Third Quarter 2012 Closings Totaled $120 Million in Commitments
CHICAGO--(BUSINESS WIRE)--
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today
that it closed a $47 million first mortgage loan collateralized by a
Class B office building located in Downtown Miami’s Brickell
neighborhood. The transaction closed on September 28, 2012, and proceeds
of the loan were used to refinance existing indebtedness on the office
property.
With the closing of this transaction, Ares Commercial Real Estate
Corporation has funded approximately $113 million in loans with total
commitments of $120 million during the third quarter of 2012, bringing
its investment portfolio of loans to $191 million of carrying amount as
of September 28, 2012.
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 $54 billion in committed capital under management as
of June 30, 2012. For more information, please visit our website at
arescre.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