Ares Commercial Real Estate Corporation has closed a $36 million first mortgage loan commitment collateralized by a Class A office building located in Cincinnati’s central business district. The proceeds of the loan were used to refinance the existing mortgage on the property. The initial funding amount is approximately $27 million with $9 million in loan proceeds available to be drawn over time to fund tenant improvements and leasing commissions.
PRESS RELEASE
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today that it closed a $36 million first mortgage loan commitment collateralized by a Class A office building located in Cincinnati’s central business district. The transaction closed on October 9, 2012, and the proceeds of the loan were used to refinance the existing mortgage on the property. The initial funding amount is approximately $27 million with $9 million in loan proceeds available to be drawn over time to fund tenant improvements and leasing commissions.
With the closing of this transaction, Ares Commercial Real Estate Corporation’s loan portfolio totaled $218 million in carrying amount as of October 9, 2012.
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 $54 billion in committed capital under management as of June 30, 2012. For more information, please visit our website at arescre.com.
Forward-Looking Statements
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.
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