CHICAGO--(BUSINESS WIRE)--
Please replace the release dated October 1, 2012 with the following
corrected version due to multiple revisions.
The corrected release reads:
ARES COMMERCIAL REAL ESTATE CORPORATION CLOSES $36 MILLION FINANCING
ON NEW YORK CITY MULTI-FAMILY PROPERTY
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today
that it recently closed a $36 million first mortgage loan commitment
collateralized by a nine-story, 101-unit apartment building located in
Manhattan’s Murray Hill neighborhood.
The proceeds will be used to finance the purchase and upgrade of the
building sponsored by Benchmark Real Estate LLC. The initial funding
amount is approximately $31 million and the remaining $5 million in loan
proceeds is expected to be drawn down over time and used primarily for
renovations of the building.
With the closing of this transaction, Ares Commercial Real Estate
Corporation has funded approximately $145 million in loans as measured
by amortized cost basis as of September 25, 2012.
“We are pleased to provide the sponsor with a senior mortgage for the
acquisition and value-added renovation of this quality asset in a market
with strong fundamentals,” said Bruce Cohen, President and Chief
Operating Officer of Ares Commercial Real Estate Corporation. “Due to
our flexible capital solutions offered through our direct originations
platform, we expect to continue to produce attractive risk-adjusted
returns on our loans, especially given the growing capital needs of
qualified real estate owners and sponsors.”
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.
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
