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:   2024-12-23T23:59:59+00:00
Accession:  0001482430-24-000077
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

KBS REIT III extends Accenture Tower loan to Nov 2026; rate +300 bps, $16M new availability
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- Maturity extended from Dec 20, 2024 to Nov 2, 2026 with possible 12-month extension; outstanding principal $306M.
- Interest rate increased to one-month Term SOFR plus 300 bps (previously plus 235 bps).
- Total commitment raised to $322M: $306M outstanding plus $16M new funding for tenant improvements and capital costs.
- 100% excess cash flow from property deposited into collateral account; distributions restricted without lender consent.
- Loan modification fee $995,600 paid to lenders; exit fee $650,000 due at maturity; REIT Properties III provides 25% principal guaranty.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1482430/000148243024000077/0001482430-24-000077-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1482430/000148243024000077/kbsriii-20241218.htm
  HTML page:      https://secwatch.observer/filing/0001482430-24-000077

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