Ares Commercial Real Estate Corporation Expands Multifamily Offerings with Freddie Mac Program Plus® Loans
ACRE Capital LLC Becomes Newest Freddie Mac Seller/Servicer for Multifamily Loans
CHICAGO--(BUSINESS WIRE)--Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today that its wholly owned subsidiary, ACRE Capital LLC, has been approved as a Seller/Servicer with the Freddie Mac Program Plus® network for multifamily lenders. Freddie Mac’s Program Plus® provides a full range of competitively priced, reliable mortgage products for the acquisition, refinancing or moderate rehabilitation of multifamily communities. For more than 20 years, Freddie Mac Multifamily has been among the largest providers of credit to owners of multifamily properties.
“We have a longstanding relationship with Ares and believe the addition of ACRE Capital into our family of lenders enhances our ability to provide capital to this critical segment of the real estate sector.”
“The Freddie Mac program has been a valuable resource for multifamily borrowers for nearly a generation, and it has significantly contributed to the strength of the sector,” said Ed Hurley, President of ACRE Capital LLC. “As a member of the Program Plus® platform, we look forward to bringing attractive financing products in a fast and flexible manner to our customers.”
“The addition of ACRE Capital as a select Seller/Servicer for Freddie Mac is a very important milestone as we broaden our lending solutions to multifamily operators and sponsors,” said Todd Schuster, President and Chief Executive Officer of ACRE. “This broadening of our product capabilities further expands our ability to leverage the sourcing and credit advantages that come from our national direct origination infrastructure. We are very appreciative for the opportunity to work with Freddie Mac and look forward to a strong future partnership.”
“We are pleased to approve ACRE Capital as a Program Plus® lender,” added John Cannon, Senior Vice President of Production and Sales for Freddie Mac. “We have a longstanding relationship with Ares and believe the addition of ACRE Capital into our family of lenders enhances our ability to provide capital to this critical segment of the real estate sector.”
About Ares Commercial Real Estate Corporation
Ares Commercial Real Estate Corporation is a specialty finance company primarily engaged in principal lending and mortgage banking of commercial real estate investments. Through its national direct origination platform, Ares Commercial Real Estate Corporation provides a broad offering of flexible financing solutions for commercial real estate owners and operators. Through ACRE Capital LLC, its mortgage banking business, it originates and services multifamily residential mortgage loans, senior housing and healthcare facilities by utilizing the platforms of Fannie Mae and governmental agencies. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management, L.P. (NYSE: ARES), a publicly traded, global alternative asset manager with approximately $77 billion of assets under management as of March 31, 2014. For more information, please visit www.arescre.com.
About Freddie Mac
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com. Twitter: @FreddieMac
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Ares Commercial Real Estate Corporation undertakes no duty to update any forward-looking statements made herein.