KBS Real Estate ate Investment Trust III (KBSR) has released an update.
KBS Real Estate Investment Trust III has secured a loan extension for their portfolio with major lenders, including Bank of America and Wells Fargo. The new maturity date is set for August 2024, with a principal balance of around $601.3 million. Key conditions include waiving certain financial covenants and achieving milestones like developing a cash flow plan and raising at least $100 million in capital. Failure to meet these requirements will result in immediate default, and funds are being closely monitored through a cash collateral account with specific withdrawal permissions.
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