KKR Real Estate Finance Trust Investor Presentation Deck
Case Studies: Watch List Loans(¹) (Risk Rating 4 & 5)
Investment
Loan Type
Investment Date
Collateral
Loan Purpose
Location
Committed Amount
Current Principal
Amount
Loan Basis
Coupon
LTV(3)
Max Remaining Term (Yrs.)
Loan Risk Rating
Portland Retail (2)
Floating-Rate Senior Loan
October 2015
1.1M Square Foot Retail Center
Refinance
Portland, OR
$110 million
$110 million
$101 / SF
(2)
(4)
0.0
5
New York Condo
Floating-Rate Senior Loan
December 2018
126-Unit Class-A Residential
Condominium
Acquisition
New York, NY
$235 million
$207 million
$1,292 / SF
L + 3.6%
71%
2.3
4
Brooklyn Hotel
Floating-Rate Senior Loan
January 2019
196-Key Hotel
Refinance
Brooklyn, NY
$77 million
$77 million
$393k / key
L + 2.9%
69%
2.4
4
Queens Industrial
Floating-Rate Senior Loan
July 2017
Two Class-B Buildings Totaling
595k RSF
Acquisition
Queens, NY
$70 million
$67 million
$111 / SF
L + 3.0%
77%
0.9
4
(1) Excludes $5.5 million mezzanine loan risk-rated 5.
(2) Loan was placed on non-accrual status in October 2020, and has a $40.3 million CECL reserve as of September 30, 2021.
(3) LTV is 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.
(4) The Portland retail loan is a non-performing 5-rated loan that was placed on non-accrual status in October 2020 and is currently in restructuring discussions.
23
New York Condo
Floating-Rate Senior Loan
August 2017
7 Luxury Residential Condominiums
Refinance
New York, NY
$42 million
$42 million
$1,343 / SF
L + 4.2%
73%
0.5
4
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