Tae-Sik Yoon Replaces Richard Davis Who Served As Interim CFO
CHICAGO--(BUSINESS WIRE)--
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today
that it has hired Tae-Sik Yoon as its new Chief Financial Officer,
replacing Richard Davis, who served in the same capacity on an interim
basis. Mr. Yoon has more than 19 years of commercial real estate
finance, investment banking and legal experience with private and public
companies. Most recently, Mr. Yoon served as Senior Vice President of
Akridge, a privately held commercial real estate investment and services
company, where he was responsible for its capital markets activities,
including the development of funds, joint ventures and capital
relationships. Prior to that, Mr. Yoon held various positions at J.E.
Robert Company, Inc. and its affiliates, including as Managing Director
and Chief Financial Officer, and was involved in the formation and
management of several real estate private equity funds, a public
commercial mortgage real estate investment trust (JER Investors Trust
Inc.) and the firm’s operating platforms in the U.S. and abroad. Mr.
Yoon also served in the real estate investment banking group at Morgan
Stanley & Company and was an attorney at the law firm of Williams &
Connolly LLP.
Mr. Davis has been the Chief Financial Officer of Ares Commercial Real
Estate Corporation since its formation in September of 2011, while also
serving as Chief Operating Officer of Ares Management LLC, an affiliate
of the external adviser to Ares Commercial Real Estate Corporation. Mr.
Davis will continue to serve as an officer of Ares Commercial Real
Estate Management LLC, Ares Commercial Real Estate Corporation’s
external adviser. Mr. Yoon will report to John Bartling, Ares Commercial
Real Estate Corporation’s Chief Executive Officer.
“The entire management team and I would like to thank Rick for his
significant contributions to the formation and successful initial public
offering of our company and for his continued involvement as an officer
of our adviser,” said John Bartling, Chief Executive Officer of Ares
Commercial Real Estate Corporation. “Tae-Sik brings a wealth of
commercial real estate finance and capital markets experience with both
private and public companies. His dynamic personality, global
experience, and keen commercial real estate market insight make him an
excellent cultural and strategic fit with our company,” added Mr.
Bartling.
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 $52 billion in committed capital under management as
of April 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
