Ares Commercial Real Estate Corporation Originates $75 Million Loan for Orange County Office Portfol
Ares Commercial Real Estate Corporation Originates $75 Million Loan for Orange County Office Portfolio
Financing Provided for Blackstone Real Estate Advisors' Recent Acquisition of Irvine and Newport Beach Office Properties
CHICAGO--(BUSINESS WIRE)-- Ares Commercial Real Estate Corporation (NYS: ACRE) announced today it originated a $75.0 million first mortgage loan to finance Blackstone Real Estate Advisors' newly acquired office portfolio in Irvine and Newport Beach, California, which consists of four properties and eight buildings totaling 521,232 square feet. The transaction closed on July 18, 2013.
"This marks our first loan transaction with Blackstone, and we are looking forward to partnering with the team on these and other attractive assets in the future," said Bruce Cohen, President and Chief Operating Officer of Ares Commercial Real Estate Corporation. "Our strengthened capital base from our recent common stock offering has improved our ability to provide execution certainty on larger acquisition financings, which is a very important market segment for us."
With this transaction, Ares Commercial Real Estate Corporation has originated or co-originated more than $402 million of commitments year-to-date, including five loans totaling $190.7 million that were previously listed on its pipeline as of June 14, 2013. As of July 18, 2013, Ares Commercial Real Estate Corporation's loan portfolio had outstanding principal of approximately $619.8 million.
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 closing of the AREA Property Partners transaction that occurred on July 1, 2013. For more information, please visit ACRE's 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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