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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” 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:

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Additional Info

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