
3650 REIT Funds Acquisition of LI Manufacturing Facility
3650 REIT provided a $59-million loan to New Mountain Capital to fund the acquisition of 50 Horseblock, a 100% leased, 491,200-square-foot industrial property located at 50 Horseblock Rd. in the Long Island community of Yaphank, NY. The loan was originated from 3650’s Stable Cash Flow investment platform and carries a term of 120 months.
“3650 continues to carry strong momentum as we approach the halfway point of 2021,” said 3650 REIT managing partner Toby Cobb. “Our recent originations involve strategic investments with high-quality sponsors in markets that we feel will continue to perform as the nation emerges from the pandemic.”
The 50 Horseblock loan was arranged by Eastdil Secured’s Adam Licari and Jeff Shriver. Originally constructed in 1986, 50 Horseblock is fully leased to a leading generic and specialty drug manufacturer. Currently it’s used as manufacturing and research and development space for a variety of product types.
- ◦Financing