KBS Real Estate Investment Trust III, Inc. (KBSR): debt financing — 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.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

KBS Real Estate Investment Trust III, Inc. amended credit facility of approximately $465.9 million outstanding, plus up to $15.0 million additional funding with Bank of America, N.A., as administrative agent, and the lenders listed in the filing at one-month Term SOFR plus 300 basis points maturing January 22, 2027.

Instrument: credit facility
Principal: approximately $465.9 million outstanding, plus up to $15.0 million additional funding
Counterparty: Bank of America, N.A., as administrative agent, and the lenders listed in the filing
Rate: one-month Term SOFR plus 300 basis points
Maturity: January 22, 2027
Event: amendment

Exact text from the filing

points. Prior to closing the Eighth Modification Agreement, the aggregate outstanding principal balance of the Amended and Restated Portfolio Loan Facility was approximately $465.9 million (the “Principal Debt”). The Eighth Modification Agreement provides for $15.0 million of new funding (“Additional Loan Proceeds”; the Additional Loan Proceeds together with the

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KBS Real Estate Investment Trust III, Inc. filing history →

Source: SEC EDGAR

accession 0001482430-25-000006

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