SACRAMENTO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Ares Commercial Real Estate Corp. has co-originated a $50.5-million first mortgage loan collateralized by a class A multifamily property here. As part of the transaction, Ares retained an $18.7 million B-Note loan, while the $31.8 million A-Note was retained by a commercial bank.
The proceeds were used to finance the acquisition of the property by a Northern California-based private investment group. “This transaction is a great example of our ability to offer larger scale solutions to our clients,” says Bruce Cohen, president of Ares Commercial Real Estate Corp.
With this transaction, the firm’s loan portfolio totaled $251.8 million in outstanding principal as of November 14, 2012.
Ares did not respond to inquiries for further information on the buyer or property at this time.
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