Apollo Commercial Real Estate Finance has closed three commercial real estate loan transactions totaling $160 million in January, including two first mortgage loans and one mezzanine loan.
“ARI has had a strong start to 2017," said Scott Weiner, Chief Investment Officer of the company’s manager. "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 returns.”
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 approximately 41%.
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 approximately 72%.
In addition, ARI funded an incremental $42.4 million during January for previously closed transactions.
Apollo Commercial Real Estate Finance 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.