CHICAGO--(BUSINESS WIRE)--
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today
that it closed a $49.6 million first mortgage loan commitment
collateralized by a 982-unit multi-family apartment portfolio located in
Brandon, FL, within the greater Tampa market. The portfolio consists of
two separate apartment properties, one with 270 units and the other with
712 units. The transaction closed on December 19, 2012 with initial
funding of $43.4 million. The proceeds were used to finance the
acquisition of the portfolio by a joint venture between Blue Rock
Partners and Stonecutter Capital Management.
“We have enjoyed a strong relationship with the team at ACRE and we look
forward to working with them on this attractive project,” said Randy
Ferreira of Blue Rock Partners. “ACRE’s capital solution was an
excellent fit for our acquisition and business plan financing needs.”
“This transaction exemplifies not only the importance of our
relationship with Blue Rock Partners, but also our ability to deliver
timely, customized financing solutions for property acquisitions,
particularly for projects undergoing transition,” said Bruce Cohen,
President and Chief Operating Officer of Ares Commercial Real Estate
Corporation. “We are also pleased to enhance our portfolio
diversification by entering the attractive greater Tampa market.”
With this transaction, Ares Commercial Real Estate Corporation’s loan
portfolio totaled approximately $356 million in outstanding principal as
of December 20, 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
