3650 REIT Originates Acquisition Loan for Roseville Retail

3650 REIT, a nationwide commercial real estate lender, originated a $71.5-million acquisition loan for Creekside Town Center, a 95.6%-occupied retail development in Sacramento’s Roseville suburb. The 10-year loan via 3650’s Stable Cash Flow lending platform was provided to sponsor Cane Companies Management and arranged by Palmer Capital, Inc. 

“As challenges in the commercial real estate market persist, it has become more critical than ever to rigorously evaluate assets on a case-by-case basis to determine their long-term potential,” said 3650 REIT co-founder and managing partner Justin Kennedy. “Creekside Town Center is a winning retail power center that has averaged 95.2% occupancy since 2010, and we believe it will continue successfully serving residents of the Sacramento area.  

“Given Cane Companies’ long-term outlook and expertise in the state of California, we are confident in their vision for the property, and look forward to seeing the development flourish for years to come,” he continued. 

For up-to-the-minute insights on the state of the market and what’s next in the current cycle, be sure to attend Connect Investment & Finance 2023 on Oct. 24 at the Hyatt Regency O’Hare in Rosemont, IL. Click here to register.

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