Ares Commercial Real Estate Corporation Originates $15.2 Million Senior Office Park Loan
Year-to-Date Origination Activity Now Totals More Than $327 Million
CHICAGO--(BUSINESS WIRE)-- Ares Commercial Real Estate Corporation (NYS: ACRE) announced today that it originated a $15.2 million first mortgage financing to an affiliate of CIP Real Estate collateralized by a four-building office park totaling 105,577 square feet in Irvine, California. The transaction closed on July 3, 2013 with an initial funding of $14.7 million, and the proceeds were used to refinance existing indebtedness.
"We are excited to close our first transaction with CIP Real Estate and to support the group's ownership of this attractively located and well performing asset," said Bruce Cohen, President and Chief Operating Officer of Ares Commercial Real Estate Corporation.
With this transaction, Ares Commercial Real Estate Corporation has originated or co-originated more than $327 million of commitments year-to-date, including four loans totaling $115.7 million that were previously listed on its pipeline as of June 14, 2013. As of July 3, 2013, Ares Commercial Real Estate Corporation's loan portfolio had outstanding principal of approximately $544.3 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 $65 billion in committed capital under management as of March 31, 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
KEYWORDS: United States North America Illinois New York
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