secwatch.observer — SEC 8-K summary
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Issuer:     KBS Real Estate Investment Trust III, Inc. (KBSR)
CIK:        0001482430
Form:       8-K
Filed at:   2024-01-04T23:59:59+00:00
Accession:  0001482430-24-000003
Event type: debt
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 2.03, 2.04
LLM model:  deepseek-v4-flash:cloud@v2

KBS REIT III extends $601M portfolio loan to Feb 6, 2024; defaults on $125M Spear Street loan
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- Third extension agreement extended $601.3M portfolio loan to Feb 6, 2024; $5M paydown made, Excess Cash Flow swept.
- 201 Spear Street default on Nov 14, 2023; property valued below $125M debt; deed-in-lieu transaction entered Dec 29, 2023.
- Lender can transfer title within six months; agrees not to pursue KBS REIT III unless bankruptcy/insolvency before Nov 2025.
- Default on Spear Street may accelerate $649.5M of other debt obligations.
- Substantial doubt about going concern for at least one year from Nov 14, 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1482430/000148243024000003/0001482430-24-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1482430/000148243024000003/kbsriii-20231114.htm
  HTML page:      https://secwatch.observer/filing/0001482430-24-000003

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