IRVINE and NEWPORT BEACH, CA-Ares Commercial Real Estate Corporation has originated a $75 million first mortgage loan to finance Blackstone Real Estate Advisors' newly-acquired office portfolio which consists of four properties and eight buildings totaling 521,232 square feet. The transaction closed on July 18.
“This marks our first loan transaction with Blackstone, and we are looking forward to partnering with the team on these and other attractive assets in the future,” said Bruce Cohen, president and chief operating officer of Ares. “Our strengthened capital base from our recent common stock offering has improved our ability to provide execution certainty on larger acquisition financings, which is a very important market segment for us.”
With this transaction, Ares Commercial Real Estate Corporation has originated or co-originated more than $402 million of commitments year-to-date, including five loans totaling $190.7 million that were previously listed on its pipeline as of June 14. As of July 18, Ares' loan portfolio had outstanding principal of approximately $619.8 million.
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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.
