KBS Growth & Income REIT, Inc.: M&A transaction — KBS Growth & Income REIT loses Commonwealth Building to foreclosure; $47.8M debt extinguished

KBS Growth & Income REIT, Inc.

Commonwealth Building in Portland sold at public auction on July 18, 2023 to buyer affiliated with lender Metropolitan Life Insurance Company.
Property had $47.8M outstanding debt; building valued below that amount due to reduced rent and occupancy and weak Portland market conditions.
Pro forma balance sheet as of March 31, 2023 shows removal of $37.3M net real estate and $47.8M notes payable, resulting in positive stockholders' equity.
Pro forma net loss for year ended 2022 improves from $19.9M to $13.1M after excluding Commonwealth Building operations of $4.1M rental income and $1.7M interest.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

KBS Growth & Income REIT, Inc. completed a disposition involving a buyer affiliated with the Commonwealth Lender (closed 2023-07-18).

Action: disposition
Counterparty: a buyer affiliated with the Commonwealth Lender
Closing: 2023-07-18

Exact text from the filing

On July 18, 2023, the Commonwealth Building was sold at public auction in a foreclosure sale to a buyer affiliated with the Commonwealth Lender and all interest in the Commonwealth Building was transferred to the buyer on that date.

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Source: SEC EDGAR

accession 0001631256-23-000032

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