3650 Capital’s Special Situations Platform Doubles Down on Massachusetts Multifamily with Repeat Sponsor

MIAMI--(BUSINESS WIRE)--3650 Capital, a nationwide 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 closed its second Massachusetts multifamily equity investment of 2026 through its Special Situations Platform, which provides equity and structured capital solutions for complex situations including broken capital structures, loan purchases and value-add business plans across CRE asset classes.

The asset, the Chocolate Factory Apartments, is a repositioned historic chocolate factory located in Mansfield, MA, and is 3650's second deal executed with sponsor Eastern Real Estate. 3650 Capital actively deploys financing across the entire capital stack through its Special Situations Fund for well-located properties across all commercial real estate asset types, part of which includes debtor-in-possession financing.

Originally built in 1903 as a working chocolate factory, the property underwent a comprehensive renovation to convert the historic mill building into modern, open-concept apartment homes while retaining their distinctive characteristics, including exposed brick walls and timber ceilings. It is ideally located with direct access to Boston and Providence, RI, via MBTA commuter rail, Interstate 95 and Route 140. This adaptive reuse asset features a mix of loft-style studio, one- and two-bedroom apartments and amenities including a fitness center, resident lounge, remote work space, and a dog park and washing station.

The investment was made alongside repeat sponsor Eastern Real Estate, underscoring 3650’s continued focus on building strong, long-term relationships with sophisticated sponsors to execute complex and value-oriented business plans. Earlier this year, 3650 executed another equity investment through its Special Situations fund with Eastern Real Estate, acquiring a portfolio of three existing multifamily buildings comprised of 305 units. Located at 364, 370, and 388 Ocean Avenue on Revere Beach, this oceanfront community sits adjacent to the MBTA Blue Line’s Wonderland Station with direct connectivity to Downtown Boston. The property will undergo significant renovations to transform the assets from dated Class B apartments into a vibrant beachfront community.

“These transactions reflect 3650’s breadth of capabilities through our Special Situations platform and our ability to support high-quality sponsors across a variety of investment scenarios,” said Toby Cobb, Co-Founder and Managing Partner of 3650 Capital. “Eastern Real Estate has established a strong track record of identifying and executing on attractive opportunities, and we are pleased to continue building our relationship. We continue to see attractive opportunities to invest in multifamily markets across the nation where flexible financing and experienced execution can create value.”

“3650 has been a thoughtful, strategic and solutions-oriented partner,” said Toby Banta at Eastern Real Estate. “Their team’s ability to understand complex situations and provide creative capital solutions has made them a valuable partner and a firm we look forward to working with in the future.”

About 3650 Capital

3650 (pronounced “Thirty-Six Fifty”) Capital is a nationwide 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 recognized by PERE Credit as the 2025 Alternative Lender of the Year in the Sub-$5bn Real Estate AUM category. Additional details about PERE Credit’s selection methodology are available at: https://www.perecredit.com/awards/.

ABOUT EASTERN REAL ESTATE

Eastern Real Estate is a privately-held commercial real estate company based in Boston. As both an operator and investor, Eastern identifies, develops and manages commercial real estate projects across the United States. Eastern has invested in more than 100 projects—totaling over $5 billion in value and creating thousands of jobs. For more information, visit: www.eastern-re.com

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