Retains $18.7 Million B-Note Loan
CHICAGO--(BUSINESS WIRE)--
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today
that it co-originated a $50.5 million first mortgage loan collateralized
by a Class A multi-family property located in the Sacramento, CA market.
As part of the transaction, Ares Commercial Real Estate Corporation
retained an $18.7 million B-Note loan, while the $31.8 million A-Note
was retained by a commercial bank. The transaction closed on November
14, 2012 and the proceeds were used to finance the acquisition of the
property by a Northern California-based private investment group.
“This transaction is a great example of our ability to offer larger
scale solutions to our clients,” said Bruce Cohen, President of Ares
Commercial Real Estate Corporation. “We demonstrated our versatility and
breadth of relationships by bringing in one of our commercial banking
partners and structuring an A/B- Note financing.”
With this transaction, Ares Commercial Real Estate Corporation’s loan
portfolio totaled $251.8 million in outstanding principal as of November
14, 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 $56 billion in committed capital under management as
of September 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
