Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,424.85 162.29 1.00%
S&P 500 1,862.31 19.33 1.05%
NASDAQ 4,086.22 52.06 1.29%
Ticker Volume Price Price Delta
STOXX 50 3,139.26 47.74 1.54%
FTSE 100 6,584.17 42.56 0.65%
DAX 9,317.82 144.11 1.57%
Ticker Volume Price Price Delta
NIKKEI 14,417.68 420.87 3.01%
TOPIX 1,166.55 30.46 2.68%
HANG SENG 22,696.01 24.75 0.11%

Ares Commercial Real Estate Corporation Announces the Assumption of its Existing $47 Million Loan Commitment in Sale of Miami



  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

Business Wire

CHICAGO -- March 20, 2013

Ares Commercial Real Estate Corporation (NYSE: 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.

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.

Contact:

Ares Commercial Real Estate Corporation
Carl Drake, 404-814-5204
cdrake@aresmgmt.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement