3650 REIT funds $150m of industrial portfolio loans 

The firm’s newest financing spans two loans, including $93.5m to refinance a triple-net portfolio of 14 assets across nine states. 

3650 REIT has originated more than $150 million spanning two loans to finance two industrial-anchored portfolios.  

The first $93.5 million loan is to Nevada-based sponsor Triple Net Acquisitions to refinance debt on a 14-property portfolio of industrial and flexible office assets in nine states. The second $59.9 million loan was originated on behalf of New York-based manager Alexander Property Holdings to acquire a 10-property industrial portfolio across four states. Both loans carry a term of 10 years. 

The loans highlight 3650 REIT’s vigorous activity despite an unstable environment, with co-founder and managing partner Toby Cobb considers the key to get through today’s market volatility is to strategically invest in stable asset classes with well-capitalized sponsors. 

“As other sources of capital in the commercial real estate market continue to pull back, 3650 REIT is seeing numerous opportunities,” said Cobb. “Industrial properties have seen sustained growth since well before the pandemic, with the gradual rise of ecommerce contributing to a greater need for high-quality storage and logistics facilities and last-mile delivery solutions.” 

The firm liked the properties for their respective locations in markets 3650 REIT believes are poised for continued demand. “We believe they will remain resilient ‘change winners’ through turbulent market conditions as corporate tenants require more space for goods,” Cobb added. 

The firm has originated more than $250 million in the month of July from its Stable Cash Flow platform, investing in asset classes across hospitality, self-storage and office.