Ares Commercial Real Estate Corporation (NYSE:ACRE) announced today that
it originated a $37.0 million mezzanine loan collateralized by the
office and associated parking of a 49-story mixed-use property in the
central business district of Chicago. The proceeds of this recently
closed transaction were used to refinance the property and fund certain
property-level improvements. The property is owned by a joint venture
between Walton Street Capital and GlenStar Properties.
“This transaction reflects our ability to finance complex properties and
meet the expanding needs of our clients,” said Bruce Cohen, President
and Chief Operating Officer of Ares Commercial Real Estate Corporation.
“We are delighted to back Walton Street Capital and GlenStar Properties
as they execute their business plans.”
“These recent transactions demonstrate the execution of our capital
deployment goals since our equity raise, and we continue to have
meaningful investment capacity to make new loans and grow our earning
assets,” said Todd Schuster, Co-Chief Executive Officer of Ares
Commercial Real Estate Corporation. “We believe our current available
capital should enable us to make additional senior loans of
approximately $300 million.”
Ares Commercial Real Estate Corporation’s loan portfolio had outstanding
principal of approximately $696 million as of August 30, 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 $66 billion in committed capital under management as
of June 30, 2013 and pro forma for the AREA Property Partners
acquisition which closed on July 1, 2013. For more information, please
visit ACRE’s 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.
Copyright Business Wire 2013