NEW YORK, NY--(Marketwire - Nov 12, 2012) - Apollo Commercial Real Estate Finance, Inc. (the "Company" or "ARI") (
The mezzanine loan is part of a $410 million four-year (three-year initial term with one one-year extension option), floating rate loan refinancing comprised of a $295 million first mortgage and a $115 million mezzanine loan, which was bifurcated into a $65 million senior portion and ARI's $50 million junior portion. ARI's mezzanine loan has an interest rate of one-month LIBOR + 10.9%, 30-year amortization and a loan-to-value of 61% or approximately $103,000 per key.
Commenting on the transaction, Scott Weiner, the Chief Investment Officer of the Company's Manager, said, "We believe this well-structured transaction with strong sponsorship will make a valuable contribution to ARI's portfolio. ARI's ability to underwrite complex transactions has made the Company a partner of choice for co-origination with several lending institutions. Our investment pipeline remains strong and we continue to see interesting financing transactions across a wide range of commercial property types and geographies."
About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (
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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