Pacific Oak Strategic Opportunity REIT, Inc.: debt financing — Pacific Oak SOR REIT refinances four properties into $188M secured facility with Bank of America

Pacific Oak Strategic Opportunity REIT, Inc.

Aggregate principal $188.0M; replaces four existing loans; no net proceeds (used to repay prior debt).
Interest at 1-month BSBY + 275 bps; initial maturity Sept 1, 2026 with two 1-year extension options.
Monthly amortization $0.7M; required paydowns of $10M each due Dec 2023 and Dec 2024; $10M paydown at closing.
Loan secured by properties in Newark, Minneapolis, Oakland, and Austin; cross-collateralized with customary covenants.
Guarantor (Pacific Oak SOR Properties, LLC) backs specified paydowns, event-of-default principal, and environmental indemnity.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Pacific Oak Strategic Opportunity REIT, Inc. incurred credit facility of approximately $188.0 million with Bank of America, N.A. at one-month Bloomberg Short-Term Bank Yield Index rate ("BSBY") plus 275 basis poi maturing September 1, 2026.

Instrument: credit facility
Principal: approximately $188.0 million
Counterparty: Bank of America, N.A.
Rate: one-month Bloomberg Short-Term Bank Yield Index rate ("BSBY") plus 275 basis poi
Maturity: September 1, 2026
Event: incurrence

Exact text from the filing

Agent”), as administrative agent for other financial institutions (“Lenders”). The Secured Facility provides for a loan in the aggregate principal amount of approximately $188.0 million, secured by four properties owned by the Borrowers (the “Properties”, described below). The Borrowers are indirect wholly owned subsidiaries of Pacific Oak Strategic Opportunity

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Pacific Oak Strategic Opportunity REIT, Inc. amended Secured Facility with Bank of America, N.A. valued at aggregate principal amount of approximately $188.0 million (effective 2023-08-28).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: aggregate principal amount of approximately $188.0 million
Effective: 2023-08-28

Exact text from the filing

On August 28, 2023, 1180 Raymond Urban Renewal, LLC (“Raymond Borrower”), Pacific Oak SOR Austin Suburban Portfolio, LLC (“Austin Borrower”), Pacific Oak SOR II Oakland City Center, LLC (“Oakland Borrower”), and Pacific Oak SOR Marquette Plaza, LLC (“Marquette Borrower”, and together, the “Borrowers”) entered into an amended and restated loan agreement (the “Secured Facility”) with Bank of America, N.A., (“Administrative Agent”), as administrative agent for other financial institutions (“Lenders”). The Secured Facility provides for a loan in the aggregate principal amount of approximately $188.0 million, secured by four properties owned by the Borrowers

View on SEC.gov

Browse all debt financings →

Source: SEC EDGAR

accession 0001452936-23-000074

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.