Ares Commercial Real Estate Corporation Announces the Assumption of its Existing $47 Million Loan Co
Ares Commercial Real Estate Corporation Announces the Assumption of its Existing $47 Million Loan Commitment in Sale of Miami Office Property
Transaction Facilitates the Purchase of Office Building by New Sponsor Group
CHICAGO--(BUSINESS WIRE)-- Ares Commercial Real Estate Corporation (NYS: ACRE) announced today that it has entered into a transaction with a new sponsor group to facilitate the purchase of a Class B office building in Downtown Miami's Brickell neighborhood that was collateralized by ACRE's existing $47 million first mortgage loan. The new sponsor group is comprised of a venture between Banyan Street Capital and Crocker Partners, an existing ACRE client. The interest rate on Ares Commercial Real Estate Corporation's existing loan will remain unchanged.
"We modified our existing loan commitment and worked with the new sponsor group to finance the successful purchase of the property," commented Bruce Cohen, President of Ares Commercial Real Estate Corporation. "We are pleased to maintain an attractive and strongly performing asset, and we look forward to working with the highly experienced sponsors from Banyan Street Capital and Crocker Partners."
"We have known the relationship team at ACRE for some time, and have been impressed with the flexibility that they provide to value-added sponsors like us," said Rudy Touzet, Managing Partner of Banyan Street Capital. "We look forward to working with ACRE on other transactions in the future."
"We have worked with the ACRE team on several transactions, and we continue to appreciate their knowledge, flexibility and client-focused execution," said Tom Crocker, Managing Partner of Crocker Partners.
With this transaction, Ares Commercial Real Estate Corporation's loan portfolio totaled approximately $361.2 million in outstanding principal as of March 19, 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 ACRE's website at arescre.com.
About Banyan Street Capital
Banyan Street Capital is a private equity firm with the expertise and resources to deliver effective solutions for today's challenging commercial real estate market. Drawing on its principals' extensive knowledge and experience, Banyan Street Capital provides real estate owners, operators and lenders with equity and debt assistance. Banyan Street Capital's goal is to implement strategies to add market value and deliver high risk-adjusted returns. For more information, please visit the firm's website at banyanstreet.com.
About Crocker Partners
Crocker Partners is a vertically-integrated, real estate operator and equity manager that invests capital in office product located in primary submarkets in the Southeast U.S. and Texas. The firm's investment partners include some of the largest and most respected institutional investors in the world. For more information, please visit the firm's website at crockerpartners.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
KEYWORDS: United States North America Illinois
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