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.
subsidiary of Ares Commercial Real Estate Corporation, entered
into an amendment to its Master Repurchase and Securities
Contract (the “U.S. Bank Facility”) with U.S. Bank National
Association. The purpose of the amendment was to, among other
things, increase the size of the facility from $125.0 million to
$186.0 million and extend the initial maturity date of the
facility to July 31, 2020. The maturity date of the facility is
subject to two one-year extension options (the first extension
option extending the maturity date to July 31, 2021 and the
second extension option extending the maturity date to July 31,
2022), each of which may be exercised at ACRC Lender USs option,
subject to the satisfaction of certain conditions and applicable
extension fees being paid.
provisions of the amendment to the U.S. Bank 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 Master Repurchase and Securities
Contract, dated as of June 23, 2017, by and among ACRC Lender US LLC and U.S. Bank National Association, and acknowledged and agreed to by Ares Commercial Real Estate Corporation. |
Ares Commercial Real Estate Corp ExhibitEX-10.1 2 usb-firstamendmenttomaster.htm EXHIBIT 10.1 Exhibit Exhibit 10.1FIRST AMENDMENT TOMASTER REPURCHASE AND SECURITIES CONTRACTTHIS FIRST AMENDMENT TO MASTER REPURCHASE AND SECURITIES CONTRACT (this “Amendment”) is made as of June 23,…To view the full exhibit click here 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.
