Pacific Oak Strategic Opportunity REIT entered into a new secured loan agreement for up to $216 million to refinance existing debt on a portfolio of single-family rental properties and fund operations. The interest-only loan bears a floating rate of one-month SOFR plus 4.75% with a 7.75% floor and initially matures on Aug 8, 2027, with two six-month extension options. Proceeds funded reserves, fees, and a $4 million distribution at closing, with up to an additional $4 million in six months. The facility includes LTV and debt yield covenants, a minimum interest obligation, release mechanics for asset sales, and a 1.25% exit fee.
Agreement details:
- Agreement type: Secured interest-only term loan backed by single-family rental properties
- Counterparty: KM PORT US Financing, PORT 2026-04 Lender, and other co-lenders
- Signed / Effective: May 08 2026 / May 08 2026
- Duration / Termination: Matures Aug 08 2027; extendable to Aug 08 2028
- Reason: Refinance property debt and support operations
Original SEC Filing:
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