IRVINE, CA – Nov. 8, 2017 – Global law firm Greenberg Traurig, LLP assisted client KBS Real Estate Investment Trust III (“KBS REIT III”) in closing on a $1 billion financing agreement, the largest financing facility in the company’s history. The three-year $1.01 billion financing commitment consists of a $757.5 million term loan that was funded at close and a $252.5 million revolving loan, of which $222.5 million remains unfunded.
Bruce Fischer, Chair of Greenberg Traurig’s West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County office, led the firm’s multi-office team, which included Tatyana Litovsky (Senior Associate, Orange County), Amanda Kennedy (Paralegal, Orange County), Tina Ross (Shareholder, Dallas), Rick Melnick (Shareholder, Northern Virginia), and Dean A. Isaacs (Shareholder, Chicago).
According to the announcement, under the terms of the agreement, proceeds from the new term loan facility will be used to replace existing debt agreements and for other KBS REIT III liquidity needs including capital improvement and capital expenditures on office properties held by KBS REIT III.
Fischer works with real estate funds and real estate investment trusts (REITs) and their advisors in connection with the purchase and sale, development and financing of commercial properties throughout the United States (including multi-property and multi-state portfolio sales and acquisitions), directly or through the formation of joint ventures with local operators and/or developers, as well as the origination and purchase of, and participation in, senior mortgage and subordinate "mezzanine" loans.