3650 REIT Originates $315M in Last 45 Days, Setting Pace for 2020

MIAMI--()--3650 REIT (“3650” or the “Company”), a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers, originated multiple loans in the past 45 days, totaling approximately $315 million. The two largest Stable Cash Flow loans include: a $90 million loan to sponsor Nelson Partners Student Housing (“Nelson Partners”) for the acquisition of Sol Y Luna, a recently constructed, two-building class A-plus student housing complex located at 1031 North Park Avenue and 1020 North Tyndall Avenue in Tucson, Arizona, directly next to the University of Arizona campus; and $37 million to sponsor Prime Group to refinance Portofino Cove, a class A, 270-unit multifamily property located at 4135 Umbria Drive in Fort Myers, Florida. Both loans carry terms of 120 months.

“These loans exemplify the solid momentum 3650 has carried into the first quarter of 2020,” said 3650 REIT Co-Founder and Managing Partner Toby Cobb. “We reached our year-end 2019 goal of $2.5 billion in loans under management and our Rated Special Servicer status continues to provide a white-glove service to our best-in-class borrowers, while we remain aligned with our borrowers because of our material investment in their loans on our balance sheet. Both Sol Y Luna and Portofino Cove exhibit strong fundamentals, are located in the types of high-growth markets in which we seek to invest and are well-positioned to accommodate residents.”

Sol Y Luna offers high-quality amenities, a student-oriented retail component and sits just 36 feet from the University of Arizona campus, accommodating an influx of residents in light of the University’s nearly 20 percent increase in enrollment over the last 11 years. The property’s two buildings feature spacious, fully furnished one-, two-, three-, four- and five-bedroom units, totaling 977 beds. On-site amenities include a rooftop swimming pool, deck, fitness center, yoga and dance studio, hot tub, steam room, fire pits and grills, and state-of-the-art security systems. Sol Y Luna’s approximately 7,700 square feet of retail space includes storefronts from top brands including The Steam Studio, Red Mango/Smoothie Factory Juice Bar and Potbelly Sandwich Shop. The property sits just east of Main Gate Square, which is home to many popular shopping, dining and entertainment establishments. Sponsor Nelson Partners selected 3650 for its competitive pricing and proceeds, white-glove service and commitment to manage the credit for the full 3,650 days of the loan term.

Portofino Cove was completed in 2019 and comprises 21 buildings with amenities including a central lake, lakefront swimming pool, sun deck, cabana, courtyard, clubhouse, 24-hour fitness center, dog park and on-site management. In-unit comforts consist of 9-foot ceilings, high-efficiency heating and cooling, bay windows, washers and dryers, and upgraded kitchens. The property’s location allows easy access to the Caloosahatchee River waterfront, as well as major thoroughfares Interstate 75 and U.S. Highway 41. It enjoys proximity to Southwest Florida International Airport as well as multiple retail centers such as the super-regional Edison Mall. 3650’s flexible capital solution provided the sponsor, Prime Group, with fixed-rate, long-term financing while Portofino Cove was in its lease-up stage, in addition to a borrower relationship and service features that would be more typically provided by a GSE lender.

The Sol Y Luna loan was arranged by Alliance Capital Group, while the Portofino Cove loan was facilitated by Walker & Dunlop. Additional loans originated by 3650 in the past 45 days capitalized projects including shopping center Langston Landing in Kent, Washington, and Adams Towers Apartments in Washington DC, as well as its recently announced Gateway at Wynwood and Center at Miami Gardens projects in South Florida for which it originated bridge loans.

About 3650 REIT

3650 (pronounced “Thirty-Six Fifty”) REIT is a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers. 3650 REIT’s highly differentiated lending 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. 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, Los Angeles, Chicago, Dallas, and Nashville, 3650 REIT is well positioned to lend on properties located throughout the country. For more information, visit: www.3650REIT.com.

Contacts

Media:
Greg Michaels, ICR for 3650 REIT
Gregory.Michaels@icrinc.com | 646-677-1836

Contacts

Media:
Greg Michaels, ICR for 3650 REIT
Gregory.Michaels@icrinc.com | 646-677-1836