Jonathan Roth, Toby Cobb and Justin Kennedy

In its ninth year of operation, 3650 Capital continued to distinguish itself through the variety of products it offers clients and the emphasis it has always placed on the human touch in borrower-lender relationships. 

The firm originated $2.1 billion of CRE loans in the last 12 months across multiple investment platforms: 3650’s real estate credit solutions (RECS) provided short-term value-add financing, SASB debt and transitional loans; its stable cash flow (SCF) lending offers borrowers an alternative to traditional conduit CMBS; and its special situations vertical provides equity, loan purchases and structured capital solutions to deals. 

“As a young firm, every year is an opportunity for more borrowers to get to know who we are and our priorities,” said Toby Cobb. “And what they’re learning is that our value proposition is different and we’re doing something unique.”

3650 Capital prides itself on offering creative solutions across the capital stack while providing the personal care and attention of client services that are more often seen at life companies or relationship-minded banks, according to Jonathan Roth. 

“We’ve been doing this long enough and we have enough loans we’re originating, and getting repaid, that there’s pattern recognition from the borrowing and brokerage communities,” said Roth. “What we’re interested in doing is capturing the borrowers who are true real estate professionals and who appreciate our differentiated approach.” 

Signature deals in 2025 for the firm included a $143 million mezzanine loan for the $513 million construction of One Brickell Riverfront, a 784-unit multifamily tower in Miami; a $55 million refinancing for Shaw Park Plaza, a 15-story, 278,000-square-foot office complex in St. Louis; and securing $215 million in new capital from Mubadala Investment Company and the California State Teachers’ Retirement System, both repeat investors. 

3650 Capital lent into all asset classes in 2025, but none with more conviction than multifamily: Residential lending made up 28 percent of the RECS strategy, 19 percent of the SCF strategy; and 100 percent of the special situations vertical. 

“We have multifamily development and property management experience,” explained Justin Kennedy. “And the inherent stability of multifamily has always made it an attractive asset class.”