Ares Commercial Real Estate Corporation entered into an agreement to increase its existing Term Loan from $60.0 million to $150.0 million, reduce the all-in pricing from LIBOR plus 5.75% to an initial fixed rate of 4.50% and extend the initial maturity to November 2026.

In addition, the Company announced that it increased the size of its secured revolving facility with City National Bank ("CNB Facility") from $50.0 million to $75.0 million. Collectively, the Term Loan and the CNB Facility will be used to fund new loan originations, increase the investment portfolio, and for other working capital and general corporate purposes.

"The increases in the Term Loan and the CNB Facility provide us with strategically important and attractive financing to support the growth in our investment activity and help us to achieve our target leverage levels and enhance our earnings," said Bryan Donohoe, Chief Executive Officer of ACRE. "Utilizing the internal resources of our manager, we were able to execute both financing transactions directly, resulting in significant cost savings to ACRE."