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Pacific Oak Capital Advisors Closes $120MM in Credit Facilities with MetLife Investment Management

June 16, 2021, 06:00 AM
Filed Under: Real Estate

Pacific Oak Capital Advisor, a sponsor of real estate-focused alternative investment programs, announced the closing of two credit facilities, providing up to $120 million in financing for single-family rental properties.

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

"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.  "We are pleased to be partner with such a highly regarded financial institution and look forward to working with them again."

Pacific Oak and its affiliates now own and asset manage approximately 1,800 median income, single-family homes throughout suburban centers in the Midwest and Southeast.

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.

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