KBS REIT III extends $465.9M loan to Jan 2027; tighter covenants: paydown, cash sweep, dividend curb

KBS Real Estate Investment Trust III, Inc.

Maturity extended to Jan 22, 2027 with two 12-month extensions; interest at 1-month Term SOFR + 300 bps.
Principal paydown schedule: max facility must be ≤$420M by Dec 2025, ≤$300M by Dec 2026, ≤$150M by Dec 2027.
100% excess cash flow swept into collateral account; dividends restricted to REIT-required distributions only.
Advisory agreement amended: 10% asset mgmt fee deferred; disposition fee on property sales reduced to 0.65% of price.
Additional $15M funding for TI/LC/CapEx; $4M exit fee due at maturity or prepayment.

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