LOS ANGELES, June 15, 2021 -- Pacific Oak Capital Advisors, LLC, a sponsor of real estate-focused alternative investment programs, today announced the closing of two credit facilities, providing up to $120 million in financing for single-family rental properties.
An affiliate of MetLife Investment Management is the lead lender for both facilities, which are a $60 million senior credit facility to a subsidiary of Pacific Oak Residential Trust, Inc., and a $60 million senior acquisition facility.
"The team at MetLife Investment Management helped us finance our business for the next five years, while providing critical flexibility to help manage our business," said Ben Aitkenhead, managing director of Pacific Oak Capital Advisors. "We are pleased to be partner with such a highly regarded financial institution and look forward to working with them again."
Pacific Oak and its affiliates now own and asset manage approximately 1,800 median income, single-family homes throughout suburban centers in the Midwest and Southeast.
Amherst Pierpoint Securities LLC provided structuring and advisory services to Pacific Oak, while Hunton Andrews Kurth LLP served as legal counsel. Morgan, Lewis & Bockius LLP served as legal counsel for MetLife Investment Management.
About Pacific Oak Capital Advisors
Pacific Oak Capital Advisors is an alternative investment company that sponsors and manages quality real estate-based investment opportunities for clients of financial advisors and registered investment advisors as well as institutional investors. Formed in 2018, the company is advisor to Pacific Oak Strategic Opportunity REIT and Keppel-Pacific Oak REIT, and sponsor to numerous private real estate investment programs. In total, Pacific Oak Capital Advisors and its affiliated companies currently manage a diverse portfolio of real estate valued in excess of $4 billion. For additional information, please visit www.PacificOakCapitalAdvisors.com.
Original Article on prnewswire.com