Private REIT Launches As National Portfolio Lender
3650 REIT has been founded by several veterans in the commercial real estate lending community.
MIAMI–Commercial real estate finance industry veterans and co-founders Justin Kennedy, Toby Cobb and Jonathan Roth have open the doors to their latest project: 3650 REIT, a national commercial real estate portfolio lending entity.
The company is structured as a private REIT and is backed by funds managed by TPG Sixth Street Partners. 3650 REIT investment products include long-term, first-lien mortgages on stabilized properties, bridge financing, including senior secured, mezzanine and preferred equity, opportunistic investments, and loan servicing and asset management. 3650 REIT has offices in New York, Los Angeles, Chicago and Miami and employs a total of 26 professionals.
In 2013, Kennedy and Cobb co-founded 3650 REIT’s CRE development affiliate, Grass River Property, a South Florida developer and manager of mixed-use, urban-infill and transit-oriented properties. 3650 will work with Grass River Property and sister company Grass River Capital, which continue their respective Miami-based CRE equity and debt investment and service activities.
The other executives have strong pedigrees as well. Previously, Roth served as president of Canyon Partners Real Estate LLC. Also joining the company is Jack Cohen, former CEO of Cohen Financial, as a managing partner. Together with Cohen, Peter LaPointe will lead the company’s servicing and relationship management platform as president of Asset Services. LaPointe, a 22-year veteran, held prior origination and servicing roles at LNR and Bayview Financial. Ken Dickey, 3650’s managing partner leading fixed rate originations, was managing director and led origination for the CRE lending platform at The Bank of New York Mellon.