NEWPORT BEACH, Calif. -- Pacific Gulf Properties Inc. said it has obtained a $50 million revolving line of credit from Bank of America's commercial real estate services group to fund an aggressive property-acquisition program.
The Newport Beach-based real estate investment trust, which completed its initial public offering in February, said the credit is secured by properties in its portfolio and will be used to acquire multifamily and industrial properties in Southern California, the Pacific Northwest, and Texas.
Chieffinancial officer Donald G. Herrman said Pacific Gulf had originally sought $45 million, but Bank of America offered the larger amount and more favorable terms than several other institutions that were considered.
