Bryan Donohoe Appointed New Chief Executive Officer of ACRE
NEW YORK--(BUSINESS WIRE)--Nov 8, 2019--
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today that its Board of Directors has appointed Bryan Donohoe as Chief Executive Officer, effective December 5, 2019. Mr. Donohoe will join ACRE’s senior management team alongside its President, David Roth, Chief Financial Officer, Tae-Sik Yoon and Head of Originations, John Gerber. Mr. Donohoe has also been named Partner in the Ares Real Estate Group and Head of Real Estate Debt. Mr. Donohoe succeeds Jamie Henderson who will be stepping down as Chief Executive Officer and Chief Investment Officer on December 5, 2019. Mr. Henderson will remain with Ares Management until the end of 2019 and he will continue as a Board Director of ACRE. Mr. Henderson plans to pursue another opportunity that affords him more time with his family.
“We are very pleased that Bryan will be joining Ares and ACRE alongside our existing executive team,” said Bill Benjamin, Chairman of the Board of ACRE and Head of the Real Estate Group at Ares Management. “Bryan is an accomplished real estate executive with a demonstrated track record and we are highly confident that he is well suited to execute on our plans for continued strong growth in the years to come.”
“I am delighted to be joining ACRE’s talented executive team and the broader Ares real estate debt platform that I have known and admired in the marketplace for many years,” said Mr. Donohoe, incoming CEO of ACRE and Head of Real Estate Debt at Ares Management. “I believe ACRE is very well positioned from a financial and strategic standpoint and look forward to the opportunity to continue to build on the Company’s successes of the past several years and further enhance shareholder value.”
Mr. Donohoe brings approximately two decades of real estate experience with an extensive background originating and structuring investments. Most recently, Mr. Donohoe was a Managing Director for Commercial Real Estate Debt in AllianceBernstein’s Real Estate Investment Group. Mr. Donohoe was also a senior professional at Ranieri Real Estate Partners and formerly spent 10 years at Deutsche Bank, where he originated, structured and closed over $10 billion of first mortgage loans in addition to structuring, pricing and disposing of over $4 billion of B notes and mezzanine debt. He holds a BA in political science from Middlebury College.
“We want to thank Jamie for all of his many contributions, which included significantly enhancing ACRE’s profitability, expanding its origination activities and growing shareholder value during his tenure,” continued Mr. Benjamin. “He led the expansion of our real estate debt platform by adding talented professionals in new markets and is leaving us very well positioned for the next chapter of our growth. We look forward to continuing to work with Jamie and we wish him success.”
“I am very proud of all that we have accomplished together over the last several years,” said Jamie Henderson, outgoing Chief Executive Officer and Chief Investment Officer of ACRE and Head of Real Estate Debt at Ares Management. “I am highly confident that ACRE is well positioned for continued growth and success in the future under Bryan’s and the executive team’s leadership and I look forward to making future contributions as a Director.”
About Ares Commercial Real Estate Corporation
Ares Commercial Real Estate Corporation is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, the Company provides a broad offering of flexible and reliable financing solutions for commercial real estate owners and operators. The Company originates senior mortgage loans, as well as subordinate financings, mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in liquid markets across the United States. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management Corporation. For more information, please visit www.arescre.com. The contents of such website are not, and should not be deemed to be, incorporated by reference herein.
Statements included herein, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act of 1934, as amended, which relate to future events or the Company’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including the risks described from time to time in its filings with the Securities and Exchange Commission. Any forward-looking statement, including any contained herein, speaks only as of the time of this press release and Ares Commercial Real Estate Corporation undertakes no duty to update any forward-looking statements made herein.
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Bill Mendel, 212-397-1030
Ares Commercial Real Estate Corporation
Carl Drake or Veronica Mayer
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: Ares Commercial Real Estate Corporation
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PUB: 11/08/2019 06:00 AM/DISC: 11/08/2019 06:01 AM