3650 Capital Secures $215M in New Investments from CalSTRS, Mubadala

Commitments from global institutions, existing investors reinforce confidence in 3650’s capital deployment strategies

MIAMI--(BUSINESS WIRE)--3650 Capital (3650), a nationwide alternative commercial real estate lender, special servicer and solutions provider focused on originating, servicing and asset-managing loans and providing advisory support to global institutions, today announced that it has secured $215 million in fresh capital commitments from repeat investors the California State Teachers’ Retirement System (CalSTRS) and Mubadala Investment Company. The new capital will be allocated across 3650’s lending strategies and support multiple investment products.

“We are deeply grateful for the unwavering support of our world-class, global institutional investors and are proud to accept these new commitments from both CalSTRS and Mubadala,” said Jonathan Roth, Co-Founder and Managing Partner of 3650 Capital. “As longtime advocates of 3650’s investment strategies, both organizations have enabled us to continue to pursue a diverse range of capital solutions for our borrowers, resulting in superb portfolio performance and consistent growth. We look forward to maintaining our longstanding relationships with both institutions as we identify new opportunities to deploy capital into a variety of U.S. markets and projects in the new year and beyond.”

The new capital will be deployed across 3650’s three investment strategies. CalSTRS and Mubadala capital will be deployed in 3650’s Stable Cash Flow (SCF) strategy, which provides long-term, fixed-rate financing, and 3650’s Real Estate Credit Solutions (RECS) strategy, which involves short-term value-add financing (formerly known as 3650’s Bridge and Event-Driven platform) as well as SASB and transitional loans. CalSTRS capital will also be deployed in 3650’s Special Situations Investment Strategy (SSIS), which is focused on equity and structured capital solutions for broken capital structures, loan purchases and value-add business plans.

Toby Cobb, Co-Founder and Managing Partner of 3650 Capital, stated, “As we enter 2025, alternative capital providers are evaluating a robust slate of opportunities to finance commercial real estate projects while banks remain retrenched. Our proven business model, cyclical real estate experience and creative, all-in-one approach have led to a unique ability to capitalize on these opportunities and offer outsized returns.”

In the third quarter of 2024, 3650 announced it received nearly $430 million in capital commitments from CalSTRS as well as two institutional investors new to its roster: Temasek, an investment company headquartered in Singapore, and a top-ranked independent wealth management and investment advisory firm. Earlier in the year, 3650 announced a $100 million commitment from Public Officials Benefit Association (POBA), the Seoul, South Korea-based public pension fund.

3650 Capital was recently named one of The Korea Economic Daily’s 2024 Best Asset Managers by Korean Investors in the Best Performance category, demonstrating the firm’s belief in acting as a responsible steward of capital through rigorous analysis, creativity and investment discipline as well as fostering trust to develop long-term relationships. 3650 manages a loan servicing portfolio of approximately $18 billion in commercial real estate loans and securities.

About 3650 Capital
3650 (pronounced “Thirty-Six Fifty”) Capital is an alternative commercial real estate lender, special servicer and solutions provider, servicing portfolio loans for borrowers while providing a full suite of financing products. 3650’s highly differentiated lending process, national scale, vertically integrated platform and rated special servicer status enable it to deliver tailored financing and equity solutions, high-touch service and reliable, customer-focused outcomes. Additionally, 3650’s ability to retain the risk on each investment allows it to closely manage its portfolio. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the commercial real estate debt markets. Headquartered in Miami, Florida with offices in New York, Los Angeles, Dallas, Atlanta, Nashville and Washington D.C. For more information, visit: www.3650capital.com.

3650 was among the managers recognized by The Korea Economic Daily for ‘Best Performance’ in the Real Estate Mid Cap category for its 2024 Best Asset Managers Awards. Additional details about The Korea Economic Daily’s selection methodology are available at: https://www.kedglobal.com/alternative-investments/newsView/ked202502260001.

THIS INFORMATION DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, SECURITIES IN ANY JURISDICTION.