NEW YORK--(BUSINESS WIRE)--Feb. 2, 2017--
Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”)
(NYSE:ARI) today announced the Company closed three commercial real
estate loan transactions totaling $160 million, including two first
mortgage loans and one mezzanine loan.
Commenting on the investment activity, Scott Weiner, Chief Investment
Officer of the Company’s manager, said: “ARI has had a strong start to
2017, closing $160 million of loans in January. The Company continues to
build a healthy investment pipeline, as demand for mortgage financing on
commercial real estate assets remains robust and credit quality remains
stable. Given ARI’s recent capital raise, the Company is well positioned
to capitalize on opportunities that offer ARI attractive, risk adjusted
ARI closed a $60.0 million first mortgage loan secured by a recently
renovated 250-key hotel located on South Beach in Miami, FL. The
floating rate loan has a three-year initial term with two one-year
extension options and an appraised loan-to-value (“LTV”) of
ARI closed a $57.0 million first mortgage loan secured by a recently
renovated 917-key hotel located in downtown St. Louis, MO. The floating
rate loan has a two-year initial term with three one-year extension
options and an appraised LTV of approximately 61%.
ARI closed a $42.5 million mezzanine loan for a mixed-use property
comprising a 1.3 million square foot office tower, a 400-key hotel and a
parking garage in downtown Cleveland, OH. The mezzanine loan is part of
a $262.5 million financing which consists of a $220.0 million first
mortgage loan and ARI’s $42.5 million mezzanine loan. The fixed rate
loan has a ten-year term, with two years of interest only payments
followed by eight years of amortization, and an appraised LTV of
In addition, ARI funded an incremental $42.4 million during January for
previously closed transactions.
About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate
investment trust that primarily originates, invests in, acquires and
manages performing commercial real estate first mortgage loans,
subordinate financings, commercial mortgage-backed securities and other
commercial real estate-related debt investments. The Company is
externally managed and advised by ACREFI Management, LLC, a Delaware
limited liability company and an indirect subsidiary of Apollo Global
Management, LLC, a leading global alternative investment manager with
approximately $189 billion of assets under management as of September
Additional information can be found on the Company's website at www.apolloreit.com.
Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and such statements are intended to be
covered by the safe harbor provided by the same. Forward-looking
statements are subject to substantial risks and uncertainties, many of
which are difficult to predict and are generally beyond the Company's
control. These forward-looking statements include information about
possible or assumed future results of the Company's business, financial
condition, liquidity, results of operations, plans and objectives. When
used in this release, the words "believe," "expect," "anticipate,"
"estimate," "plan," "continue," "intend," "should," "may" or similar
expressions are intended to identify forward-looking statements.
Statements regarding the following subjects, among others, may be
forward-looking: the return on equity; the yield on investments; the
ability to borrow to finance assets; and risks associated with investing
in real estate assets, including changes in business conditions and the
general economy. For a further list and description of such risks and
uncertainties, see the reports filed by the Company with the Securities
and Exchange Commission. The forward-looking statements, and other
risks, uncertainties and factors are based on the Company's beliefs,
assumptions and expectations of its future performance, taking into
account all information currently available to the Company.
Forward-looking statements are not predictions of future events. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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Source: Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc.