3650 REIT

3650 REIT

3650 REIT was launched in 2020 by industry veterans Jonathan Roth and Toby Cobb, who previously ran Deutsche Bank's US commercial real estate platform. Their departure followed a strategic decision by the German lender to exit large portions of its CRE business, leaving behind a pipeline of long-standing borrower relationships. The pair capitalized on that dislocation, structuring a vehicle designed to act more like a permanent portfolio lender than a conduit. The firm is headquartered in Coconut Grove, Florida, with additional offices in Los Angeles, New York and Dallas — an intentional multi-city footprint that mirrors the distribution of its lending activity. The firm originates, underwrites and holds a range of commercial real estate debt instruments, including bridge loans, construction-to-permanent loans and long-term fixed-rate mortgage products. Its capital base is designed to provide certainty of close — a structural feature that distinguishes it from banks that face mark-to-market pressure and capital-ratio constraints. 3650 REIT deploys across multifamily, industrial, office, retail and hospitality sectors, concentrating on loans between $15 million and $150 million in primary and secondary US markets. The group has also expanded into Europe, opening a lending capability in Madrid to offer a similar product to sponsors operating in Spain. The firm's ability to offer both floating-rate transitional debt and longer-dated fixed-rate permanent financing allows it to compete with bank-led syndicates while avoiding the match-funding risk that burdens traditional mortgage REITs. Since its founding, 3650 REIT has scaled its platform through selective hiring from institutions such as Wells Fargo, Berkadia and Newmark. The firm's investment committee remains tightly held by Roth and Cobb, with operational leadership distributed across the origination hubs. In September 2023, the firm expanded its West Coast presence with a new Los Angeles office and key additions to its production team (per the firm, September 2023). 3650 REIT operates without a publicly traded parent, which eliminates the quarterly earnings-cycle pressure that often forces publicly listed mortgage REITs to sell assets at inopportune times. While it does not disclose total assets under management or deployment figures, its origination pace and geographic breadth suggest an active pipeline that consistently places it among the most active non-bank CRE lenders in the market. 3650 REIT's structural differentiator lies in its hold-to-maturity posture. Most non-bank lenders — particularly those within private credit funds or commercial mortgage-backed securities conduits — are structured to originate and then distribute risk. 3650 REIT's model is designed to originate, service and retain loans on balance sheet, aligning its underwriting incentives with long-term asset performance rather than distribution fees. When the broader CRE lending ecosystem retrenches — as it did in 2022–2024 when regional banks pulled back — 3650’s committed capital allows it to step into the void without repricing its existing portfolio.