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Ares Commercial Real Estate unit expands master repurchase contract

Ares Commercial Real Estate Corp. subsidiary ACRC Lender C LLC amended its master repurchase contract with Citibank NA.

The amendment was made to increase the facility's commitment size to $325.0 million from $250.0 million and extend its initial maturity date to Dec. 13, 2021. The facility's maturity date is subject to two one-year extension options, with the first option extending it to Dec. 13, 2022, and the second to Dec. 13, 2023.

In addition, the amendment decreased the interest rate on advances under the facility to a rate of the one-month London interbank offered rate plus a variable rate based on the underlying property type and debt yield.