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KBS REIT Provides New Loan for Recapitalization

NEW YORK CITY-The company provides a $23.5-million senior loan for a Tribeca loft building conversion at 415 Greenwich St.

By Natalie Dolce | Updated on July 13, 2007

(Read more on the debt and equity markets.)

NEW YORK CITY-KBS Real Estate Investment Trust Inc., a Newport Beach-CA-based, publicly offered, non-traded REIT, has provided a $23.5-million senior loan for Tribeca Summit, an eight-story loft building being converted into a condominium community at 415 Greenwich St. in New York City.

This new loan will place KBS REIT’s participation in the first mortgage, originated by AIG, at 25%. The loan is part of the recapitalization of Tribeca Summit in which KBS REIT has been providing additional financing through two junior mezzanine loans.

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