Abu Dhabi’s Mubadala Investment Company has injected new capital into the US alternative real estate commercial lender 3650 as part of a recent funding round.
This round of funding also included a renewed investment from the California State Teachers’ Retirement System (CalSTRS), bringing the total fresh investments to $215 million.
Although the financial specifics of Mubadala’s investment have not been revealed, its sovereign wealth fund’s website indicates that its real estate division has partnered with 3650 REIT and CalSTRS to commit up to $4 billion towards the US real estate credit markets.
3650 stated that the newly acquired capital will enhance lending strategies and support various investment products, including long-term, fixed-rate financing and transitional loans.
During the third quarter of last year, 3650 secured nearly $430 million in capital commitments from CalSTRS and Singapore’s state-backed Temasek. This investment followed a prior $100 million commitment from the Public Officials Benefit Association (POBA), a public pension fund based in Seoul, South Korea.
3650 oversees a loan servicing portfolio valued at approximately $18 billion in commercial real estate loans and securities.
