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NEW YORK—Ares Commercial Real Estate Corporation has originated three senior portfolio loan commitments totaling $70 million collateralized by multifamily apartment buildings in Manhattan and Brooklyn.
The three loans include:
• $26.3 million for a senior loan commitment collateralized by four apartment buildings consisting of 107 units.
• $21.9 million for a senior loan commitment collateralized by five apartment buildings consisting of 97 units.
• $21.8 million for a senior loan commitment collateralized by four apartment buildings consisting of 95 units.
Proceeds of the loans were used to fund the acquisition of the portfolios by affiliates of Stone Street Properties and H.I.G. Realty Partners.
