Tr?id=566623520170033&ev=PageView&noscript=1

KBS Growth & Income REIT Defaults on Commonwealth Building Loan

Posted on March 7th, 2023 at 3:03 PM
KBS Growth & Income REIT Defaults on Commonwealth Building Loan

KBS Growth & Income REIT Inc., a publicly registered non-traded real estate investment trust, announced that the company has defaulted on the Commonwealth Building mortgage loan after failing to repay outstanding debt that was due on February 1, 2023, according to a filing with the Securities and Exchange Commission (SEC). 

KBS originally purchased the Commonwealth office tower in Portland, Oregon, for $69 million in 2016. KBS entered into a $51.4 million loan agreement with the Metropolitan Life Insurance Company in 2018, which was secured by the Commonwealth Building. The company cited reductions in rent and occupancy by the building’s tenants as well as negative market conditions for its failure to repay its mortgage obligations. 

KBS additionally noted that the current value of the Commonwealth Building has fallen below $47.4 million, which constitutes the remaining outstanding debt. KBS does not anticipate any near-term recovery in value due to the “depressed office rental rates and the continued social unrest and increased crime” in downtown Portland. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: Eccleston, Eccleston Law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

1781893504 Law
June 19, 2026
FINRA Suspends Former Stifel Rep for Undisclosed Customer Settlements

The Financial Industry Regulatory Authority (FINRA) has suspended a former Stifel representative for three months and imposed a $10,000 fine after finding that she settled customer complaints without notifying her firm and conducted securities-related communications through an unapproved personal device.

1781798110 Law
June 18, 2026
Silver Star Properties REIT Files for Chapter 11 Bankruptcy Amid Mounting Defaults and Investor Losses

Silver Star Properties REIT, a publicly registered nontraded real estate investment trust formerly known as Hartman Short Term Income Properties XX Inc., has filed for Chapter 11 bankruptcy protection, according to reports by AltsWire.

1781712614 Law
June 17, 2026
As Wealth Management Consolidation Accelerates, Some Advisors Reevaluate the Meaning of Independence

According to AdvisorHub, the independent wealth management industry has entered a new phase of evolution, prompting some advisors to question whether the firms that once championed independence now increasingly resemble the traditional institutions many advisors left behind.