SUBSEQUENT EVENTS	6 Months Ended
Jun. 30, 2014
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than those disclosed below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the accompanying consolidated financial statements as of and for the three and six months ended June 30, 2014. On July 16, 2014, the Company originated a $29.0 million transitional first mortgage loan on a mixed-use complex located in New York, New York. At closing, the outstanding principal balance was approximately $25.0 million. The loan has an interest rate of LIBOR + 4.25% (plus origination and exit fees) subject to a 0.15% LIBOR floor and a term of three years. On July 22, 2014, the Company received repayment of a $49.1 million transitional first mortgage loan. On July 30, 2014, the Company and certain of its subsidiaries entered into a $75.0 million revolving credit facility (the “July 2014 CNB Facility”) with City National Bank. The July 2014 CNB Facility will be used to finance qualifying investments and for other working capital and general corporate needs. The July 2014 CNB Facility is in addition to the Company’s existing March 2014 $50.0 million secured revolving facility with City National Bank. Advances under the July 2014 CNB Facility will accrue interest at a per annum rate equal, at the Company’s option, to (a) LIBOR for a one, two, three, six or, if available to all lenders, 12-month interest period plus 1.50% or (b) the base rate plus 0.25%; provided that in no event will the interest rate be less than 1.50%. Unless at least 75% of the July 2014 CNB Facility is used on average, unused commitments will accrue unused line fees at the rate of 0.125% per annum. The initial maturity date is July 31, 2015, subject to one 12-month extension option, provided that certain conditions are met and applicable extension fees are paid. A subsidiary of Ares Management and an affiliate of the Company’s external manager (“Ares”), agreed to provide credit support in connection with the July 2014 CNB Facility and to purchase all loans and other obligations outstanding under the July 2014 CNB Facility upon (i) an acceleration or certain events of default or (ii) in the event that, among other things, Ares’ corporate credit rating is downgraded to below investment grade. On July 30, 2014, the Company and certain of its subsidiaries entered into a Credit Support Fee Agreement with Ares under which the Company agreed to pay Ares a credit support fee in an amount equal to 1.50% per annum times the average amount of the loans outstanding under the July 2014 CNB Facility and to reimburse Ares for its out-of-pocket costs and expenses in connection with the transaction. On August 1, 2014, a newly formed indirect wholly owned Cayman qualified REIT subsidiary, ACRE Commercial Mortgage 2014-FL2 Ltd. (the “Issuer”), received commitments from investors for the purchase of approximately $308.7 million in principal balance of secured floating rate notes (the “Notes”). The Notes will be backed by approximately $378.8 million of commercial and multifamily mortgage loans originated or to-be originated by ACRC Lender LLC, an indirect wholly owned subsidiary of the Company. The Company expects to retain (either directly or through one of its wholly owned subsidiaries) approximately $70.1 million principal balance of the non-investment grade tranches of the notes and the equity in the Issuer, which notes and equity were not offered to investors. The initial weighted average coupon of the offered notes offered to third parties is expected to be LIBOR plus 1.445%. The sale of the Notes is scheduled to close on or about August 15, 2014. The sale of the Notes is subject to customary closing conditions and, as a result, the Company can give no assurances that it will close. On August 5, 2014, ACRE Capital LLC was approved by Freddie Mac as a Program Plus® seller/servicer for multifamily loans. On August 6, 2014, the Company declared a cash dividend of $0.25 per common share for the third quarter of 2014. The third quarter 2014 dividend is payable on October 15, 2014 to common stockholders of record as of September 30, 2014.

20. SUBSEQUENT EVENTS

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than those disclosed below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the accompanying consolidated financial statements as of and for the three and six months ended June 30, 2014.

On July 16, 2014, the Company originated a $29.0 million transitional first mortgage loan on a mixed-use complex located in New York, New York. At closing, the outstanding principal balance was approximately $25.0 million. The loan has an interest rate of LIBOR + 4.25% (plus origination and exit fees) subject to a 0.15% LIBOR floor and a term of three years.

On July 22, 2014, the Company received repayment of a $49.1 million transitional first mortgage loan.

On July 30, 2014, the Company and certain of its subsidiaries entered into a $75.0 million revolving credit facility (the “July 2014 CNB Facility”) with City National Bank. The July 2014 CNB Facility will be used to finance qualifying investments and for other working capital and general corporate needs. The July 2014 CNB Facility is in addition to the Company’s existing March 2014 $50.0 million secured revolving facility with City National Bank. Advances under the July 2014 CNB Facility will accrue interest at a per annum rate equal, at the Company’s option, to (a) LIBOR for a one, two, three, six or, if available to all lenders, 12-month interest period plus 1.50% or (b) the base rate plus 0.25%; provided that in no event will the interest rate be less than 1.50%. Unless at least 75% of the July 2014 CNB Facility is used on average, unused commitments will accrue unused line fees at the rate of 0.125% per annum. The initial maturity date is July 31, 2015, subject to one 12-month extension option, provided that certain conditions are met and applicable extension fees are paid. A subsidiary of Ares Management and an affiliate of the Company’s external manager (“Ares”), agreed to provide credit support in connection with the July 2014 CNB Facility and to purchase all loans and other obligations outstanding under the July 2014 CNB Facility upon (i) an acceleration or certain events of default or (ii) in the event that, among other things, Ares’ corporate credit rating is downgraded to below investment grade. On July 30, 2014, the Company and certain of its subsidiaries entered into a Credit Support Fee Agreement with Ares under which the Company agreed to pay Ares a credit support fee in an amount equal to 1.50% per annum times the average amount of the loans outstanding under the July 2014 CNB Facility and to reimburse Ares for its out-of-pocket costs and expenses in connection with the transaction.

On August 1, 2014, a newly formed indirect wholly owned Cayman qualified REIT subsidiary, ACRE Commercial Mortgage 2014-FL2 Ltd. (the “Issuer”), received commitments from investors for the purchase of approximately $308.7 million in principal balance of secured floating rate notes (the “Notes”). The Notes will be backed by approximately $378.8 million of commercial and multifamily mortgage loans originated or to-be originated by ACRC Lender LLC, an indirect wholly owned subsidiary of the Company. The Company expects to retain (either directly or through one of its wholly owned subsidiaries) approximately $70.1 million principal balance of the non-investment grade tranches of the notes and the equity in the Issuer, which notes and equity were not offered to investors. The initial weighted average coupon of the offered notes offered to third parties is expected to be LIBOR plus 1.445%. The sale of the Notes is scheduled to close on or about August 15, 2014. The sale of the Notes is subject to customary closing conditions and, as a result, the Company can give no assurances that it will close.

On August 5, 2014, ACRE Capital LLC was approved by Freddie Mac as a Program Plus® seller/servicer for multifamily loans.

On August 6, 2014, the Company declared a cash dividend of $0.25 per common share for the third quarter of 2014. The third quarter 2014 dividend is payable on October 15, 2014 to common stockholders of record as of September 30, 2014.