Investor Presentaiton
Loans Held for Investment Portfolio Details
($ in millions)
#
Loan Type
Mixed-Use Loans:
Location
Origination
Date
Current Loan Outstanding
Commitment Principal
Unleveraged
Carrying Value Interest Rate
LIBOR Floor
Effective Yield Maturity Date
Payment
Terms (1)
24
Senior
FL
Feb 2019
$84.0
$84.0
$84.0
L+4.25%
1.5%
5.7%
Feb 2023
1/0
25
Senior
NY
Jul 2021
78.3
75.0
74.3
L+3.65%
0.1%
4.1%
Jul 2024
1/0
26
Senior
CA
Jan 2021
58.9
56.8
56.6
(2)
(2)
5.4%
Jan 2024
1/0
27
Senior
TX
Sep 2019
42.2
35.8
35.6
(3)
0.3%
4.7%
Sep 2022
1/0
28
Senior
CA
Feb 2020
39.6
35.2
34.9
L+4.10%
1.7%
6.4%
Mar 2023
1/0
Total Mixed-Use
$303.0
$286.8
$285.4
Industrial Loans:
29
Senior
IL
May 2021
$100.7
$70.1
$69.4
L+4.55%
0.2%
5.2%
May 2024
1/0
30
Senior
NY
Jan 2020
77.5
69.4
69.2
L+5.00%
1.6%
7.1%
Feb 2022
1/0
31
Senior
NJ
Jun 2021
44.7
23.2
22.9
L+3.75%
0.3%
4.5%
May 2024
1/0
32
Senior
CA
Nov 2019
26.6
23.0
23.0
L+4.50%
1.9%
7.4%
Dec 2021
1/0
33
Senior
CO
Jul 2021
20.8
20.8
20.6
L+6.75%
0.3%
7.7%
Feb 2023
1/0
34
Senior
CA
Aug 2019
19.6
16.7
16.6
L+3.75%
2.0%
6.3%
Mar 2023
1/0
35
Senior(4)
PA
Sep 2021
3.0
3.0
2.9
L+5.50%
0.3%
6.1%
Sep 2024
1/0
36
Senior (4)
37
Senior(4)
38
Senior(4)
328
CO
Sep 2021
2.9
2.9
2.9
L+6.25%
0.3%
6.9%
Sep 2024
1/0
AZ
Sep 2021
2.7
2.7
2.7
L+5.90%
0.3%
6.5%
Oct 2024
1/0
GA
Aug 2021
1.3
1.3
1.3
L+5.25%
0.3%
5.9%
Sep 2024
1/0
Total Industrial
$299.8
$233.1
$231.5
Note: As of September 30, 2021. Please see the glossary at the end of this presentation.
1. I/O = interest only, P/I = principal and interest.
2. At origination, the California loan was structured as both a senior and mezzanine loan with us holding both positions. The senior loan, which had an outstanding principal balance of $45.0 million
as of September 30, 2021, accrues interest at a per annum rate of L+3.80 with a 0.20% LIBOR floor and the mezzanine loan, which had an outstanding principal balance of $11.8 million as of
September 30, 2021, accrues interest at a per annum rate of 10.00%
3. In March 2021, ACRE and the borrower entered into a modification agreement to, among other things, split the original senior Texas loan into two separate notes. Note A, which had an outstanding
principal balance of $35.3 million as of September 30, 2021, accrues interest at a per annum rate of L+ 3.75% and Note B, which had an outstanding principal balance of $0.4 million as of September
30, 2021, accrues interest at a per annum rate of L+10.00%.
4. Loans are a cross-collateralized portfolio with affiliates of the same borrower.
18
①ARES
COMMERCIAL REAL ESTATE CORPORATIONView entire presentation