3650 Capital, an alternative commercial real estate lender, has secured $215 million in fresh capital commitments from repeat investors California State Teachers’ Retirement System, West Sacramento, and Mubadala Investment Co.
The new capital will be allocated across 3650's lending strategies and support multiple investment products, said a March 27 news release.
A spokesperson for 3650 declined to say how much of the $215 million came from CalSTRS.
CalSTRS’ and Mubadala’s latest capital will be deployed in 3650's stable cash flow strategy, which provides long-term, fixed-rate financing, and 3650's real estate credit solutions strategy, which involves short-term value-add financing as well as transitional loans.
The new CalSTRS capital will also be deployed in 3650's special situations investment strategy, which is focused on equity and structured capital solutions for broken capital structures, loan purchases and value-add business plans.
In the third quarter of 2024, 3650 received nearly $430 million in capital commitments from CalSTRS as well as two institutional investors new to its roster: Temasek, an investment company headquartered in Singapore, as well as an independent wealth management and investment advisory firm.
3650 manages a loan servicing portfolio of approximately $18 billion in commercial real estate loans and securities.
CalSTRS has $349.7 billion in assets, while Mubadala, the Abu Dhabi-based investor, has $302 billion in assets.
CalSTRS declined to comment on the specific amount of its latest commitment to 3650.
