CHICAGO--(BUSINESS WIRE)--
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today
that it closed a $15.0 million senior mortgage loan commitment
collateralized by a 63,271 square foot office property located in
Mountain View, CA, within the Silicon Valley market. The transaction
closed on April 30, 2013 with an initial funding of $14.5 million. The
proceeds were used to refinance the previous loan on the property for
Broadreach Capital Partners.
“We were impressed with the Ares team’s depth of market knowledge and
the flexible and creative structure they provided,” commented Ken Reinke
from Broadreach Capital Partners. “We look forward to working with ACRE
on this property and other transactions in the future.”
“We are pleased to work with Broadreach for the first time and to add
this high quality investment in a strongly performing market to our
investment portfolio,” said Bruce Cohen, President of Ares Commercial
Real Estate Corporation. “We look forward to working with Broadreach on
other transactions in the future.”
With this transaction, Ares Commercial Real Estate Corporation’s loan
portfolio totaled approximately $430 million in outstanding principal as
of May 1, 2013.
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 $59 billion in committed capital under management as
of December 31, 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