Ares Commercial Real Estate Cor (ACRE) has released an update to notify the public and investors about an entry into a material definitive agreement.
Ares Commercial Real Estate Corporation and its subsidiary, ACRC Lender LLC, have amended their secured revolving funding facility with City National Bank to extend the maturity date to March 10, 2025, with an option for a further 12-month extension under certain conditions, including a fee. Additionally, the amendment establishes a new interest rate for the facility, offering a choice between a SOFR-based rate plus 3.25% or a base rate plus 2.25%, both subject to a minimum interest rate floor.
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For a comprehensive understanding of the announcement, you can read the full document here.
