Transaction Facilitates the Purchase of Office Building by New
Sponsor Group
CHICAGO--(BUSINESS WIRE)--
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today
that it has entered into a transaction with a new sponsor group to
facilitate the purchase of a Class B office building in Downtown Miami’s
Brickell neighborhood that was collateralized by ACRE’s existing $47
million first mortgage loan. The new sponsor group is comprised of a
venture between Banyan Street Capital and Crocker Partners, an existing
ACRE client. The interest rate on Ares Commercial Real Estate
Corporation’s existing loan will remain unchanged.
“We modified our existing loan commitment and worked with the new
sponsor group to finance the successful purchase of the property,”
commented Bruce Cohen, President of Ares Commercial Real Estate
Corporation. “We are pleased to maintain an attractive and strongly
performing asset, and we look forward to working with the highly
experienced sponsors from Banyan Street Capital and Crocker Partners.”
“We have known the relationship team at ACRE for some time, and have
been impressed with the flexibility that they provide to value-added
sponsors like us,” said Rudy Touzet, Managing Partner of Banyan Street
Capital. “We look forward to working with ACRE on other transactions in
the future.”
“We have worked with the ACRE team on several transactions, and we
continue to appreciate their knowledge, flexibility and client-focused
execution,” said Tom Crocker, Managing Partner of Crocker Partners.
With this transaction, Ares Commercial Real Estate Corporation’s loan
portfolio totaled approximately $361.2 million in outstanding principal
as of March 19, 2013.
About Ares Commercial Real Estate Corporation
Ares Commercial Real Estate Corporation is a specialty finance company
that originates, invests in and manages middle-market commercial real
estate loans and other commercial real estate investments. Through its
national direct origination platform, Ares Commercial Real Estate
Corporation provides flexible financing solutions for middle market
borrowers. Ares Commercial Real Estate Corporation intends to elect to
be taxed as a real estate investment trust and is externally managed by
an affiliate of Ares Management LLC, a global alternative asset manager
with approximately $59 billion in committed capital under management as
of December 31, 2012. For more information, please visit ACRE’s website
at arescre.com.
About Banyan Street Capital
Banyan Street Capital is a private equity firm with the expertise and
resources to deliver effective solutions for today’s challenging
commercial real estate market. Drawing on its principals’ extensive
knowledge and experience, Banyan Street Capital provides real estate
owners, operators and lenders with equity and debt assistance. Banyan
Street Capital’s goal is to implement strategies to add market value and
deliver high risk-adjusted returns. For more information, please visit
the firm’s website at banyanstreet.com.
About Crocker Partners
Crocker Partners is a vertically–integrated, real estate operator and
equity manager that invests capital in office product located in primary
submarkets in the Southeast U.S. and Texas. The firm’s investment
partners include some of the largest and most respected institutional
investors in the world. For more information, please visit the firm’s
website at crockerpartners.com.
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995, which relate to future events or our future performance or
financial condition. These statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described from time to time in our filings with the Securities and
Exchange Commission. Ares Commercial Real Estate Corporation undertakes
no duty to update any forward-looking statements made herein.
Ares Commercial Real Estate Corporation
Carl Drake, 404-814-5204
[email protected]
Source: Ares Commercial Real Estate Corporation
