Source: Ares Commercial Real Estate / #RealEstate #Finance
CHICAGO, IL - Ares Commercial Real Estate Corporation announced that it co-originated a $50.5 million first mortgage loan collateralized by a Class A multi-family property located in the Sacramento, CA market. As part of the transaction, Ares Commercial Real Estate Corporation retained an $18.7 million B-Note loan, while the $31.8 million A-Note was retained by a commercial bank.
The transaction closed on November 14, 2012 and the proceeds were used to finance the acquisition of the property by a Northern California-based private investment group.
“This transaction is a great example of our ability to offer larger scale solutions to our clients,” said Bruce Cohen, President of Ares Commercial Real Estate Corporation. “We demonstrated our versatility and breadth of relationships by bringing in one of our commercial banking partners and structuring an A/B- Note financing.”
With this transaction, Ares Commercial Real Estate Corporation’s loan portfolio totaled $251.8 million in outstanding principal as of November 14, 2012.
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.