Pacific Oak closes $120 million of credit facilities with MetLife

By William Gullotti

Buffalo, N.Y., June 15 – Pacific Oak Capital Advisors signed two credit facilities for $120 million, according to a press release.

An affiliate of MetLife Investment Management is the lender for a $60 million senior credit facility to a subsidiary of Pacific Oak Residential Trust, Inc. and a $60 million senior acquisition facility.

Proceeds will be used for single-family rental properties.

"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.

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.

Pacific Oak Capital Advisors is real estate-focused alternative investment company, as well as an adviser to Pacific Oak Strategic Opportunity REIT and Keppel-Pacific Oak REIT.

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