Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Pacific Oak Strategic Opportunity REIT, Inc. incurred loan of $8.0 million with Pacific Oak Capital Advisors, LLC at 12.0% per annum maturing May 27, 2025.
- Instrument
- loan
- Principal
- $8.0 million
- Counterparty
- Pacific Oak Capital Advisors, LLC
- Rate
- 12.0% per annum
- Maturity
- May 27, 2025
- Event
- incurrence
Exact text from the filing
On February 26, 2025, Pacific Oak Strategic Opportunity REIT, Inc. (the “Company”), through its operating partnership, Pacific Oak Strategic Opportunity Limited Partnership (the “Borrower”), entered into a loan agreement (the “Loan Agreement”) with Pacific Oak Capital Advisors, LLC, the Company’s advisor (the “Advisor”). Under the Loan Agreement, the Advisor has agreed to lend the Borrower the principal amount of $8.0 million. The loan has a maturity date of May 27, 2025, which may be extended at the option of the Borrower for 90 days provided no event of default has occurred. The loan bears interest at 12.0% per annum, payable in monthly payments beginning April 1, 2025, unless an event of default has occurred, in which case the interest rate increases to 15.0% per annum.
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