KKR Real Estate Finance Trust Results Presentation Deck
Case Studies: Watch List Loans (Risk Rating 5)
Investment
Loan Type
Investment Date
Collateral
Loan Purpose
Location
Committed Amount
Current Principal Amount
Loan Basis
Coupon
Max Remaining Term (Yrs.)
Loan Risk Rating
Mountain View Office
Floating-Rate Senior Loan
July 2021
Five Class-A Office Buildings
totaling 446k SF
Acquisition
Mountain View, CA
$250 million (¹)
$200 million
$651 / SF
+ 3.4%
3.1
5
Minneapolis Office
Floating-Rate Senior Loan (2)
November 2017
Two Class-A Office Buildings
totaling 1.1mm SF
Refinance
Minneapolis, MN
$199 million
$194 million
$182 / SF
+2.3% (2)
2.0(²)
5
(2)
(2)
Philadelphia Office
Floating-Rate Senior Loan
April 2019
Four Office Building Portfolio
totaling 711k SF
Acquisition
Philadelphia, PA
$177 million
$155 million
$216 / SF
+ 2.6%
0.1
5
(1) The total whole loan is $363 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 69% of the loan or $250 million
(2)
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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