3650 Capital has raised $215 million and plans to deploy the capital across a variety of its lending strategies. The commitments come from repeat investors, including Mubadala Investment Company and California State Teachers’ Retirement System (CalSTRS).
The CRE lender and loan manager said that capital from both Mubadala and CalSTRS will together support its three strategies: stable cash flow (providing long-term fixed-rate financing, real estate credit solutions (supporting value-add short-term financing), and its transitional and Single Asset Single Borrower loans.
Separately, part of CalSTRS funding will be used for 3650 Capital's special situations investment strategy, which provides equity and capital solutions for value-add plans, loans and broken capital structures.
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“As we enter 2025, alternative capital providers are evaluating a robust slate of opportunities to finance commercial real estate projects while banks remain retrenched," Toby Cobb, co-founder and managing partner of 3650 Capital, said in a statement.
"Our proven business model, cyclical real estate experience and creative, all-in-one approach have led to a unique ability to capitalize on these opportunities and offer outsized returns.”
Previously, 3650 Capital received almost $430 million in the third quarter from CalSTRS and two institutional investors, which includes Singapore-based Temasek. Also, 3650 Capital fetched $100 million from a South Korean-based public pension fund, Public Officials Benefit Association, earlier in 2025.
Currently, the Miami-headquartered firm manages $18 billion in securities and CRE loans.
Recent data from the Mortgage Bankers Association revealed that lenders are continuing to extend loans. A total of $384 billion is being carried over into this year, up from $270 billion in 2024. For this year, the extensions account for 40 percent of the debt that's maturing.
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