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.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
