CORRECTING and REPLACING 3650 REIT Provides $53M of $108M Capital Stack for Reno Mall Loan

Headline of release should read: 3650 REIT Provides $53M of $108M Capital Stack for Reno Mall Loan (instead of: 3650 REIT Provides $53M of $108M Capital Stack for Taubman Reno Mall Loan).

Also, first pararaph, first sentence should read: 3650 REIT (“3650”), a nationwide commercial real estate investment firm originating and servicing portfolio loans for relationship borrowers in addition to making other strategic investments, today announced that it has invested in a $28 million B-note stake and $25 million pari passu A-note stake on the entire $108 million loan to refinance Meadowood Mall, an approximately 900,000-square-foot regional mall located at 5000 Meadowood Mall Circle in Reno, Nevada. (instead of: 3650 REIT (“3650”), a nationwide commercial real estate investment firm originating and servicing portfolio loans for relationship borrowers in addition to making other strategic investments, today announced that it has invested in a $28 million B-note stake and $25 million pari passu A-note stake on the entire $108 million loan to refinance Taubman Centers, Inc.’s Meadowood Mall, an approximately 900,000-square-foot regional mall located at 5000 Meadowood Mall Circle in Reno, Nevada.

The updated release reads:

3650 REIT Provides $53M of $108M Capital Stack for Reno Mall Loan

3650 REIT (“3650”), a nationwide commercial real estate investment firm originating and servicing portfolio loans for relationship borrowers in addition to making other strategic investments, today announced that it has invested in a $28 million B-note stake and $25 million pari passu A-note stake on the entire $108 million loan to refinance Meadowood Mall, an approximately 900,000-square-foot regional mall located at 5000 Meadowood Mall Circle in Reno, Nevada. 3650 will retain the controlling class and special servicing rights and own the most interest on the loan. The proceeds will refinance existing debt on the property and is provided to a joint venture between Simon Property Group, Inc. and AEW Capital Management, LP. The financing will carry an initial term of five years.

“We at 3650 are excited to invest in another high-quality retail asset,” said 3650 co-founder and managing partner Toby Cobb. “There is immense value to be unlocked in retail properties across the nation that are well-located and overseen by sophisticated, institutional sponsors. The Meadowood Mall is one of those assets, as more and more residents flock to Reno from California for its business-friendly environment, lack of state income taxes and lower cost of living. We eagerly anticipate completing more transactions with both Simon Property Group and AEW Capital Management in the future.”

Meadowood Mall is centrally located in Reno’s primary commercial district, and is the area's only enclosed regional shopping mall. The property, which features a semicircular design, includes over 100 retail storefronts and a large selection of dining options. Within the building’s trade area, there are only two other comparable properties, neither of which are direct competitors due to their targeting of different consumer segments. Meadowood Mall has sustained a strong positioning in the market, and has enjoyed consistently high occupancy and net operating income (NOI).

3650 REIT manages in excess of $5 billion in loans and investments across its Bridge and Event-Driven (BED) and Stable Cash Flow (SCF) lending platforms.

About 3650 REIT

3650 (pronounced “Thirty-Six Fifty”) REIT is a nationwide commercial real estate investment firm originating and servicing portfolio loans for relationship borrowers in addition to other strategic investments. 3650 REIT’s highly differentiated investment process, national scale, vertically integrated platform and Rated Special Servicer status enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Additionally, 3650 REIT’s ability to retain the risk on each investment allows it to closely manage its portfolio while incorporating ESG best practices. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets. Headquartered in Miami, Florida with offices in New York, Los Angeles, Dallas, Atlanta and Nashville. For more information, visit: www.3650REIT.com.

THIS INFORMATION DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, AN INTEREST IN ANY JURISDICTION.

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