Mubadala invested in Miami-based commercial real estate lender 3650 Capital, joining California pension fund CalSTRS in a $215 million commitment. The new investment will help 3650 Capital expand its lending capacity and provide more flexible financing solutions for commercial property borrowers across the US. Mubadala is a repeat investor in 3650 Capital, having previously partnered with 3650 and CalSTRS on a $4 billion investment in the US real estate credit market.
Why This Matters
The UAE continues to strengthen the US financial sector by making targeted investments across a wide range of asset classes. Mubadala’s ongoing partnership with 3650 Capital and CalSTRS enables the US lender to deliver innovative financing tailored to evolving borrower needs and market conditions. This collaboration supports growth and stability in US property markets.
Full Press Release: 3650Capital Secures $215M in New Investments from CalSTRS, Mubadala
Commitments from global institutions, existing investors reinforce confidence in 3650’s capital deployment strategies
MIAMI--(BUSINESS WIRE)--3650 Capital (3650), a nationwide alternative commercial real estate lender, special servicer and solutions provider focused on originating, servicing and asset-managing loans and providing advisory support to global institutions, today announced that it has secured $215 million in fresh capital commitments from repeat investors the California State Teachers’ Retirement System (CalSTRS) and Mubadala Investment Company. The new capital will be allocated across 3650’s lending strategies and support multiple investment products.
“We are deeply grateful for the unwavering support of our world-class, global institutional investors and are proud to accept these new commitments from both CalSTRS and Mubadala,” said Jonathan Roth, Co-Founder and Managing Partner of3650 Capital. “As longtime advocates of 3650’s investment strategies, both organizations have enabled us to continue to pursue a diverse range of capital solutions for our borrowers, resulting in superb portfolio performance and consistent growth. We look forward to maintaining our longstanding relationships with both institutions as we identify new opportunities to deploy capital into a variety of U.S. markets and projects in the new year and beyond.”
The new capital will be deployed across 3650’s three investment strategies. CalSTRS and Mubadala capital will be deployed in 3650’sStable Cash Flow (SCF) strategy, which provides long-term, fixed-rate financing, and 3650’s Real Estate Credit Solutions (RECS) strategy, which involves short-term value-add financing (formerly known as 3650’s Bridge and Event-Driven platform) as well as SASB and transitional loans. CalSTRS capita l will also be deployed in 3650’s Special Situations Investment Strategy (SSIS),which is focused on equity and structured capital solutions for broken capital structures, loan purchases and value-add business plans.
Toby Cobb, Co-Founder and Managing Partner of 3650 Capital, stated, “As we enter 2025, alternative capital providers are evaluating a robust slate of opportunities to finance commercial real estate projects while banks remain retrenched. 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.”
In the third quarter of 2024, 3650 announced it received nearly $430 million in capital commitments from CalSTRS as well as two institutional investors new to its roster: Temasek, an investment company headquartered in Singapore, and atop-ranked independent wealth management and investment advisory firm. Earlier in the year, 3650 announced a $100 million commitment from Public Officials Benefit Association (POBA), the Seoul, South Korea-based public pension fund.
3650Capital was recently named one of The Korea Economic Daily’s 2024 Best Asset Managers by Korean Investors in the Best Performance category, demonstrating the firm’s belief in acting as a responsible steward of capital through rigorous analysis, creativity and investment discipline as well as fostering trust to develop long-term relationships. 3650 manages a loan servicing portfolio of approximately $18 billion in commercial real estate loans and securities.
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