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:   2024-02-27T23:59:59+00:00
Accession:  0001482430-24-000014
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1482430/000148243024000014/0001482430-24-000014-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1482430/000148243024000014/kbsriii-20240221.htm
  HTML page:      https://secwatch.observer/filing/0001482430-24-000014

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