Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
KBS Real Estate Investment Trust III, Inc. reported a default on loan of $125.0 million with 201 Spear Street Lender at 5.0% plus the greater of (a) one-month term SOFR plus 1.45% or (b) the Prime Rat.
- Instrument
- loan
- Principal
- $125.0 million
- Counterparty
- 201 Spear Street Lender
- Rate
- 5.0% plus the greater of (a) one-month term SOFR plus 1.45% or (b) the Prime Rat
- Event
- default
Exact text from the filing
payment, resulting in an event of default on the loan on November 14, 2023. The 201 Spear Street property is currently valued at substantially less than the outstanding debt of $125.0 million. As of November 15, 2023, interest on the loan began to accrue at the default interest rate of the lesser of (i) the maximum rate allowed by law or (ii) 5.0% plus the greater of
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
KBS Real Estate Investment Trust III, Inc. incurred credit facility of $5.0 million with Bank of America, N.A., as administrative agent maturing February 6, 2024.
- Instrument
- credit facility
- Principal
- $5.0 million
- Counterparty
- Bank of America, N.A., as administrative agent
- Maturity
- February 6, 2024
- Event
- incurrence
Exact text from the filing
In addition, the Third Extension Agreement required that the Amended and Restated Portfolio Loan Facility Borrowers make a principal paydown on the loan in the amount of $5.0 million, and the aggregate commitment under the Amended and Restated Portfolio Loan Facility was permanently reduced by that amount. The aggregate outstanding principal balance of the
View on SEC.gov