NEWPORT BEACH, CALIF. — California-based investment firm KBS has received loan facilities totaling approximately $480 million for the refinancing of a portfolio of office buildings in Texas, Minnesota and California.
The Texas component includes Legacy Town Center, a three-building, 522,043-square-foot complex in Plano, and Sterling Plaza, a 313,609-square-foot building that was originally built in 1984 in the Preston Center submarket of Dallas. The Minnesota building is 60 South Sixth, a 40-story complex in downtown Minneapolis. In California, the facility covers Ten Almaden, a 17-story building in downtown San Jose, and two of the three buildings within the Towers at Emeryville development, which is also located in the Bay Area.
The facility extends the loan commitment to January 2027, with two additional 12-month extension options and provides for $15 million in new funding for leasing costs and related capital improvements and other property-level expenses.