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3650 REIT Invests in Portfolio Transactions Worth More Than $1.2B
Miami-based 3650 REIT has invested in two portfolio transactions involving assets worth more than $1.2 billion.
First, 3650 REIT provided $93.5 million of preferred equity to recapitalize a 12-property portfolio with more than 3,500 residential apartments located throughout the Southeast U.S. 3650’s preferred equity investment is subordinate to existing Fannie Mae senior mortgage loans. The portfolio is owned by a joint venture between Onyx Partners and David Werner Real Estate. 3650 REIT’s capital contribution will recapitalize existing preferred equity and provide additional capital for renovation of the subject properties.
In addition, 3650 REIT provided $89 million of preferred equity to RREAF Holdings, LLC, for the acquisition of three separate multifamily portfolios totaling 21 properties with more than 4,000 residential apartments across the Southeast U.S.
These two investments mark the first two significant deals from 3650 REIT’s Preferred Equity Investment program, which is led by 3650 REIT managing director Michael Fleischer.
Photo: The Saulet in New Orleans, owned by Onyx Partners and David Werner Real Estate
