Clifford Chance advises Apollo Commercial Real Estate Finance in sale of approximately US$9 billion commercial real estate loan portfolio

January 29, 2026

• Chang-Do Gong, Andrew Epstein, Jay Bernstein , Robert Chung , Michael Seaton, Hannah Richard (She/Her), Tae Ho Cho (He/Him), Marina Livingston, Maria Fernanda Gadea Rivera, Jake DuCharme, Milica Pavlovic, Dawn Goldberg (She/Her), Gary Brooks
• New York

Clifford Chance advises Apollo Commercial Real Estate Finance in sale of approximately US$9 billion commercial real estate loan portfolio

Global law firm Clifford Chance has advised Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) in connection with its agreement to sell its entire US$9 billion commercial real estate loan portfolio to Athene Holding Ltd. for 99.7% of the total loan commitments.

Following the repayment of ARI’s financing facilities and other indebtedness, as well as transaction expenses, ARI expects to receive approximately US$1.4 billion in cash in the transaction. ARI will also retain substantially all of the net equity interests in the real estate properties it holds, or approximately US$446 million as of September 30, 2025.

Partners Chang-Do Gong (M&A) and Andrew Epstein (Capital Markets/Corporate) led the team along with senior counsel Jay Bernstein (Capital Markets/Corporate). They were further assisted by partners Robert Chung (M&A) and Michael Seaton, counsel Hannah Richards (Tax) and Tae Ho Cho (Capital Markets), associates Marina Livingston, Maria Fernanda Gadea Rivera (M&A), Jake DuCharme (Capital Markets), Milica Pavlovic (Tax) and Dawn Goldberg (Real Estate), partner Gary Brooks (Finance) and admitted foreign lawyer Ariel Cohen.