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

You were most helpful with my FINRA deposition. You are a good lawyer and a good person.

Dan B.

LATEST NEWS AND ARTICLES

October 3, 2025
SEC Charges Pennsylvania Man in $400 Million Ponzi Scheme

The Securities and Exchange Commission (SEC) has charged Daryl F. Heller of Pennsylvania, along with his companies Prestige Investment Group, LLC, and Paramount Management Group, LLC, for operating a Ponzi scheme that caused investor losses of roughly $400 million.

October 2, 2025
Mercer Advisors Expands Westward with Two RIA Acquisitions

Mercer Advisors has strengthened its presence in the West by acquiring two registered investment advisory firms with offices in Oregon, Idaho, and Southern California.

October 1, 2025
New Jersey Investor Sues Advisor and Insurers Over Premium Financing Losses

A New Jersey resident has filed suit against a financial advisor, his firm, two insurance companies, and other parties over losses tied to a premium financing arrangement for life insurance.