3650 REIT originates $59 million loan to New Mountain Capital

Yaphank, NY 3650 REIT, a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers, has originated a $59 million loan to sponsor New Mountain Capital to fund the acquisition of 50 Horseblock, a 100% leased, 491,200 s/f industrial property located at 50 Horseblock Rd. The loan was originated from 3650’s Stable Cash Flow investment platform and carries a term of 120 months. The loan was arranged by Adam Licari and Jeff Shriver of Eastdil Secured.

Originally constructed in 1986, 50 Horseblock is fully leased to a leading generic and specialty drug manufacturer. The tenant invested in a renovation and 352,544 s/f expansion of the property from 2014-2017, modernizing and transforming it to increase its manufacturing, packaging and warehouse space, in addition to adding 137,000 s/f of office space. 50 Horseblock is currently used as manufacturing and research and development space for a variety of product types, including oral solids, soft gels and hormonal products. Additional features include climate control throughout, as well as 28’ clear heights and 12 loading docks. The sponsor selected 3650 for the financing due to its surety of execution, competitive pricing, relationship focus and in-house servicing capabilities.

“3650 continues to carry strong momentum as we approach the halfway point of 2021,” said 3650 REIT co-founder and managing partner Toby Cobb. “Our recent originations involve strategic investments with high-quality sponsors in markets that we feel will continue to perform as the nation emerges from the pandemic. These successes are a testament to 3650’s differentiated lending platform, which reflects our ability to prioritize our borrower relationships while retaining the risk on every loan we make for their entire lifecycles.”