Exhibit 10.1

As of April 15, 2011
VIA E-MAIL AND FEDERAL EXPRESS

To the Persons listed on Schedule I hereto, Schedule II hereto
and GKK Stars Junior Mezz 2 LLC
c/o Gramercy Capital Corp.
420 Lexington Avenue, 19th Floor
New York, New York 10170
Attention:    Robert R. Foley, Chief Operating Officer and
Timothy J. O'Connor, President
Re: Omnibus Extension of Loan Agreements
Ladies and Gentlemen:
Reference is hereby made to (i) that certain Loan Agreement, dated as of April
1, 2008 (as amended by that certain Amendment to Loan Agreement, dated as of
August 22, 2008, and as further amended by that certain Second Amendment to Loan
Agreement (the “Second Amendment”), dated as of March 9, 2010, the “Mortgage
Loan Agreement”), by and among the parties identified as “Mortgage Borrower” on
Schedule I hereto (collectively, the “Mortgage Borrower”) and Goldman Sachs
Commercial Mortgage Capital, L.P. (as predecessor-in-interest to Goldman Sachs,
“Goldman”), Citicorp North America, Inc. (“Citi”), and SL Green Realty Corp.
(“SL Green,” and collectively with Goldman and Citi, the “Mortgage Lender”), and
(ii) that certain Amended and Restated Senior Mezzanine Loan Agreement,
effective as of August 22, 2008, as amended by that certain Amended and Restated
Loan Agreement (the “Senior Mezz Amendment”) dated as of March 9, 2010 (the
“Senior Mezzanine Loan Agreement”), by and between KBS Debt Holdings LLC
(“Senior Mezzanine Lender”), as successor-in-interest to Goldman and Citi, and
the parties identified as “Senior Mezzanine Borrower” on Schedule II hereto
(collectively, the “Senior Mezzanine Borrower”), a 56.25% participation in which
was acquired by KBS GKK Participation Holdings I, LLC (“KBS Participation
Holdings I”) and then sold to Goldman pursuant to that certain Master Repurchase
Agreement, dated as of August 22, 2008, between KBS Participation Holdings I and
Goldman and a 43.75% participation in which was acquired KBS GKK Participation
Holdings II, LLC (“KBS Participation Holdings II”, and collectively with KBS
Participation Holdings I, “KBS”) and then sold to Citi pursuant to that certain
Master Repurchase Agreement, dated as of August 22, 2008, between KBS
Participation Holdings II and Citi and (iii) that certain Junior Mezzanine Loan
Agreement dated as of August 22, 2008, as amended by that certain Amendment to
Junior Mezzanine Loan Agreement (the “Junior Mezz Amendment”), dated as of March
9, 2010 (the “Junior Mezzanine Loan Agreement”), , by and between Goldman, Citi
and SL Green (collectively, the “Junior Mezzanine Lender” and collectively with
Mortgage Lender and Senior Mezzanine Lender, the “Lender”) and GKK Stars Junior
Mezz 2 LLC (the “Junior Mezzanine Borrower”, and collectively with the Mortgage
Borrower and Senior Mezzanine Borrower, the “Borrower”). Capitalized terms not
defined herein shall have the meanings set forth in the Mortgage Loan Agreement.
References in this Extension Agreement to the “Loans,” the “Loan Agreements” or
the “Loan Documents” shall

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be deemed to collectively refer to the Loan, the Mezzanine Loan and the Junior
Mezzanine Loan; the Loan Documents, the Mezzanine Loan Documents and the Junior
Mezzanine Loan Documents; and the Mortgage Loan Agreement, the Senior Mezzanine
Loan Agreement and the Junior Mezzanine Loan Agreement, as applicable.
Pursuant to that certain Extension Agreement dated March 13, 2011 (the “Initial
Extension Agreement”), the scheduled maturity date of the Loans (the “Maturity
Date”) will occur on April 15, 2011. Borrower has requested that Lenders enter
into this agreement to extend the Maturity Date (“Extension Agreement”) until
11:59 PM on April 29, 2011 (eastern standard time). The period from April 15,
2011 through 11:59 PM (eastern standard time) on April 29, 2011 shall hereafter
be referred to as the “Extension Period”. Lenders have agreed to the same, under
terms and conditions set forth in this Extension Agreement.
1.
Lenders, Borrowers, Guarantor and Whole Loan Guarantor hereby agree that the
Maturity Date with respect to each of the Loan, the Mezzanine Loan and the
Junior Mezzanine Loan shall be 11:59 PM (eastern standard time) on April 29,
2011.

