secwatch.observer — SEC 8-K summary
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Issuer:     KBS Growth & Income REIT, Inc. (—)
CIK:        0001631256
Form:       8-K
Filed at:   2023-07-24T23:59:59+00:00
Accession:  0001631256-23-000032
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

KBS Growth & Income REIT loses Commonwealth Building to foreclosure; $47.8M debt extinguished
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1631256/000163125623000032/0001631256-23-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1631256/000163125623000032/kbsgi-20230718.htm
  HTML page:      https://secwatch.observer/filing/0001631256-23-000032

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