Apollo Real Estate Advisors Increases Capital for U.S. Debt Fund

    NEW YORK, Aug. 19 /EMWNews/ -- Apollo Real Estate Advisors announced

that it has raised additional capital for its debt investment fund, Apollo

Real Estate Finance Corp. (AREFIN). Apollo increased overall capital for

AREFIN's investment program from $621 million to $930 million through the

formation of AREFIN Co-Investment Corporation (ACC), with the additional

funds providing the ability to make larger investments, the firm said.



    AREFIN, formed in 2006, originates loans for development, redevelopment

and repositioning, and invests in whole loans, B-notes and mezzanine loans.



    "The continuing credit crisis has created increased opportunity for us

as both a buyer and originator of debt," said Bradford Wildauer, Apollo

partner who oversees the firm's U.S. debt investments. "We've experienced

an increase in the number of opportunities presented to us with more

attractive returns and greater ability to structure terms that meet our

lending criteria."



    Wildauer said ACC, the new vehicle, was formed to accommodate the

increased deal flow and to handle loan commitments up to $250 million. "In

managing AREFIN, we felt it was prudent to limit loan commitments and

retained investment amounts for a single transaction," he said. "The new

vehicle gives us the ability and the flexibility to handle large portfolio

transactions."



    Earlier this year, AREFIN and M&T Bank provided a $163.5 million

floating-rate debt package to Taconic Partners and Square Mile Capital for

the $172 million purchase of 375 Pearl Street, a 1.2 million-square-foot

office building known as the Verizon Building in Manhattan. Apollo arranged

for M&T Bank to provide $110 million in senior debt financing.

    About Apollo Real Estate Advisors



    Apollo Real Estate Advisors is a leading international real estate

investor and fund manager. Since the firm's founding in 1993, Apollo has

overseen the establishment of multiple real estate funds and joint ventures

totaling approximately $11 billion in equity commitments for investment in

the United States and globally. The Apollo funds collectively have invested

in over 465 transactions with an aggregate value in excess of $40 billion.

The firm's Web site is http://www.apollorealestate.com.