KREF Liquidity and Portfolio Overview
Case Studies: Largest Three Industrial Loans
Investment
Loan Type
Western U.S. Industrial Portfolio
Floating-Rate Senior Loan
Bronx Industrial
Floating-Rate Senior Loan
U.S. Industrial Portfolio
Floating-Rate Senior Loan
Investment Date
Collateral
Location
April 2022
14 Class A/B Industrial Properties
Totaling 5.2mm SF
Various
August 2021
1.4mm RSF, Two-Story, Class A
Distribution and Parking Facility
Bronx, NY
June 2022
12 Class A/B Industrial Assets
Totaling 2.8mm SF
Various
Committed Amount
$252 million (3)
Current Principal Amount
$252 million
Basis
Coupon (1)
LTV(2)
$98/SF
$229 million (4)
$194 million
$277/SF
+ 2.7%
+ 4.2%
64%
52%
$188 million
$170 million
$122/SF
+ 2.9%
50%
Max Remaining Term (Yrs.)
3.6
2.9
3.8
Asset Photos
(1)
(2)
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. Please refer to the Appendix for more information on how LTV is calculated
(3)
The total whole loan is $505 million, co-originated by the Company and KKR affiliates. The Company's interest is 50% of the loan
(4)
The total whole loan is $381 million, co-originated by the Company and a KKR affiliate. The Company's interest is 60% of the loan
KREF
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