Jul
04
Cornerstone Inks Deal to Buy ACRE Capital
ByThe mortgage banking subsidiary of Ares Commercial Real Estate will go to Cornerstone Real Estate Advisers.
Jamie Henderson, Cornerstone Real Estate Advisers
Hartford, Conn.—Cornerstone Real Estate Advisers just took a major step toward achieving a long-held expansion goal, with the signing of a definitive agreement to acquire ACRE Capital Holdings LLC, the mortgage banking subsidiary of Ares Commercial Real Estate Corp.Cornerstone will plunk down $93 million in cash to take ownership of ACRE Capital.
“Cornerstone has been studying the agency lending space for several years and has evaluated several potential acquisitions. We found ACRE Capital to be the most compelling opportunity that we evaluated and the timing for both parties was opportune,” Jamie Henderson, chief investment officer – Alternative Investments at Cornerstone Real Estate Advisers, told Commercial Property Executive…
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