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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).