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Past Deutsche Bank Head Of Real Estate Teams Up With Finance Vets To Launch REIT

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Commercial real estate finance industry veterans Justin Kennedy, Toby Cobb and Jonathan Roth have founded 3650 REIT, a commercial real estate portfolio lender.

Justin Kennedy and Toby Cobb
Justin Kennedy and Toby Cobb, co-founders of 3650 REIT along with Jonathan Roth

The REIT's investment products include long-term, first-lien mortgages on stabilized properties (five- to 10-year, fixed rate); bridge financing, including senior secured, mezzanine and preferred equity; opportunistic investments; and loan servicing and asset management.

The founders said that "3650" stands for the firm's commitment to borrowers and equity partners: 3,650 days to service and asset manage each 10-year loan. 

In 2013, Kennedy and Cobb co-founded 3650 REIT's development affiliate, Grass River Property, a South Florida developer and manager of mixed-use, urban infill and transit-oriented properties. In partnership with institutional investors, Grass River owns 14 development and equity investments totaling more than 1.8M SF. 

Before Grass River, Kennedy and Cobb were co-CEOs of LNR Property, and before that Kennedy spent 11 years at Deutsche Bank as managing director and global head of real estate capital markets. Before LNR, Cobb was managing director and co-head of U.S. commercial real estate at Deutsche Bank, leading fixed rate and GSE originations and its loan servicing platform.

Roth was previously president of Canyon Partners Real Estate. During his 18 years at Canyon, he was involved in the formation of investment vehicles that collectively invested about $5.6B in over 200 transactions. 

The new REIT will be headquartered in Miami, with offices in New York, Chicago, Los Angeles and Newport Beach.