Ares Commercial Real Estate Corporation (ACRE) has received $50 million in new funding that it says it will use to increase its lending.
The facility, financed by City National Bank (CYN), matures in March 2016 and includes a 12-month extension option "if certain conditions are met," ACRE said in a news release Friday.
The new capital will be used to back new investments and other corporate capital needs as ACRE, whose operations include principal lending and mortgage banking, continues to increase scale and diversify its investment portfolio, said Todd Schuster, its co-chief executive officer. It "significantly increases our flexibility in making new loans and managing liquidity," he said.
