Ares Commercial Real Estate extends Citi Facility to Jan 2025, adds SOFR pricing

Ares Commercial Real Estate Corp

Amendment extends Citi Facility expiration and funding availability by three years, until January 13, 2025.
Seller may exercise two 12-month extensions, potentially extending maturity to January 13, 2027.
Interest rate provisions modified to allow term SOFR or SOFR average for new loans, replacing LIBOR.

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