Ares Commercial Real Estate (ACRE) Announces Closing of $159M Senior Loan
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Ares Commercial Real Estate Corporation Closes New $159 Million Loan Raising Third Quarter 2016 Commitments to More Than $600 Million
October 6, 2016 6:15 AM EDTNEW YORK--(BUSINESS WIRE)-- Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today the recent closing on September 28, 2016 of a new $159 million senior loan commitment collateralized primarily by self-storage properties across a multi-state area, bringing total new loan commitments for the third quarter of 2016 to approximately $605 million with $577 million of initial funding.
Also during the third quarter of 2016, the companys capital availability benefited from loan repayments of approximately $250 million of senior loans with a weighted average unleveraged effective yield of 4.9%(1), which is below the companys stated overall senior loan weighted average... More