Ares Commercial Real Estate Corporation Closes $37 Million Mezzanine Loan on Downtown Chicago Proper
Ares Commercial Real Estate Corporation Closes $37 Million Mezzanine Loan on Downtown Chicago Property
ACRE Has Originated / Co-Originated Over $515 million of Commitments Year-To-Date with Significant Investment Capacity to Make New Loans
CHICAGO--(BUSINESS WIRE)-- Ares Commercial Real Estate Corporation (NYS: 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.
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, 888-818-5298
KEYWORDS: United States North America Illinois
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