Ares Commercial Closes $36M Financing Commitment on Cincinnati Office Property

CINCINNATI—Ares Commercial Real Estate Corporation, based in Chicago, has closed a $36 million first mortgage loan commitment collateralized by a Class A office building located in Cincinnati’s central business district.

The initial funding amount is approximately $27 million with $9 million in loan proceeds available to be drawn over time for improvements and leasing commissions.

With the closing of this transaction, Ares Commercial Real Estate Corporation’s loan portfolio totaled $218 million in carrying amount as of October 9, 2012.

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.

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