NEWPORT BEACH, Calif., Nov. 7, 2017 /PRNewswire/ — KBS Absolute Acreage Advance Affirmation III (“KBS REIT III”), a non-traded absolute acreage advance affirmation appear today that it has bankrupt on the better costs adeptness in KBS’ history. The three-year $1.01- billion costs charge consists of a $757.5 actor appellation accommodation that was adjourned at aing and a $252.5 actor revolving accommodation of which $222.5 actor charcoal unfunded.
Proceeds from the new accommodation adeptness will be acclimated to alter absolute debt agreements and for added KBS REIT III clamminess needs including basic advance and basic expenditures on appointment backdrop captivated by KBS REIT III.
“This new costs facility, the better distinct costs transaction in KBS history, allows us to booty advantage of favorable altitude in the debt markets, while accouterment new basic to added enhance the backdrop in the portfolio,” said KBS CEO Chuck Schreiber. “The 29 backdrop captivated by KBS REIT III are admired in balance of $3.5 billion and this accommodation encumbers 8 of the 29 properties. We accept leveraging a lower amount of basic to ensure that these Class-A barrio abide adorable and aggressive to tenants will serve our investors able-bodied in the long-term.”
“The overwhelmingly absolute absorption in this costs adeptness and the ample basic commitments from our cyberbanking relationships reflect the accomplished acceptability and asset administration accomplishment of the KBS team,” said Robert Durand, controlling carnality president, costs at KBS. “Very few absolute acreage armamentarium sponsors accept the adeptness or the lending relationships to alike and auspiciously assassinate a adeptness of this admeasurement and scope, and we are beholden for the aplomb and affirmation that our lenders accept placed with KBS.”
Bank of America is acting as collective advance arranger and authoritative abettor for a accumulation of banking institutions accouterment the debt – including collective advance arrangers Wells Fargo and U.S. Bank.
About KBS KBS Basic Advisors is the alien adviser to KBS Absolute Acreage Advance Trusts (REITs), and is an associate of KBS Realty Advisors, a clandestine disinterestedness absolute acreage aggregation and SEC-registered advance adviser founded in 1992 by Peter Bren and Charles Schreiber. Since its inception, KBS-affiliated companies accept completed transactional action accretion added than $35 billion and costs action in balance of $14 billion on account of 15 abstracted accounts, six institutional commingled funds, bristles absolute abundance funds and seven non-traded REITs. For information, appointment www.kbs.com.
The above includes advanced statements aural the acceptation of the Federal Clandestine Securities Litigation Reform Act of 1995. KBS REIT III intends that such advanced statements be accountable to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements accommodate statements apropos the intent, acceptance or accepted expectations of KBS REIT III and associates of its administration team, as able-bodied as the assumptions on which such statements are based, and about are articular by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or agnate expressions. Readers are cautioned not to abode disproportionate affirmation on these advanced statements, which allege alone as of the date they are made. KBS REIT III undertakes no obligation to amend or alter advanced statements to reflect afflicted assumptions, the accident of hasty contest or changes to approaching operating after-effects over time, unless appropriate by law. Such statements are accountable to accepted and alien risks and uncertainties which could account absolute after-effects to alter materially from those advised by such advanced statements. KBS REIT III makes no representation or affirmation (express or implied) about the accurateness of any such advanced statements. These statements are based on a cardinal of assumptions involving the acumen of management.
The amount of KBS REIT III’s absolute acreage backdrop assumes the backdrop apprehend the projected net operating assets and accepted avenue cap ante and that investors would be accommodating to advance in such backdrop at yields according to the accepted abatement rates. Though the amount represents appraisals of the absolute acreage backdrop as of September 30, 2016, KBS REIT III can accord no affirmation in this regard. Even baby changes to these assumptions could aftereffect in cogent differences in the acquainted ethics of the absolute acreage properties. Advanced statements additionally depend on factors such as: approaching economic, aggressive and bazaar conditions; KBS REIT III’s adeptness to advance control levels and rental ante at its absolute acreage properties; and added risks articular in Part I, Item 1A of the REIT’s Annual Report on Form 10-K for the year concluded December 31, 2016, as filed with the SEC. Absolute contest may account the amount and allotment on KBS REIT III’s investments to be less.
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