3650 REIT Originates $68.5M Loan to Refinance Greenville Office Complex

GREENVILLE, S.C. – June 1, 2021 – 3650 REIT (“3650”), a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers, is pleased to announce it has originated a $68.5 million first-mortgage loan to refinance Patewood Corporate Center (the “Property”), a six-building, approximately 447,000-square-foot office park located at 10-80 Patewood Drive in Greenville, South Carolina.

The fixed-rate loan, originated from 3650’s Stable Cash Flow investment platform, carries a term of 84 months and is provided to sponsor JFR Global Investments (“JFR Global”), a commercial real estate investment firm with 35 years of experience in acquiring and operating large real estate assets. The financing brings 3650 to approximately $301.7 million in capital deployed in 2021 thus far.

“3650 continues to see opportunity in well-located office assets bolstered by strong sponsors as employees return to an in-person office environment,” said 3650 REIT Co-Founder and Managing Partner Toby Cobb. “As a suburban office complex, Patewood Corporate Center has a significant advantage over office properties located within Greenville’s urban core, accommodating commuters with flexible work schedules living in the area. We at 3650 look forward to building upon our recent investments with pipeline opportunities across various asset classes.”

Renovated in 2015, Patewood Corporate Center has maintained consistent performance metrics and attracted high-quality tenants throughout its history, offering space at a significant discount to buildings located in Greenville’s urban core. 2020 population and daytime employment figures within a five-mile radius of the Property were 167,698 and 136,131, respectively. The sponsor selected 3650 for the financing for its surety of execution, in-house servicing capabilities and deep experience with refinancing similar assets across the U.S.

Joe Friedland, Founder of JFR Global, stated, “We were happy to work with the team at 3650. They understood the value proposition of the deal and worked efficiently with our team to get the loan closed in short order. 3650’s performance on the transaction is a testament to David Rosenberg and Walker & Dunlop’s abilities to consistently find excellent financing options for our portfolio.”

Patewood Corporate Center is the closest suburban office park to downtown Greenville, offering excellent access to commuters from around the Metropolitan Statistical Area (MSA). It sits within proximity to Interstates 385 and 85 as well as Greenville-Spartanburg International Airport. As of February 2021, Greenville’s unemployment rate sat at 4.6 percent, which was 30 percent lower than the national average.

3650 recently provided a $68 million loan to fund the acquisition of PetSmart Headquarters, a three-building, ~365,000-square-foot office complex located in Phoenix, Arizona.

The Patewood Corporate Center loan was arranged by Joe Hercenberg of Walker & Dunlop, Inc.

About 3650 REIT

3650 (pronounced “Thirty-Six Fifty”) REIT is a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers. 3650 REIT’s highly differentiated lending process, national scale, vertically integrated platform and Rated Special Servicer status enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Additionally, 3650 REIT’s ability to retain the risk on each loan it makes through maturity enables it to monitor each asset in its portfolio to incorporate ESG best practices. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets. Headquartered in Miami, Florida with offices in New York, Los Angeles, Chicago, Dallas, and Nashville. For more information, visit: www.3650REIT.com.

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