KBS REIT III sells McEwen Building for $48.8M, modifies loan with going concern warning

KBS Real Estate Investment Trust III, Inc.

Sale of McEwen Building for $48.8M; net proceeds $46.2M applied to reduce loan principal to $203M.
Loan modified: maturity extended to March 2026, interest rate at SOFR+300bps, quarterly principal payments of $880.9K.
Revolving feature eliminated; $16.2M in holdbacks for TI and capex; dividends/redemptions restricted without lender consent.
Company expresses substantial doubt about ability to continue as going concern for at least one year.

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