Ares Commercial updates loan activity

|About: Ares Commercial Real Est... (ACRE)|By:, SA News Editor

Ares Commercial Real Estate (ACRE +0.4%) originated six new loans in December totaling $339M in commitments and $258M of initial funding. About 60% of loans closed in December were for multifamily properties, with the remainder secured by office and industrial properties. All pay floating rate.

For the year, ACRE originated or co-originated 22 new commitments totaling $875M. The principal lending portfolio as of Dec. 31 is $1.05B in outstanding principal.

Co-CEO Todd Schuster: "We have made great progress in repositioning the ACRE Capital platform during our first full quarter of owning the business ... Although many of these accomplishments have not yet translated into our origination activity, important developments ... should enhance the business going forward."