KREF Liquidity and Portfolio Overview
Case Studies: Largest Three Office Loans
Investment
Loan Type
Investment Date
Collateral
Location
Committed Amount
Bellevue Office
Floating-Rate Senior Loan
Mountain View Office
Floating-Rate Senior Loan
Minneapolis Office
Floating-Rate Senior Loan (5)
September 2021
Class-A Office
Totaling 609k SF
Bellevue, WA
$260 million (3)
July 2021
Five Class-A Office Buildings
Totaling 446k SF
Mountain View, CA
$250 million (4)
November 2017
Two Class-A Office Buildings
Totaling 1.1mm SF
Minneapolis, MN
$199 million
Current Principal Amount
$173 million
Basis
Coupon (1)
LTV(2)
Max Remaining Term (Yrs.)
Asset Photos
$855/SF
$201 million
$654/SF
+ 3.7%
+ 3.4%
63%
N/A
$194 million
$182/SF
+ 2.3%
N/A
3.5
2.9
1.8
Coupon expressed as spread over Term SOFR
LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised
value. Excludes loans risk-rated 5. Please refer to the Appendix for more information on how LTV is calculated
(1)
(2)
(3)
The total whole loan is $521 million, co-originated by the Company and KKR affiliates. The Company's interest is 50% of the loan
(4)
The total whole loan is $363 million, co-originated by the Company and a KKR affiliate. The Company's interest is 69% of the loan
(5)
The total whole loan is $199 million, including (i) a fully funded senior mortgage loan of $120 million, at an interest rate of S+2.3% and (ii) a mezzanine note with a commitment of $79 million, of which $74
million was funded as of September 30, 2023, at a fixed PIK interest rate of 4.5%
KREF
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