Ares wins $700m debt mandate

Ares Management has won a $700m commercial real estate debt mandate from a large North American specialty life insurer to originate US commercial mortgage loans. AresAres will use the funds to originate and service floating and fixed rate US commercial mortgage loans across a variety of property types, focusing on two- to 10-year senior debt. The loans will typically range between $15m and $50m and go up to a 70% loan-to-value on stabilized properties -- or those with a light transitional element -- across major US markets, sources said.