3650 REIT announces $100m capital commitment from Korea’s POBA
3650 REIT, a nationwide commercial real estate lender originating and managing portfolio loans for institutional investors, has received a $100 million commitment from Public Officials Benefit Association (POBA), the Seoul-based public pension fund, to a vehicle employing 3650’s U.S.-based bridge and event-driven (BED) lending strategy.
The capital will to be used to expand 3650’s BED lending strategy in the United States, which focuses on shorter-term loans for borrowers pursuing ground-up construction, acquisitions, repositionings, recapitalizations or the restructuring of partnerships.
“As fund allocators seek reliable havens for their capital in the United States, 3650’s high-touch, hands-on, property-level approach remains attractive for those looking to make longer-term investments backed by sponsors with well-located, relevant assets,” said Jonathan Roth, 3650 REIT co-founder and managing partner.
“3650 is an ideal partner for POBA as we conti