MOUNTAIN VIEW, CA—Ares Commercial Real Estate Corp., Chicago, has closed a $15 million senior mortgage loan commitment collateralized by a 63,271 square foot office property located here. The transaction closed on April 30 with an initial funding of $14.5 million.
The proceeds were used to refinance the previous loan on the property for Broadreach Capital Partners.
“We were impressed with the Ares team's depth of market knowledge and the flexible and creative structure they provided,” said Ken Reinke from Broadreach Capital Partners. “We look forward to working with ACRE on this property and other transactions in the future.”
“We are pleased to work with Broadreach for the first time and to add this high quality investment in a strongly performing market to our investment portfolio,” said Bruce Cohen, president of Ares. “We look forward to working with Broadreach on other transactions in the future.”
With this transaction, Ares's loan portfolio totaled approximately $430 million in outstanding principal as of May 1.
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, the company provides flexible financing solutions for middle market borrowers.
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