This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ares Commercial Real Estate Corporation Originates $49.6 Million Senior Loan Commitment For Tampa-Area Multi-Family Portfolio

Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today that it closed a $49.6 million first mortgage loan commitment collateralized by a 982-unit multi-family apartment portfolio located in Brandon, FL, within the greater Tampa market. The portfolio consists of two separate apartment properties, one with 270 units and the other with 712 units. The transaction closed on December 19, 2012 with initial funding of $43.4 million. The proceeds were used to finance the acquisition of the portfolio by a joint venture between Blue Rock Partners and Stonecutter Capital Management.

“We have enjoyed a strong relationship with the team at ACRE and we look forward to working with them on this attractive project,” said Randy Ferreira of Blue Rock Partners. “ACRE’s capital solution was an excellent fit for our acquisition and business plan financing needs.”

“This transaction exemplifies not only the importance of our relationship with Blue Rock Partners, but also our ability to deliver timely, customized financing solutions for property acquisitions, particularly for projects undergoing transition,” said Bruce Cohen, President and Chief Operating Officer of Ares Commercial Real Estate Corporation. “We are also pleased to enhance our portfolio diversification by entering the attractive greater Tampa market.”

With this transaction, Ares Commercial Real Estate Corporation’s loan portfolio totaled approximately $356 million in outstanding principal as of December 20, 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 $56 billion in committed capital under management as of September 30, 2012. For more information, please visit our website at

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs