Bank of America and Merrill Lynch provide $1.01 billion credit facility to KBS Real Estate Investment Trust III
Clients Bank of America, N.A. and Merrill Lynch, Pierce, Fenner & Smith
Jones Day represented Bank of America, N.A., as administrative agent, and Merrill Lynch, Pierce, Fenner & Smith, as joint lead arranger and joint bookrunner, in connection with a $1.01 billion credit facility provided to KBS Real Estate Investment Trust III ("KBS REIT III"), a non-traded real estate investment trust. The facility consisted of a $757.5 million term loan, a $252.5 million revolving line of credit, and is secured by eight Class “A” office properties located in California, Texas, Illinois, Minnesota, and Maryland. The proceeds of the financing will be used to refinance existing indebtedness to address the liquidity needs of KBS REIT III.