2.
In the event that (i) any and all interest on the Principal Indebtedness for the
Loan which was due and payable on the Payment Date in April, 2011 and (ii) any
and all interest on the Principal Indebtedness for the Mezzanine Loan (to the
extent the Mezzanine Loan Cash Management Account presently contains such funds,
or to the extent such funds shall have been disbursed to the Mezzanine Loan Cash
Management Account from the Mortgage Loan Cash Management Account following the
payment of debt service on the Mortgage Loan), shall not have been paid in full
on or before 3:00 p.m. (eastern standard time) on Monday, April 18, 2011 (the
“Payment Deadline”), then notwithstanding anything to the contrary contained
herein, the Extension Period shall be deemed to have terminated, and the
Maturity Date with respect to each of the Loan, the Mezzanine Loan and the
Junior Mezzanine Loan shall be deemed to have occurred. All remaining amounts
with respect to the Principal Indebtedness on the Mezzanine Loan which are not
paid by the Payment Deadline shall be deferred until the Maturity Date.

3.
Lenders, Borrowers, Guarantor and Whole Loan Guarantor hereby agree that any
interest on the Principal Indebtedness for the Junior Mezzanine Loan which was
due and payable on the Payment Date in April, 2011 shall be deferred until the
Maturity Date.

4.
This Extension Agreement may be executed in any number of separate counterparts
and by the different parties hereto on separate counterparts, each of which
shall be deemed an original and all of which, taken together, shall be deemed to
constitute one and the same instrument. In proving this Extension Agreement in
any judicial proceedings, it shall not be necessary to produce or account for
more than one such counterpart signed by the party against whom such enforcement
is sought. Any signature delivered by a party by facsimile transmission or
electronic mail shall be deemed an original signature hereto.

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5.
This Extension Agreement shall not be a binding obligation of any party hereto
until such time as all of the signatories hereto have executed and delivered
this Extension Agreement. Notwithstanding the foregoing, the inclusion of any
individual Lender party as a signatory hereto shall not be interpreted to mean
that the consent of such individual Lender party is required pursuant to any
existing agreement among the Lender parties.

6.
Each of the parties hereto expressly reserves any and all rights and remedies
available under the Loan Documents, at law and in equity. No delay, waiver or
failure to exercise by Lender in exercising any right, remedy, power or
privilege hereunder or under the Loan Documents shall preclude any other or
further exercise thereof, or the exercise of any other right, remedy power or
privilege. Except as modified hereby, the Loan Documents are and shall remain in
full force and effect, Borrower and Guarantor ratify and reaffirm all of the
terms and provisions of the Loan Documents. Except as expressly set forth
herein, nothing contained herein shall be construed or interpreted as a
modification or amendment of the Loan Documents in any way.

7.
This Extension Agreement shall be governed by, and construed in accordance with
the laws of the State of New York without regard to principles of conflicts of
law. The parties hereto hereby agree that any suit for the enforcement of this
Extension Agreement may be brought in the courts of the State of New York
sitting in New York County or any Federal Court sitting in New York County and
consent to the exclusive jurisdiction of such Court.

8.
Except as modified herein, sections 2 through 13 and Section 15 of the Initial
Extension Agreement are hereby incorporated herein by reference as if fully set
forth herein.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, for good and valuable consideration, the sufficiency of
which is hereby acknowledged and agreed, the parties hereto have executed and
delivered this Extension Agreement as of the date first hereinabove set forth.
This letter agreement shall be of no force and effect unless signed by each of
the parties set forth below.
BORROWER:
The entities listed on Schedule A to this
signature page

By:    /s/ Allan B. Rothschild
Name: Allan B. Rothschild    
Title: Authorized Signatory    
GUARANTOR:
GRAMERCY CAPITAL CORP., a
Maryland corporation
By:     /s/ Allan B. Rothschild    
Name: Allan B. Rothschild    
Title: Authorized Signatory    
WHOLE LOAN GUARANTOR:
GKK STARS JUNIOR MEZZ I, LLC, a
Delaware limited liability company
By:     /s/ Allan B. Rothschild    
Name: Allan B. Rothschild    
Title: Authorized Signatory    

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

SHORT TERM EXTENSION – SIG PAGE

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MORTGAGE LENDER:
GOLDMAN SACHS MORTGAGE
COMPANY, a New York limited partnership
By:     Goldman Sachs Real Estate Funding
Corp., its general partner
By:     /s/ Mark J. Buono    
Name: Mark J. Buono    
Title: Authorized Signatory    
CITICORP NORTH AMERICA, INC., a
New York corporation
By:     /s/ Authorized Signatory    
Name: Authorized Signatory    
Title: Authorized Signatory    
SL GREEN REALTY CORP., a Maryland
corporation
By:     /s/ Andrew S. Levine    
Name: Andrew S. Levine    
Title: Executive Vice Pres.    
    

