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Thursday, 12 April 2018

Justin Kennedy, Toby Cobb Form Mortgage Lending Biz with TPG Backing

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Justin Kennedy and Toby Cobb, who previously had founded developer Grass River Property, have teamed with Jonathan Roth, former president of Canyon Partners Real Estate, to launch a commercial real estate lending platform, 3650 REIT.

The trio has brought on board seven other seasoned industry professionals and have lined up capital through TPG Sixth Street Partners, TPG's credit-related investment platform. Jack Cohen and Ken Dickey both were named managing partners of 3650 REIT. Cohen spent 25 years leading Cohen Financial, which was sold in 2013 and is now a unit of SunTrust Bank, while Dickey previously was president of Deutsche Bank's conduit lending arm before joining BNY Mellon's conduit lending group. Dickey will oversee fixed-rate originations.

The company, structured as a private REIT, aims to originate and fund a variety of commercial real estate loans with a focus on customer service.

"Starting with our long-term REIT capital base, we built from the ground up to provide a materially different and consistently aligned borrower experience," Kennedy explained....





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“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Mortgages/Financing (MOR), REITS -general (REITS)
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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