Aspida acquires minority stake in mortgage lender Archwest Capital
Archwest Capital has closed the acquisition of a minority stake in the company by Aspida Holdings, an indirect subsidiary of Ares Management Corporation.
Based in Irvine, California, Archwest Capital is a mortgage lender.
Aspida Holdings, on the other hand, executes the plans of Ares Insurance Solutions to issue insurance and reinsurance products for institutions and individuals looking to fund their long-term financial requirements.
Shawn R. Miller — CEO of Archwest Capital said: “The perennial housing supply shortage continues to fuel the need for flexible financing of multifamily and mixed-use properties. Our partnership with Aspida provides Archwest with great balance sheet strength, coupled with credit expertise in providing the necessary capital for this cycle.”
As part of the deal, Aspida Holdings will forge a flow agreement under which Archwest Capital will provide it multifamily and mixed-use first mortgage assets to help support its growth initiatives.
The team of Ares Management will offer its experience in connection with the acquisition of the first lien mortgages originated by Archwest Capital and managing the existing surveillance and monitoring of the investments.
Raj Krishnan — partner and chief investment officer of Ares Insurance Solutions said: “This transaction reflects Ares Insurance Solutions’ commitment to leveraging the capabilities across the Ares platform to source and deliver capital-efficient solutions to support Aspida’s growth.”