Pacific Oak Strategic Opportunity REIT secures $216M loan on SFR portfolio; CEO & advisor compensation cut

Pacific Oak Strategic Opportunity REIT, Inc.

$216M floating-rate loan secured by single-family rental properties; SOFR+4.75%, floor 7.75%, interest-only, matures Aug 2027 with two 6-month extensions.
Mandatory sale of at least 150 properties within first 6 months, then 100 per quarter; loan-to-value covenant ≤65%.
CEO Brian Ragsdale's compensation reduced to $5,000/month from prior $60,000 quarterly rate; catch-up payment of $15,000.
R2 Advisors management fee cut to $10,000/month from $15,000/month; month-to-month term.
Loan proceeds refinanced existing debt, funded $10M interest reserve, $4M distribution to PORT at closing with additional $4M in six months.

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