ICR INC., 3650 REIT MANAGEMENT TEAM
Through its bespoke platform, the management team at portfolio lender 3650 REIT is disrupting traditional loan origination and commercial real estate finance. The management
team—which includes Justin Kennedy, managing partner and
co-founder, Toby Cobb, managing partner and co-founder,
Jonathan Roth, managing partner and co-founder, Jack
Cohen, managing partner, Ken Dickey, managing partner
and head of fixed rate lending and Michael Fleischer, managing director and head of bridge and event driven originations—is focused on originating and servicing and both long-and short-term fixed-rate commercial real estate loans
through maturity, while providing asset management along
Each loan the team originates remains on its balance sheet.
While this strategy is divergent from the typical pass-through
loan model, what isn’t different is the firm’s commitment to
clients and focus on building client relationships. The portfo-lio-lender has a borrower-first philosophy, and handles every
deal in house to provide custom financing solutions for clients. It also employs a dual first-lien debt strategy, which
allows the team to creatively use capital and maximize flexibility for sponsors.
3650 REIT launched in 2018, and has already proven its
strategy to the market. In its inaugural year, the management
team led the firm to originate $800 million in loans. In 2019,
the team has set a lofty goal of reaching $2.5 million in loan volume.
The firm’s long list of initial successes include funding a $33 million first-mortgage loan for the Walters Group to refinance the Desert
Marketplace in the southwest submarket of Las Vegas, and funding a $43.5 million 10-year first-mortgage loan for Ensemble Investments
LLC to refinance the Bernardus Lodge and Spa in Carmel Valley, CA.
CUSHMAN & WAKEFIELD’S NEW YORK EQUITY, DEBT AND
STRUCTURED FINANCE TEAM
Cushman & Wakefield’s New York equity, debt and structured finance team has established itself as one of the most distinguished debt advisory groups in the elite New
York market. The team—Steven Kohn, vice chairman and president, Dave Karson,
vice chairman, Gideon Gil, executive managing director, John Alascio, executive managing director, Alexander Hernandez, executive managing director—works on some
of the largest transactions in the metro area and has secured and structured acquisition, development and renovation financing for some of the industry’s top players,
both domestic and international. In 2018, the team closed a total of 53 transactions
with an average deal size of $120 million totaling $6.2 billion. These deals include the
$675 million refinance of Independence Plaza, a 1,327-unit apartment building in
Tribeca, and $415 million in financing for a 35-story office
building at 575 Lexington Ave. Last year, the team secured
$265 million in construction financing for Southport Office
Campus, which was ranked by Real Estate Forum as one of
the year’s top deals.
Since 2016, the team has doubled its transaction volumes.
From 2016 to 2017, deal volumes increased 85%, and the following year, 2017 to 2018, the team’s deal volume was up 20%.
During this time, average deal size increased as well, from an
average of $65 million in 2016 to an average of $120 million
Each member is deeply embedded in the local and national
real estate community. Kohn is the current chairman of ULI
New York and serves on the board of directors for the
Association of Foreign Investors in Real Estate, where he was previously been a member of the group’s executive
committee, and he is a member of the Wharton Real Estate Center Advisory Board and the Pension Real Estate Association.
Steven Kohn Dave Karson
Gideon Gil Alexander