Ares Commercial Real Estate filed for an initial public offering to raise $250 million to invest in mid-level commercial properties. The newly formed real estate investment trust holds about $1 billion of committed capital under management, according to Renaissance Capital. Ares plans to list on the New York Stock Exchange under the symbol ACRC. Wells Fargo (WFC), Citigroup (C), and BofA Merrill Lynch (BAC) are lead underwriters for the deal. Terms and timing are yet to be determined. The Wall Street Journal recently reported a number of real estate investment trusts that planned an initial public offering this year have pulled the deals off the table. In August, parent company, Ares Management, acquired the investment platform of Wrightwood Capital, which provides debt capital to the commercial real estate sector. Ares Commercial Real Estate focuses primarily on originating, financing, acquiring and managing commercial mortgage loans and other CRE finance-related investments. The middle-market segment of commercial real estate is generally defined as assets with values ranging from $10 million to $100 million. Write to Jacob Gaffney. Follow him on Twitter: @JacobGaffney