$22 Million Transitional Senior Loan to Finance Acquisition of
Property in Phoenix
CHICAGO--(BUSINESS WIRE)--
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today
that it has closed a $22 million transitional senior loan that will be
used to finance the acquisition of Coldwater Springs Apartments by
Bascom Arizona Ventures, an affiliate of The Bascom Group, LLC.
Coldwater Springs is a 301-unit Class A multifamily property located in
Avondale, Arizona, within the metropolitan Phoenix area.
“We are pleased to close our first multifamily property transaction, and
to work with the highly-experienced Bascom Group as its sponsor,” said
Bruce Cohen, President of Ares Commercial Real Estate Corporation. “Our
investment team has prior experience in this market, and we look forward
to supporting our client with the successful execution of its business
plan.”
“The ACRE team provided us with value-added flexibility as well as
demonstrated speed and reliability in its execution throughout the
process,” said Glenn Daiutolo, Managing Partner at Bascom Arizona
Ventures. “We look forward to partnering with ACRE on this property and
potentially other transactions in the future.”
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.
About The Bascom Group, LLC
The Bascom Group, LLC is a private equity firm specializing in
value-added multifamily, commercial, and non-performing loans and real
estate-related investments and operating companies. Bascom sources
value-added and distressed properties, including many through
foreclosure, bankruptcy, or short sales and repositions them by adding
extensive capital improvements, improving revenue, and reducing expenses
by realizing operational efficiencies through implementation of
institutional-quality property management. Bascom has completed over
$6.5 billion in multi-family and commercial value-added transactions
since 1996, including more than 200 multifamily properties and 55,000
units. Bascom currently ranks among the top 50 multifamily owners in the
U.S. Bascom's subsidiaries and joint ventures include the Southern
California Industrial Fund, Rushmore Properties, Bascom Portfolio
Advisors, Shubin Nadal Associates, Spirit Investors, Bascom Northwest
Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom's
subsidiaries also include Premier Business Centers, the largest
privately held executive suite company in the U.S. For more information,
please visit www.bascomgroup.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
