South Korea-based public pension fund Public Officials Benefit Association (POBA) has made a $100 million capital commitment to US-based commercial real estate lender 3650 REIT’s Bridge and Event-Driven (BED) lending strategy.
The capital will to be used to expand 3650’s BED lending strategy in the U.S., which focuses on shorter-term loans for borrowers pursuing ground-up construction, acquisitions, repositionings, recapitalizations or the restructuring of partnerships.
We are very excited to establish a mutually beneficial connection with POBA and look forward to growing a long-term relationship,” said 3650 REIT Co-Founder and Managing Partner Jonathan Roth.
“This strategic capital commitment is yet another testament to the strength of 3650’s lending approach, which continues to garner attractive, risk-adjusted returns for our institutional investors around the globe. As fund allocators seek reliable havens for their capital in the U.S., 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.”
“3650 is an ideal partner for POBA as we continue to seek international relationships with leading alternative assets firms in the U.S. and worldwide,” said Harry Song, Head of Overseas Real Estate for POBA. “The firm’s ability to utilize its lending experience and expertise through multiple real estate market cycles to deploy capital, even amidst today’s sector-specific and economic challenges, make it an attractive option to generate appealing, risk-adjusted returns for our fund members. We look forward to building upon our relationship with 3650 well into the future.”
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