3650 REIT's McFarlane Road headquarters in Miami. Photo by Google StreetviewMIAMI, FL–The California State Teachers' Retirement System has formed a JV with 3650 REIT, a private trust in Miami that launched earlier this year.
The JV is launching with an initial $200 million commitment that has an accordion feature for a potential total commitment of $500 million. The capital will be used for 3650 REIT's bridge and event driven lending strategy.
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3650 REIT is a commercial real estate portfolio lender whose strategies include long-term, first-lien mortgages, bridge and event driven financing, opportunistic investments and relationship-focused loan servicing and asset management.
3650 REIT's bridge and event driven lending strategy originates senior and mezzanine loans and preferred equity commercial real estate investments without employing external leverage. The partnership with CalSTRS will allow the company to “target transitional assets with misjudged value, structural complexity or time sensitivity,” according to Jonathan Roth, managing partner and co-founder.
The company is led by commercial real estate finance veterans Roth, Toby Cobb and Justin Kennedy. Roth has had a longstanding working relationship with CalSTRS, according to Director of Real Estate Mike DiRé. “Because of our relationship with him and the team he and his partners have assembled we're confident that our new joint venture will bring the returns we expect,” he said in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
