Ares Commercial Real Estate Corporation Originates Senior Loan for Silicon Valley Office Property
CHICAGO--(BUSINESS WIRE)-- Ares Commercial Real Estate Corporation (NYS: 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.
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
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