Los Angeles Los Angeles

Reven Housing REIT, a subsidy of Pacific Oak Strategic Opportunity REIT, has completed its previously announced merger with SOR PORT for $56 million or $5.13 per share.

Following the closing of the merger, PORT closed the previously announced offering pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933, as amended, of newly-created 6% Series A Cumulative Convertible Redeemable Preferred Stock, par value $0.001 per share to its former stockholders of record who are accredited investors.

In addition, at the closing of the offering, PORT issued and sold 15,000 shares of Series A Preferred Stock, at a price of $1,000 per share of Series A Preferred Stock, for total gross proceeds of $15 million.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.