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Ares is expanding its investor relations team with the hire of MetLife real estate executive Dhaval Parikh, according to Real Estate Capital's sister title, PERE.
Ares Commercial Real Estate Corporation provided a $159 million senior loan commitment collateralized primarily by self-storage properties across a multi-state area, which brought total senior loan commitments for Q3 to approximately $605 million, with $577 million of initial funding.
Cornerstone Insurance & Financial Services provided a $165 million loan to BLDG Management and Ares Management.
The European finance director at private equity firm Ares, Mike Pashley, and Ali Imraan from RBS’s ABS team, have joined LaSalle’s debt investment business. The pair will beef up LaSalle’s debt investment and special situations team led by Amy Aznar, which saw several senior staff leave last year.
Head of developers at Lloyds Bank Commercial Real Estate
Lloyds and Barclays have provided a £147m three-year development facility to Ronson Capital Partners for its Chiltern Street residential development in London. Each bank supplied half the loan. Lloyds has also made a £89m three-year development loan to London Square and ARES Management LLC’s joint residential restorations of the Star and Garter building in Richmond and Ancaster House in Mayfair.
Ares Management has won a $700m commercial real estate debt mandate from a large North American specialty life insurer to originate US commercial mortgage loans. AresAres will use the funds to originate and service floating and fixed rate US commercial mortgage loans across a variety of property types, focusing on two- to 10-year senior debt. The loans will typically range between $15m and $50m and go up to a 70% loan-to-value on stabilized properties -- or those with a light transitional element -- across major US markets, sources said.
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