Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 75

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 75
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2024, subject to certain terms and conditions contained in the loan documents.  In connection with the Carillon Second Modification Agreement, the borrowing capacity under the Carillon Mortgage Loan was reduced to $94.4 million.  The revolving debt outstanding was converted to term debt and the remaining unadvanced portion of the commitment of $16.6 million was permanently cancelled pursuant to the Carillon Second Modification Agreement.  In June 2024, the borrower exercised the 24-month extension option, which extended the maturity date of the Carillon Mortgage Loan to April 11, 2026.  In connection with the extension, the borrower made a $5.6 million principal payment.  Beginning June 1, 2024, the borrower under the Carillon Mortgage Loan is required to make a monthly principal payment in the amount of $112,000.  (6) Secured Overnight Financing Rate (“Term SOFR”).(7) See below, “– Recent Financing Transactions – Modified Portfolio Revolving Loan Facility.”  (8) See below, “– Recent Financing Transactions – 3001 & 3003 Washington Mortgage Loan.” (9) See below, “– Recent Financing Transactions – Accenture Tower Loan.”(10) See below, “– Recent Financing Transactions – Modifications of Credit Facility.”(11) See below, “– Recent Financing Transactions – Amended and Restated Portfolio Loan Facility” and Note 14, “Subsequent Events – Eighth Modification of the Amended and Restated Portfolio Loan Facility.”(12) As of December 31, 2024, the Park Place Village Mortgage Loan has two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. Monthly payments are interest only during the initial term and the first extension option.  During the second extension option, certain future monthly payments due under the Park Place Village Mortgage Loan also include amortizing principal payments. 

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Table of ContentsKBS REAL ESTATE INVESTMENT TRUST III, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)December 31, 20248.      NOTES PAYABLE (CONTINUED)

Through the normal course of operations, the Company has $467.0 million of notes payable maturing and required principal paydowns during the 12-month period from the issuance of these financial statements.  Considering the current commercial real estate lending environment and the ongoing required loan paydowns and loan maturity schedule, this raises