KBS REIT II is the owner of eight Class A office properties, totaling 4.1 million square feet, that will collateralize the loan. The properties secured by the portfolio include: 100-200 Campus Drive in Florham Park, New Jersey; 300-600 Campus Drive in Florham Park, New Jersey; Willow Oaks Corporate Center in Fairfax, Virginia; Pierre Laclede Center in Clayton, Missouri; Union Bank Plaza in Los Angeles, California; Emerald View at Vista Center in West Palm Beach, Florida; Granite Tower in Denver, Colorado; and Fountainhead Plaza in Tempe, Arizona.
“KBS is particularly proud of the reputation and relationships we have developed in the industry, which allowed for this efficient and successful collaboration with Bank of America Merrill Lynch,” said KBS CEO, Chuck Schreiber. “This financing gives KBS REIT II the opportunity to further enhance our properties for the continued retention and attraction of world-class tenants.”
“We are grateful for the trust and confidence that Bank of America Merrill Lynch has placed in KBS REIT II,” added Robert Durand, executive vice president of financing for KBS. “Proceeds from the loan facility were used for the repayment of existing debt agreements and will be used for liquidity management for the overall portfolio. In addition, we will be able to execute on tenant and capital improvements across our properties.”
Bank of America Merrill Lynch acted as the administrative agent, bookrunner and sole arranger of the transaction.
KBS was represented by a team from global law firm Greenberg Traurig, LLP that included shareholder Bruce Fischer, of counsel Tatyana Litovsky and paralegal Amanda Kennedy.