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

SHORT TERM EXTENSION – SIG PAGE

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SENIOR MEZZANINE LENDER:

KBS GKK PARTICIPATION HOLDINGS I,
LLC, a Delaware limited liability company

By:    KBS DEBT HOLDINGS, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its manager
        
By:    KBS REAL ESTATE
INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner
    
By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS GKK PARTICIPATION HOLDINGS II,
LLC, a Delaware limited liability company

By:    KBS DEBT HOLDINGS, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its manager

By:    KBS REAL ESTATE
INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

SHORT TERM EXTENSION – SIG PAGE

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SENIOR MEZZANINE LENDER:

KBS DEBT HOLDINGS, LLC, a Delaware
limited liability company

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its manager
        
By:    KBS REAL ESTATE
INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner
    
By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

SHORT TERM EXTENSION – SIG PAGE

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Consented, acknowledged and agreed:

GOLDMAN SACHS MORTGAGE
COMPANY, a New York limited partnership
By:     Goldman Sachs Real Estate Funding
Corp., its general partner
By:     /s/ Mark J. Buono    
Name: Mark J. Buono    
Title: Authorized Signatory    
CITICORP NORTH AMERICA, INC., a
New York corporation
                            

By:     /s/ Authorized Signatory
Name:    Authorized Signatory
Title:    Authorized Signatory

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

SHORT TERM EXTENSION – SIG PAGE

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JUNIOR MEZZANINE LENDER:
GOLDMAN SACHS MORTGAGE
COMPANY, a New York limited partnership
By:     Goldman Sachs Real Estate Funding
Corp., its general partner
By:     /s/ Mark J. Buono    
Name:    Mark J. Buono
Title:    Authorized Signatory
CITICORP NORTH AMERICA, INC., a
New York corporation
By:     /s/ Authorized Signatory    
Name: Authorized Signatory    
Title: Authorized Signatory    
SL GREEN REALTY CORP., a Maryland
corporation

By:     /s/ Andrew S. Levine
Name:    Andrew S. Levine
Title:    Executive Vice Pres.

SHORT TERM EXTENSION – SIG PAGE

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Schedule I
MORTGAGE BORROWERS
1.
Dresher Court Realty, L.P.

2.
First States Investors 105, LLC (PA)

3.
First States Investors 107, LLC (AR)

4.
First States Investors 117, LLC (FL)

5.
First States Investors 118, LLC (FL)

6.
First States Investors 147, LLC (IA)

7.
First States Investors 154, LLC (NJ)

8.
First States Investors 157, LLC (NJ)

9.
First States Investors 2017, LLC

10.
First States Investors 2100, L.P. (NC)

11.
First States Investors 2102, L.P. (NC)

12.
First States Investors 2103, L.P. (NC)

13.
First States Investors 2104, L.P. (NC)

14.
First States Investors 2105, L.P. (NC)

15.
First States Investors 2106, L.P. (NC)

16.
First States Investors 2107, L.P. (NC)

17.
First States Investors 2108, L.P. (NC)

18.
First States Investors 2110, LLC (VA)

19.
First States Investors 2208, LLC (DE)

20.
First States Investors 230, L.P. (NC)

21.
First States Investors 2550A, LLC (DE)

22.
First States Investors 3004, Limited Partnership (FL)

23.
First States Investors 3014, LLC (GA)

24.
First States Investors 3022, L.P. (NC)

25.
First States Investors 3024, L.P. (NC)

26.
First States Investors 3028, L.P. (NC)

27.
First States Investors 3033, L.P. (NC)

28.
First States Investors 3034, LLC (SC)

29.
First States Investors 3035, LLC (SC)

30.
First States Investors 3043, LLC (SC)

31.
First States Investors 3048, LLC (VA)

32.
First States Investors 3061, LLC (NJ)

33.
First States Investors 3067, LLC (VA)

34.
First States Investors 3076, LLC (GA)

35.
First States Investors 3077, LLC (GA)

36.
First States Investors 3081, Limited Partnership

37.
First States Investors 3086, LLC (PA)

38.
First States Investors 3087, LLC (VA)

39.
First States Investors 3089, LLC (VA)

40.
First States Investors 3090, LLC (FL)

41.
First States Investors 3091, LLC (GA)

42.
First States Investors 3093, LLC (VA)

43.
First States Investors 3098, LLC (VA)

44.
First States Investors 3099, LLC (VA)

45.
First States Investors 3103, LLC (GA)

46.
First States Investors 3108, LLC (NJ)

47.
First States Investors 3114, LLC (TN)

48.
First States Investors 3151, LLC (FL)

49.
First States Investors 3179, Limited Partnership (DE)

50.
First States Investors 3187, Limited Partnership (DE)

51.
First States Investors 3195, L.P. (TX)

52.
First States Investors 3300, LLC

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53.
First States Investors 3601, LLC (FL)

