Pacific Office Properties Trust in partnership with institutional investors has closed a $40 million credit facility with KeyBank National Association.
Part of the proceeds from the credit facility will be used for “opportunistic and value-added” office, according to the Los Angeles-based company, which commenced operations as a real estate investment trust earlier this year.
The REIT’s focus is to acquire office buildings in partnership with institutional investors and then add value to the buildings through improvements, repositioning, leasing and management strategies.
“Securing this revolving facility in such a challenging credit market is a testament to the underlying strength of our portfolio, the attractive returns generated by our business model, and the quality of our management team,” notesLucas, president and CEO of the REIT.
“The new credit facility provides us with additional liquidity and financial flexibility to further pursue our strategic growth initiatives. We look forward to a long and successful partnership with KeyBank, as we further grow the Pacific Office platform,” says Jim Kasim, chief financial officer of Pacific Office.
Backed by the Shidler Group, a private commercial real estate investor, Pacific Office owns and operates office properties in the Western United States, with a focus on Honolulu, San Diego, Los Angeles, Orange County and Phoenix.