SACRAMENTO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Ares Commercial Real Estate Corp. has co-originated a $50.5-million first mortgage loan collateralized by a class A multifamily property here. As part of the transaction, Ares retained an $18.7 million B-Note loan, while the $31.8 million A-Note was retained by a commercial bank.
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,” says Bruce Cohen, president of Ares Commercial Real Estate Corp.
With this transaction, the firm’s loan portfolio totaled $251.8 million in outstanding principal as of November 14, 2012.
Ares did not respond to inquiries for further information on the buyer or property at this time.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
