Most recent closing involves $59M loan to fund the acquisition of 50 Horseblock, a 400,000-plus-square-foot, Yaphank, New York industrial facility
MIAMI, Jun 14, 2021--(BUSINESS WIRE)--3650 REIT ("3650" or the "Company"), a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers, is pleased to announce it has originated approximately $168 million in new loans backed by well-located properties across the U.S. Most recently, the Company provided a $59 million loan to sponsor New Mountain Capital ("New Mountain") to fund the acquisition of 50 Horseblock (the "Property"), a 100 percent leased, 491,200-square-foot industrial property located at 50 Horseblock Road in Yaphank, New York. The loan was originated from 3650’s Stable Cash Flow investment platform and carries a term of 120 months.
"3650 continues to carry strong momentum as we approach the halfway point of 2021," said 3650 REIT Co-Founder and Managing Partner Toby Cobb. "Our recent originations involve strategic investments with high-quality sponsors in markets that we feel will continue to perform as the nation emerges from the pandemic. These successes are a testament to 3650’s differentiated lending platform, which reflects our ability to prioritize our borrower relationships while retaining the risk on every loan we make for their entire lifecycles."
Originally constructed in 1986, 50 Horseblock is fully leased to a leading generic and specialty drug manufacturer. The tenant invested heavily in a renovation and 352,544-square-foot expansion of the Property from 2014-2017, modernizing and transforming it to increase its manufacturing, packaging and warehouse space substantially, in addition to adding 137,000 square feet of office space. 50 Horseblock is currently used as manufacturing and research and development space for a variety of product types, including oral solids, soft gels and hormonal products. Additional features of the Property include climate control throughout, as well as 28’ clear heights and 12 loading docks. The sponsor selected 3650 for the financing due to its surety of execution, competitive pricing, relationship focus and in-house servicing capabilities.
In addition to the 50 Horseblock loan, other recent 3650 originations include:
$46.8 million to sponsor Midtown Capital for the acquisition of 1700 N. University Drive, a newly constructed, class-A office building located in Plantation, Florida;
$21 million to sponsor Gideon D. Levy to refinance 93 East Apartments, a multifamily property located in Atlanta, Georgia; and
$11 million to sponsors Dan and Lynn Stauss to refinance Carrington Court Apartments, a multifamily community located in Grand Forks, North Dakota.
Late last month, 3650 originated a $68.5 million loan to refinance Patewood Corporate Center, a six-building office park located in Greenville, South Carolina.
The 50 Horseblock 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 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. Additionally, 3650 REIT’s ability to retain the risk on each loan it makes through maturity enables it to monitor each asset in its portfolio to incorporate ESG best practices. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE 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 SELL, OR A SOLICITATION OF AN OFFER TO BUY, AN INTEREST IN ANY JURISDICTION.
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Greg Michaels, ICR for 3650 REIT
Gregory.Michaels@icrinc.com | 646-677-1836