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Ares Commercial Real Estate Corporation Co-Originates $50.5 Million Senior Loan on Northern California Multi-Family Apartment Property

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Ares Commercial Real Estate Corporation Co-Originates $50.5 Million Senior Loan on Northern California Multi-Family Apartment Property Powered By Docstoc
					
				
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posted:11/27/2012
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Description: CHICAGO--(BUSINESS WIRE)--Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today 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
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