Los Angeles-based Ares Management has appointed John Jardine, a former long-time TIAA-CREF executive, to a new position as a senior partner in its real estate group, where he is responsible for loan production on behalf of Ares Commercial Real Estate (ACRE) and the real estate group’s other lending activities. Jardine started in that role earlier this month.
Todd Schuster, senior partner and co-CEO of ACRE, said in a statement that Jardine was appointed to the position in order to create a more consistent and greater flow of investment activity for ACRE. “He brings tremendous industry experience and relationships to Ares, as well as deep capital markets knowledge,” he noted. “John will be a valuable partner to me as we work to raise capital, create compelling products for our clients and enhance ACRE's balance sheet.”
Jardine has a background in loan production, capital markets, asset management and development. He spent 22 years at TIAA-CREF, where he negotiated and closed numerous multi-million dollar transactions and was the portfolio manager of a multi-billion dollar position in commercial real estate. He led the formation of TIAA Realty, a $2 billion private office and industrial REIT, as well as Teachers Properties, a taxable development and disposition subsidiary. Immediately prior to joining Ares, Jardine served as a managing director at C-III Capital Partners, where he was responsible for large loan asset management as well as portfolio oversight of collateralized debt obligations.
In October, Ares made headlines for its potential launch of new real estate debt funds targeting investments in the US and Europe. The firm usually manages its debt origination activities in the US through its publicly-traded REIT, but the funds Ares may raise would be privately funded, with a focus on direct lending to commercial real estate properties. The expansion of its product line also would extend to Europe, according to meeting materials from the San Bernardino County Employees’ Retirement Association (SBCERA), which is considering establishing a separate account with the firm.
Meanwhile, Ares Management closed its acquisition of AREA Property Partners in July. The addition of AREA expanded Ares’ real estate capabilities to include opportunistic equity investing and mezzanine lending in the US, Europe and India. Ares already maintains a broad private debt platform in the US and Europe, managing approximately $23 billion through the group.