CHICAGO-Ares Commercial Real Estate Corp. has selected one of its directors, Todd Schuster, to serve as co-CEO, effective June 1. The founder and CEO of CW Financial Services has also been named a senior partner in the real estate group of Ares Management LLC.
Schuster's co-CEO, John Bartling Jr., says in a release that Schuster brings “a wealth of experience in building a large and diversified real estate platform and has been able to set strategic direction for several organizations. He has significantly contributed to ACRE as an outside board member, and we asked him to join us to make the most use of his expertise and experience as we expand the platform both organically and through acquisitions.”
CEO of CW Financial from 1991 through 2009, Schuster led the merger of the company with a subsidiary of Canadian pension fund manager Caisse de Depot et Placement du Quebec. He's currently a board member of an affiliate of EF&A Funding LLC, d/b/a Alliant Capital LLC, a national multifamily mortgage loan origination and servicing company.
Separately, ACRE said on Wednesday that it is acquiring Alliant Capital LLC in a $62.8-million deal that involves a combination of cash and stock. The LLC had a servicing portfolio of approximately $3.9 billion in multifamily loans as of March 31, and for the five-year period that ended Dec. 31, 2012, its loan originations have increased at a compound annual growth rate of 12.7%, with originations exceeding $600 million last year.
When the deal closes, subject to customary conditions, Alliant Capital LLC is expected to become a wholly owned taxable REIT subsidiary of ACRE. The transaction does not involve Alliant Capital Ltd., which will remain a part of the Alliant Co.
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