Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 74

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 74
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ended and Restated Portfolio Loan Facility (11)460,938 601,288 One-month Term SOFR + 0.10% +1.80%6.24%Interest Only01/23/2025Park Place Village Mortgage Loan (12)65,000 65,000 One-month TermSOFR + 1.95%6.29%Interest Only08/31/2025Total notes payable principal outstanding$1,451,063 $1,738,613 Deferred financing costs, net(8,402)(2,717)Total Notes Payable, net$1,442,661 $1,735,896 _____________________(1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2024.  Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2024, consisting of the contractual interest rate and using interest rate indices as of December 31, 2024, where applicable.  For information regarding the Company’s derivative instruments, see Note 9, “Derivative Instruments.”  (2) Represents the maturity date as of December 31, 2024; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown.  See below.  (3) Beginning January 1, 2024, the borrower under the Almaden Mortgage Loan is required to make a monthly principal payment in the amount of $130,000. (4) The Spear Street Borrower defaulted on the 201 Spear Street Mortgage Loan as a result of failure to pay in full the entire November 2023 monthly interest payment, resulting in an event of default on the loan on November 14, 2023.  On December 29, 2023, the Spear Street Borrower and the Spear Street Lender entered a deed-in-lieu of foreclosure transaction and the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan on January 9, 2024.(5) On April 11, 2024, the borrower under the Carillon Mortgage Loan entered into a loan modification agreement (the “Carillon Second Modification Agreement”) with the lender and extended the maturity date of the Carillon Mortgage Loan to June 10, 2024.  One 24-month extension option remained available from the original maturity date of April 11,