Ares Commercial Real Estate, a recently organized REIT focused on originating and investing in middle market commercial real estate mortgages, raised $142 million by offering 7.7 million shares at $18.50, below the range of $19.00 to $20.00. The REIT, which will be externally managed by an affiliate of Ares Management, will list on the NYSE under the symbol ACRE. Wells Fargo Securities, Citigroup, BofA Merrill Lynch and J.P. Morgan acted as lead underwriters on the deal.
