KKR Real Estate Finance Trust Results Presentation Deck
Case Studies: Watch List Loans (Risk Rating 4 & 5)
Investment
Loan Type
Investment Date
Collateral
Loan Purpose
Location
Committed Amount
Current Pri al Amount
Loan Basis
Coupon
LTV(¹)
Max Remaining Term (Yrs.)
Loan Risk Rating
New York Condo
Floating-Rate Senior Loan
December 2018
126-Unit Class-A Residential Condominium
Acquisition
New York, NY
$235 million
$211 million
$1,316 / SF
L + 3.6%
71%
2.0
4
Queens Industrial
Floating-Rate Senior Loan
July 2017
Two Class-B Buildings Totaling 595k RSF
Acquisition
Queens, NY
$70 million
$68 million
$112 / SF
L + 3.0%
77%
0.6
4
New York Condo
Floating-Rate Senior Loan
August 2017
6 Luxury Residential Condominiums
Refinance
New York, NY
$40 million
$40 million
$1,333 / SF
L + 4.2%
73%
0.3
The $76.2 million Brooklyn hotel loan previously on the watch list repaid in full in January 2022.
For the Portland retail loan previously on the watch list, KREF took title to the defaulted senior loan with an outstanding principal balance and net carrying value of $109.6 million and
$69.3 million, respectively. Accordingly, KREF recognized an $8.2 million GAAP gain from reversal of the allowance for credit losses and recognized a $32.1 million realized loss on write-off
through distributable earnings.
(1) 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.
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REAL ESTATE
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