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

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

1787947445 Law
August 28, 2026
SEC Accuses Goliath Ventures of $425 Million Crypto Investment Ponzi Scheme

The Securities and Exchange Commission (SEC) has filed a civil complaint against Goliath Ventures Inc.

1787852053 Law
August 27, 2026
United Capital Revives Lawsuit Against Osaic

According to AdvisorHub, United Capital Financial Advisors has revived its lawsuit against independent broker-dealer Osaic by filing an amended complaint that reframes the dispute around the alleged misuse of confidential information obtained during Osaic's unsuccessful effort to acquire the firm.

1787765850 Law
August 26, 2026
FINRA Orders WestPark Capital to Pay $520,000 Over GWG L Bond Sales

The fallout from the collapse of GWG Holdings continues to affect the broker-dealers that sold the company's illiquid L bonds.