KBS REIT III extends loan maturity to Nov 6, 2024; must raise $100M by Oct 15 to avoid default

KBS Real Estate Investment Trust III, Inc.

Fifth Extension Agreement moves maturity from earlier date to November 6, 2024; outstanding principal ~$601.3M.
Interest rate switches from BSBY to one-month Term SOFR + 180 bps + 10 bps adjustment effective August 1, 2024.
Lenders waive DSCR covenant tests for Dec 31, 2023 through Sep 30, 2024 and net worth covenant through Nov 6, 2024.
Milestones: deliver $100M+ term sheet by Aug 15, cash flow plan by Sep 16, raise $100M+ by Oct 15; failure triggers immediate default.
Substantial doubt about going concern due to upcoming maturities, challenging lending environment, and leasing headwinds.

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