In a tough market for refinancing, 3650 REIT announced that it had originated a $103 million mezzanine loan for a multifamily portfolio of 12 assets with more than 3,500 apartment units and 3.7 million rentable square feet. The properties span four states: Louisiana, South Carolina, Georgia, and Tennessee.

The units include a mix of one-, two-, and three-bedroom apartments with an average size of 1,200 square feet. "Interior units feature modern finishes, high-end appliances and high ceilings with crown moldings, private balconies/patios, in-unit washer/dryers, walk-in closets and soaking tubs," the company said. "Nearly one third of the units have been recently renovated with continuing interior renovations underway."

The firm said it got the deal because of its ability to provide creative financing that supported the tax structuring requirements of existing partners and complied with existing senior lenders loan requirements."