Ares Commercial Real Estate Corporation (NYSE:ACRE) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
of Ares Commercial Real Estate Corporation, entered into an
amendment to its existing $125 million Amended and Restated
Bridge Loan Warehousing Credit and Security Agreement with Bank
of America, N.A. (the BAML Facility). The purpose of the
amendment was to, among other things, extend the period during
which ACRC Lender B may request individual loans under the BAML
Facility to May 24, 2018. In addition, the final maturity date of
the BAML Facility was extended by 12 months to May 25, 2021.
provisions of the amendment to the BAML Facility and is qualified
in its entirety by reference to a copy of such agreement, which
is filed herewith as Exhibit 10.1.
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
this Current Report on Form 8-K is incorporated herein by
reference.
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Exhibit Number
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Exhibit Description
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10.1
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Amendment No. 1 to Amended and Restated Bridge Loan
Warehousing Credit and Security Agreement, dated as of August 8, 2016, by and among ACRC Lender B LLC, Bank of America, N.A., as Administrative Agent and Lender and the other Lenders. |
About Ares Commercial Real Estate Corporation (NYSE:ACRE)
Ares Commercial Real Estate Corporation is a specialty finance company. The Company is focused on directly originating, managing and servicing a portfolio of commercial real estate (CRE) debt-related investments for its own account. It operates in two segments: principal lending and mortgage banking. Its target investments include senior loans, bridge loans, subordinated debt, preferred equity and other CRE investments. The Company is also engaged in the mortgage banking business through its subsidiary, ACRE Capital LLC (ACRE Capital). Its Principal Lending Business includes all business activities of the Company, which represents investments in real estate related loans and securities that are held for investment. In mortgage banking business, the Company directly originates long-term senior loans collateralized by multifamily and senior-living properties, and sells them to third parties pursuant to programs overseen by government agencies and government-sponsored enterprises. Ares Commercial Real Estate Corporation (NYSE:ACRE) Recent Trading Information
Ares Commercial Real Estate Corporation (NYSE:ACRE) closed its last trading session up +0.04 at 13.16 with 59,942 shares trading hands.