KBS Strategic Opportunity Reit acquires first mortgage loan
KBS Strategic Opportunity Reit, a publicly offered, non-traded real estate investment trust based in Newport Beach, California, has acquired a non-performing first mortgage loan collateralized by Primera/University Court, a three-building office portfolio in Orlando, Florida, totalling 106,672 square feet.
On 2 July 2012, the USD15,750,000 mortgage loan was purchased at a discounted price of USD8m.
As this is a non-performing loan, KBS Strategic Opportunity Reit does not expect to receive repayment of the entire principal balance.
Primera Court I and Primera Court II are twin, 31,840-square-foot buildings located in Lake Mary, Florida, 20 miles north of downtown Orlando. The buildings were completed in 1999 and 2000, respectively, and offer easy access to Interstate 4 and State Roads 417, 419 and 427.
The third building in the portfolio is the 42,992-square-foot University Court, situated blocks from the University of Central Florida campus in the University submarket of Orlando. The two-storey building was developed in 2001 and is near State Roads 417, 408 and 50.
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