MIAMI -- 3650 Capital (“3650”), a nationwide alternative commercial real estate lender, special servicer and solutions provider focused on originating, servicing and asset-managing loans and providing advisory support to global institutions,  announced it has been named PERE Credit’s 2025 Alternative Lender of the Year in the sub-$5 billion real estate AUM category.

“We are honored to receive this recognition from PERE Credit which reflects the strength of our company’s unique business model as well as our team’s ability to consistently provide innovative capital solutions,” said 3650 Capital Co-Founder and Managing Partner Toby Cobb. “Over the last year, we have continued to successfully navigate complex and uncertain market conditions by maintaining our focus on deep borrower relationships and strategically deploying capital across geographies, asset classes, and property lifecycles.”

The award recognizes 3650’s exceptional performance in 2025, which reflected a total transaction volume of approximately $2.3 billion while expanding its offerings to include preferred equity and structured capital solutions through its Special Situations Investment Strategy (SSIS). This evolution, combined with 3650’s existing short-term Real Estate Credit Solutions (RECS) platform and Stable Cash Flow permanent financing capabilities, uniquely position the firm to address complicated transactions across the capital stack and any asset class.

3650 Capital Co-Founder and Managing Partner Jonathan Roth stated, “We are delighted to receive this award, especially at a time when we are utilizing our ability to step into complex situations that other lenders might avoid and providing the hands-on real estate expertise that today’s market demands. Whether it is ground-up construction, permanent financing or special situations, our vertically integrated platform allows us to deliver tailored solutions that help our borrowers achieve their desired business objectives.”

A select few of 3650’s notable transactions in 2025 include:

·A $143 million mezzanine loan for One Brickell Riverfront, a two-tower condominium development and one of the largest transactions in South Florida in 2025;
·A $74 million ground-up construction loan for Miami’s Bay Harbor Islands’ only trophy office building, One Kane Concourse, unique for being ground-up office construction as new office delivery remains low;
·A $32 million mezzanine loan for the ground-up construction of The Coastline, a Class A multifamily property in Stamford, CT;
·$18.5 million of a $36 million mezzanine loan for the NYC Prime Storage portfolio, comprising 7,200 self-storage units across three assets;
·A $14.5 million Horizontal Risk Retention tranche of a $290 million single-asset, single-borrower securitization collateralized by Alderwood Mall, a 1.2 million SF super‑regional shopping center in the Seattle metro area; and
·A $35 million Horizontal Risk Retention tranche of a $700 million single-asset, single-borrower securitization collateralized by Arcapita Industrial Portfolio, a portfolio of 167 flex industrial buildings totaling 7.2 million SF across nine U.S. markets.

3650 Capital provides diverse lending and investing capabilities to its borrowers, offering flexible capital solutions for everything from stable cash flowing assets to single-asset single-borrower (SASB) transactions, to transitional, opportunistic, mezz, preferred equity and special situations projects. The firm manages a loan servicing portfolio of approximately $16.3 billion in commercial real estate loans and securities.