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The property is owned by a joint venture between Walton Street Capital and GlenStar Properties. This transaction reflects our ability to finance complex properties and meet the expanding needs of our clients, said Bruce Cohen, President and Chief Operating Officer of Ares Commercial Real Estate Corporation. We are delighted to back Walton Street Capital and GlenStar Properties as they execute their business plans. These recent transactions demonstrate the execution of our capital deployment goals since our equity raise, and we continue to have meaningful investment capacity to make new loans and grow our earning assets, said Todd Schuster, Co-Chief Executive Officer of Ares Commercial Real Estate Corporation. We believe our current available capital should enable us to make additional senior loans of approximately $300 million. Ares Commercial Real Estate Corporations loan portfolio had outstanding principal of approximately $696 million as of August 30, 2013.
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