54.
First States Investors 3632, LLC (FL)

55.
First States Investors 3642, LLC (NJ)

56.
First States Investors 3647, L.P. (PA)

57.
First States Investors 40, LLC (MO)

58.
First States Investors 4000C, LLC (DE)

59.
First States Investors 4029, LLC (DE)

60.
First States Investors 4043, LLC (GA)

61.
First States Investors 4044, LLC (DE)

62.
First States Investors 4048, LLC (DE)

63.
First States Investors 4055, LLC (DE)

64.
First States Investors 4062, LLC (DE)

65.
First States Investors 4067, LLC (DE)

66.
First States Investors 4081, LLC (DE)

67.
First States Investors 4085, LLC (DE)

68.
First States Investors 4100B, L.P. (DE)

69.
First States Investors 4150, LLC (DE)

70.
First States Investors 4413, LLC (DE)

71.
First States Investors 4499, LLC (DE)

72.
First States Investors 4500, LLC (DE)

73.
First States Investors 5000B, LLC (DE)

74.
First States Investors 77, L.P. (FL)

75.
First States Investors 922, LLC (IL)

76.
First States Investors 923, L.P. (DE)

77.
First States Investors 926 L.P.

78.
First States Investors 927, LLC (DE)

79.
First States Investors Branch One, L.P. (DE)

80.
First States Investors GS Pool A, L.P. (DE)

81.
First States Investors GS Pool B, L.P. (DE)

82.
First States Investors GS Pool C, L.P.

83.
First States Investors Realty, LLC (DE)

84.
First States Partners No. 201, L.P.

85.
First States Partners No. 203, LLC (NJ)

86.
First States Partners No. 213, LLC (NJ)

87.
First States Partners No. 216, L.P. (PA)

88.
First States Partners No. 236 L.P. (PA)

89.
First States Properties No. 12, LLC (PA)

90.
First States Properties No. 15, LLC (PA)

91.
First States Properties No. 19, LLC (PA)

92.
First States Properties No. 34, LLC (PA)

93.
First States Properties No. 35, LLC (PA)

94.
First States Properties No. 37, LLC (PA)

95.
First States Properties No. 41, LLC (PA)

96.
First States Properties No. 43, LLC (PA)

97.
First States Properties No. 49, LLC (PA)

98.
First States Properties No. 51, LLC (PA)

99.
First States Properties No. 52, LLC (PA)

100.
First States Properties No. 56, LLC (PA)

101.
First States Properties No. 59, LLC (PA)

102.
First States Properties No. 62, LLC (PA)

103.
First States Properties No. 67, LLC (PA)

104.
First States Properties No. 71, LLC (PA)

105.
First States Properties No. 73, LLC (PA)

106.
First States Properties No. 75, LLC (PA)

107.
First States Properties No. 9, LLC (PA)

108.
First States Realty Corp., LLC

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SCHEDULE II
SENIOR MEZZANINE BORROWERS
1.
American Financial TRS, Inc. (DE)

2.
First States Investors 104 Holdings, L.P. (DE)

3.
First States Investors 240 Holdings, LLC (DE)

4.
First States Investors 241 Holdings, LLC (DE)

5.
First States Investors 3300 Holdings, LLC (DE)

6.
First States Investors 4400A, L.P. (DE)

7.
First States Investors 4100, LLC (DE)

8.
First States Investors 4600 Holdings, LLC (DE)

9.
First States Investors 5000, LLC (DE)

10.
First States Investors 6000, L.P.

11.
First States Investors 801, L.P. (PA)

12.
First States Investors 923 Holdings, L.P.

13.
First States Investors 927 Holdings, LLC

14.
First States Investors Asset Group A, L.P.

15.
First States Investors GS Pool A Holdings, LLC (DE)

16.
First States Investors GS Pool B Holdings, LLC (DE)

17.
First States Investors, L.P. (DE)

18.
First States Partners III, L.P. (DE)

19.
First States Partners, L.P. (DE)

20.
First States Properties, L.P. (PA)

21.
First States Wilmington JV, L.P