3650 REIT CMBS loans: recent loans, sizes and rates

What 3650 REIT's CMBS lending looks like

• Larger loans than the market: a median of $37.2M against $15M for every CMBS loan in the 12 months to October 19, 2026.
• Rates below the market once property type is accounted for: about 26 basis points under the market median for the same property types, loan-weighted. Timing matters too: a lender that closed more loans when Treasury yields were lower will show lower rates.
• Less leverage than the market: median loan-to-value of 59.5% against 63.9%, and debt service coverage of 1.82x against 1.47x.
• Almost entirely five-year loans (100%), against 79% market-wide.
• Concentrated in office: 45% of its loans.
• Geographically concentrated: 55% of its loans were on property in CA.
• 27% of its loans were made jointly with another originator, and count in full for each of them in these figures.
• 55% of its loans were split into two or more notes, usually placed in different trusts.

3650 REIT against the CMBS market

Measure	3650 REIT	CMBS market
Median loan	$37.2M	$15M
Median note rate	6.35%	6.40%
Middle half of rates	6.15% to 6.92%
Median loan-to-value	59.5%	63.9%
Median debt service coverage	1.82x	1.47x
Median debt yield	11.8%	10.1%
Interest-only for the full term	82%	87%
Five-year term	100%	79%
Ten-year term	0%	21%

3650 REIT: its loans in the 12 months to October 19, 2026. Market: every loan securitized in the 12 months to October 19, 2026 except co-op housing (958 loans). Loan-to-value, coverage and debt yield are at securitization and use whole loans only, since a split note holds only part of the debt. See DSCR and debt yield.

Property types 3650 REIT financed

Property type	Loans	Volume	Median rate	Market, same type
Office	5	$161M	6.38%	6.64% (-26 bp)
Multifamily	3	$150M
Retail	2	$68M
Industrial	1	$178M

Median rates shown where 3650 REIT made at least five loans of the type. Market medians are for the 12 months to October 19, 2026.

Loan sizes and terms

Smallest loan $11.3M, largest $178M. 82% were interest-only for the whole term. What those terms mean for a borrower: CMBS loan terms and interest-only CMBS loans.

Where 3650 REIT lends

Most frequent states for its loans in the 12 months to October 19, 2026:

• CA 6
• NY 3
• NV 1
• SC 1

Portfolio loans count once, at the state of the largest property. CMBS loans by state.

3650 REIT loans securitized each quarter

Quarter ending	Loans	Chart
Jan 20, 2025	0
Apr 21, 2025	2
Jul 21, 2025	3
Oct 20, 2025	5
Jan 19, 2026	4
Apr 20, 2026	4
Jul 20, 2026	3
Oct 19, 2026	0

Eight 91-day periods ending October 19, 2026, by origination date. Loans reach the filings when their trust prices, so the latest quarter fills in over the following months.

How 3650 REIT appears in the SEC filings

Trusts name the originator in their own words. These are the versions of the name on 3650 REIT loans in the 24 months to October 19, 2026, with the number of notes filed under each, including loans made jointly with other lenders. 5 trusts hold these loans; the most were in BBCMS Mortgage Trust 2025-5C37 (7).

• 3650 Capital SCF LOE I(A), LLC 19
• Bank of Montreal, 3650 Capital SCF LOE I(A), LLC 5
• Societe Generale Financial Corporation, 3650 Capital SCF LOE I(A), LLC 1
• Societe Generale Financial Corporation; 3650 Capital SCF LOE I(A), LLC 1
• 3650 Capital SCF LOE I(A), LLC, Goldman Sachs Bank USA 1
• 3650 Real Estate Investment Trust 2 LLC 1
• Bank of Montreal, 3650 CAPITAL SCF LOE I(A), LLC 1

3650 REIT's own website: 3650capital.com. Lender programs, contacts and terms are theirs to state; this page reports only what the filings show.

Getting a CMBS loan like these

Janover Capital LLC is a commercial mortgage advisor, not a lender, and has no affiliation with 3650 REIT. Nothing here means 3650 REIT will make a particular loan or offer a particular rate. What the filings do show is the kind of loan it has been closing. If your property and loan size look like the ones above, send the deal and we will place it with conduit lenders whose recent loans fit, which may or may not include 3650 REIT. Before you do, read CMBS loan requirements and the document checklist.

Similar CMBS lenders

Closest in property mix:

• Goldman Sachs: 71 loans, median $14.5M at 6.33%
• Argentic: 41 loans, median $13.9M at 6.72%
• Wells Fargo: 88 loans, median $19.4M at 6.46%
• UBS: 20 loans, median $17M at 6.54%

All CMBS lenders, ranked · CMBS loan rates · Methodology

Questions people ask

How big are 3650 REIT's CMBS loans?

In the 12 months to October 19, 2026, 3650 REIT securitized loans from $11.3M to $178M, with a median of $37.2M. 0% were under $10 million. A loan split into notes across trusts counts once, at its full amount.

What interest rate does 3650 REIT charge on a CMBS loan?

Its loans in the 12 months to October 19, 2026 carried a median note rate of 6.35%, with the middle half between 6.15% and 6.92%. Those are rates at closing as filed with the SEC, not a quote: a new loan is priced off today's Treasury yield and the property.

What properties does 3650 REIT finance with CMBS loans?

Office (5 loans), Multifamily (3 loans), Retail (2 loans), Industrial (1 loan), in the 12 months to October 19, 2026. Its most frequent state was CA (6 loans).

Who services a 3650 REIT CMBS loan?

Not the originator, usually. Once a loan is in a trust, the master servicer named in that trust's pooling and servicing agreement collects payments and handles routine requests, and the special servicer takes over if the loan gets into trouble. Look up a loan by property or trust to see both.