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Capital One, ACRE Increase Credit Facility to $100MM

July 31, 2013, 07:49 AM
Filed Under: Real Estate

Ares Commercial Real Estate Corporation (ACRE) has expanded its Capital One revolving funding facility from $50 million to $100 million. In addition, the pricing on the facility was reduced from a range of LIBOR plus a margin of 2.50 percent to 4.00 percent to a range of LIBOR plus a margin of 2.00 percent to 3.50 percent, and the commitment period for new loans was extended by one year to May 18, 2015.

Through this amendment, Ares Commercial Real Estate Corporation has increased its total revolving funding capacity across its three facilities to $450 million.

“Following our recent stock offering, we have now increased our funding capacity by more than $140 million for a total capacity of $450 million, and we have improved the terms on each facility,” said Todd Schuster, co-chief executive officer of Ares Commercial Real Corporation. “We appreciate Capital One’s support as this incremental capacity, at lower future costs, should help us enhance our net returns to shareholders as we further scale our balance sheet.”

Ares Commercial Real Estate Corporation is a specialty finance company that originates, invests in and manages middle-market commercial real estate loans and other commercial real estate investments. Through its national direct origination platform, Ares Commercial Real Estate Corporation provides flexible financing solutions for middle market borrowers.

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