Ares Commercial Real Estate Corp. (ACRE) Wednesday announced agreement with a new sponsor group to facilitate the purchase of an office building in Downtown Miami's Brickell neighborhood that was collateralized by ACRE's existing $47 million first mortgage loan.
The new sponsor group is comprised of a venture between Banyan Street Capital and Crocker Partners, an existing ACRE client.
"We modified our existing loan commitment and worked with the new sponsor group to finance the successful purchase of the property," commented Bruce Cohen, President.
With this transaction, Ares Commercial Real Estate Corporation's loan portfolio totaled approximately $361.2 million in outstanding principal as of March 19.
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