IRVINE and NEWPORT BEACH, CA-Ares Commercial Real Estate Corporation has originated a $75 million first mortgage loan to finance Blackstone Real Estate Advisors' newly-acquired office portfolio which consists of four properties and eight buildings totaling 521,232 square feet. The transaction closed on July 18.

“This marks our first loan transaction with Blackstone, and we are looking forward to partnering with the team on these and other attractive assets in the future,” said Bruce Cohen, president and chief operating officer of Ares. “Our strengthened capital base from our recent common stock offering has improved our ability to provide execution certainty on larger acquisition financings, which is a very important market segment for us.”

With this transaction, Ares Commercial Real Estate Corporation has originated or co-originated more than $402 million of commitments year-to-date, including five loans totaling $190.7 million that were previously listed on its pipeline as of June 14. As of July 18, Ares' loan portfolio had outstanding principal of approximately $619.8 million.

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 provides flexible financing solutions for middle market borrowers. Ares 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 $66 billion in committed capital under management as of June 30, and pro forma for the closing of the AREA Property Partners transaction that occurred on July 1.

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Ares Originates $75 M Loan for Blackstone Office Portfolio

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