specialty medicines. The tenant has invested heavily in the refurbishment and expansion of the 352,544 square feet Facility between 2014 and 2017, upgrading and refurbishing it to significantly increase production, packaging and warehouse space, and adding 137,000 square feet of office space. 50 Horseblock is currently used as a manufacturing and research center for various types of products, including oral solids, soft gels, and hormonal preparations. Additional property features include climate control throughout, as well as a 28-foot net height and 12 loading docks. Sponsor selected 3650 for funding because of its performance assurance, competitive pricing, relationship orientation, and internal service capabilities.
In addition to the 50 horsepower loan, other recent 3650 projects include:
$ 46.8 million in funding from Midtown Capital to acquire 1700 N. University Drive, a newly built Class A office building located in Plantation, Florida;
$ 21 million to sponsor Gideon D. Levy to refinance 93 East Apartments, an apartment building located in Atlanta, Georgia; as well as
$ 11 million to sponsors Dan and Lynn Stauss to refinance Carrington Court Apartments, an apartment building located in Grand Forks, North Dakota.
At the end of last month, 3650 USD 68.5 million loan to refinance the Patewood Corporate Center, a six-building office park located in Greenville, South Carolina.
The 50 horsepower loan was arranged by Adam Licari and Jeff Shriver of Eastdil Secured.
About 3650 REIT
3650 (pronounced “thirty six fifty”) REIT is a nationwide commercial real estate lender providing and servicing portfolio loans to partner borrowers. 3650 REIT’s highly differentiated lending process, nationwide scale, vertically integrated platform, and certified dedicated service personnel enable it to deliver tailor-made financial solutions, responsive service and reliable, customer-focused results. In addition, the 3650 REIT’s ability to withhold risk on every loan it makes over its maturity allows it to monitor every asset in its portfolio to leverage ESG’s best practices. Co-founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played a leading role in the evolution of CRE’s debt markets. Headquartered in Miami, Florida, with offices in New York, Los Angeles, Chicago, Dallas, and Nashville. For more information visit: www.3650REIT.com…
THIS INFORMATION DOES NOT CONSTITUTE AN OFFER TO SALE OR A FULFILLMENT OF AN OFFER TO PURCHASE AND IS NOT INTEREST IN ANY JURISDICTION.