3650 Capital Secures $215M From CalSTRS, Mubadala Investment Company
A significant portion of the capital will place equity into broken capital stacks and loan purchases
By Brian Pascus March 27, 2025 2:46 pm
reprints
It might be a new year, but repeat investors are returning to 3650 Capital.
The national commercial real estate lender and special servicing and solutions firm — which carries an $18 billion loan portfolio — has secured $215 million in new capital commitments from California State Teachers’ Retirement System (CalSTRS) and Mubadala Investment Company.
Jonathan Roth, co-founder and managing partner of 3650 Capital, noted in a statement that both investors are “longtime advocates” of the firm’s investment strategies and that the capital will help the firm “pursue a diverse range of capital solutions” for its borrowers and clients.
“We look forward to maintaining our long-standing 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,” said Roth.
3650 Capital will deploy the new capital across its main strategy platforms. These include the firm’s Stable Cash Flow strategy, which aims to provide long-term, fixed-rate financing for CRE projects, and its Real Estate Credit Solutions strategy, designed around debt and equity financing packages that fit into short-term, value-add projects. The firm also makes single-asset, single-borrower commercial mortgage-backed securities loans and transitional loans.
The investment from CalSTRS will be deployed partially into the firm’s Special Situations Investment Strategy, which prioritizes placing equity and structured capital into broken capital stacks. 3650 will also use the capital to purchase loans.
The infusion comes only a few months after 3650 received a $430 million capital commitment from CalSTRS and Temasek, an institutional investor headquartered in Singapore. CO reported last year that 3650 received a $100 million commitment from the South Korean Public Officials Benefit Association, a Seoul-based public pension fund.
“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,” Toby Cobb, co-founder and managing partner of 3650 Capital, said in a statement.
Brian Pascus can be reached at bpascus@commericalobserver.com
