3650 Capital, Aquarian Real Estate Partners Arrange $72.3M in Financing for Acquisition of Chicago-Area Power Center
MIAMI, Fla. – September 25, 2026 – 3650 Capital, a nationwide commercial real estate lender, special servicer and solutions provider focused on originating, servicing and asset-managing loans and providing advisory support to global institutions, and Aquarian Real Estate Partners (“AREP”), a provider of equity and debt financing to sponsors of commercial real estate, today announced that they have originated $72.3 million in financing for the acquisition of Randhurst Village. Randhurst Village is a 929,899-square-foot open-air, dual grocery-anchored power center located at 1 Randhurst Village Drive in Mount Prospect, Illinois. The whole loan financing comprises a $45.6 million senior loan arranged by AREP and a $26.7 million mezzanine loan from 3650 Capital. The property was acquired by sponsor Rhino Investments Group (“Rhino”), a retail owner-operator, from an affiliate of DLC Management Corp (“DLC”).
In addition to the acquisition of the property, the financing includes future funding for Rhino to execute its value-add business plan from day one. Rhino’s strategy includes the lease-up of vacant spaces within the property as well as the pursuit of outparcel sales. 3650 Capital has a prior relationship with Rhino through previous investments.
“Randhurst Village is a dominant retail asset with a strong national tenant base, exceptional traffic and compelling value-add upside in one of Chicago’s most affluent suburban corridors,” said Jonathan Roth, Co-Founder and Managing Partner of 3650 Capital. “The transaction reflects 3650’s continued ability to structure creative, fully capitalized financing solutions for sophisticated sponsors pursuing innovative business plans. Our tremendous confidence in the Rhino team’s ability to execute its business plan is reflected in our existing relationship, and we are delighted to work with AREP on the financing.”
Kevin Holmes, Partner and Head of AREP, commented, “We are pleased to partner with 3650 Capital on this transaction and look forward to supporting Rhino as it executes its value-add strategy. As an ideally located property in a strong Chicago submarket, Randhurst Village is exactly the type of high-quality asset we seek to finance, with a strong tenant roster, durable cash flows and attractive long-term growth potential.”
Randhurst Village is anchored by Costco, Home Depot and Jewel-Osco, with additional national tenants including T.J. Maxx, HomeGoods, Macy’s, AMC, PetSmart, Michaels, DSW, Skechers, Old Navy, Planet Fitness and Nike Outlet. Randhurst Village, which was redeveloped in 2011 into a modern open-air shopping center, draws more than 9.3 million annual visits, and ranks in the top 10th percentile statewide and top 16th percentile nationally among power centers according to Placer.ai. Located approximately 20 miles northwest of downtown Chicago, Randhurst Village serves a trade area encompassing Arlington Heights, Glenview, Northbrook, Prospect Heights and Wheeling.
“Randhurst Village is a generational retail asset that we believe is significantly undervalued relative to its market position, traffic profile and income potential,” said Sanjiv Chopra, CEO of Rhino. “3650 and AREP’s efficiently structured financing solution enables us to move quickly to position the asset for long-term value creation. We are grateful for their support and look forward to executing on this significant opportunity.”
Anthony Longo, Managing Partner and founding member of Alpha Capital CRE, served as the capital advisor on the whole loan financing. Conor Lalor, President, Head of Retail Capital Markets,, Keely Polczynski, Senior Managing Director, and Brian Schneiderman, Associate Director of Newmark represented the seller.
“DLC did an exceptional job creating meaningful value at Randhurst Village,” said Polczynski. “Through an ambitious leasing strategy and thoughtful merchandising, the team strengthened an already dominant retail destination and positioned the property for long-term success. The result was an institutional-quality offering with excellent anchors, durable cash flow and compelling future upside that generated strong interest from the investment community. Rhino’s conviction in the asset never wavered, and despite market volatility, the transaction closed at the original contract price. We are confident the property will continue to thrive under Rhino’s ownership.”
About 3650 Capital
3650 (pronounced “Thirty-Six Fifty”) Capital is an alternative commercial real estate lender, special servicer and solutions provider, servicing portfolio loans for borrowers while providing a full suite of financing products. 3650’s highly differentiated lending process, national scale, vertically integrated platform and rated special servicer status enable it to deliver tailored financing and equity solutions, high-touch service and reliable, customer-focused outcomes. Additionally, 3650’s ability to retain the risk on each investment allows it to closely manage its portfolio. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the commercial real estate debt markets. Headquartered in Miami, Florida with offices in New York, Los Angeles, Dallas, Atlanta, Nashville and Washington D.C. For more information, visit: www.3650capital.com.
3650 Capital was recognized by PERE Credit as the 2025 Alternative Lender of the Year in the Sub-$5bn Real Estate AUM category.*
*The PERE Credit 2025 Alternative Lender of the Year (Sub-$5B Real Estate AUM) award recipient was determined by PERE Credit based on its editorially led nomination and evaluation process, which considers a mix of qualitative and quantitative criteria including breadth of activity, significant transactions, and broader market impact. Shortlists are independently compiled by the PERE Credit editorial team, which also selects winners; the process is not influenced by sponsorship or judging panels. No fee was paid to PERE Credit in connection with the award. Additional details about the PERE Credit awards are available at: https://www.perecredit.com/awards/.
About Aquarian Real Estate Partners
Aquarian Real Estate Partners (“AREP”) is the real estate investment arm of Aquarian Investments. AREP invests in commercial real estate and real estate-related investments across various asset types, geographies, and tiers of the capital structure, providing equity and debt financing to sponsors for the construction, acquisition, and refinancing of commercial real estate.
Aquarian Investments is the investment arm of Aquarian Holdings (“Aquarian”),a diversified global holding company with a strategic portfolio of insurance and asset management solutions. Aquarian and its relying advisers serve as investment managers for approximately $27.9 billion of book value AUM as of June 30, 2026. For more information, visit aquarianlp.com.
This press release is for informational purposes only and does not constitute investment advice or an offer to buy or sell any securities. Past transactions are not indicative of future results. References to transaction parties do not constitute an endorsement or recommendation. This press release only contains information approved for public disclosure, and additional transaction details remain confidential.
Media Contacts:
ICR for 3650 Capital
3650capital@icrinc.com
Aquarian Real Estate Partners
media@aquarianlp.com