KKR Real Estate Finance Trust Investor Presentation Deck
Case Studies: Largest Three Office Loans
Investment
Loan Type
Investment Date
Collateral
Location
Committed Amount
Current Principal Amount
Basis
Coupon (¹)
LTV(2)
Max Remaining Term (Yrs.)
Asset Photos
Bellevue Office
Floating-Rate Senior Loan
(4)
(5)
September 2021
Class-A Office
Totaling 609k SF
Bellevue, WA
$260 million (3)
$149 million
$855 / SF
+ 3.7%
63%
3.8
(1)
Coupon expressed as spread over Term SOFR
(2) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated
Mountain View Office
Floating-Rate Senior Loan
July 2021
Five Class-A Office Buildings
Totaling 446k SF
Mountain View, CA
$250 million (4)
$200 million
$651 / SF
+ 3.4%
N/A
3.1
Minneapolis Office
Floating-Rate Senior Loan (5)
November 2017
Two Class-A Office Buildings
Totaling 1.1mm SF
Minneapolis, MN
$199 million
$194 million
$182/SF
+ 2.3%
N/A
2.0
(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
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
In June 2023, KREF restructured the $194 million senior loan into a $120 million senior mortgage loan (fully funded) and a $79 million mezzanine note (with $5 million in unfunded commitment). The restructured
senior loan earns a coupon rate of S+2.25% and the restructured mezzanine note earns a fixed 4.5% PIK interest rate. Post modification, the loan's maximum maturity is July 2025, assuming all extension options
are exercised
KREF
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