Minneapolis’ iconic IDS Center, one of the city’s largest office buildings, has successfully secured a three-year loan extension after extensive negotiations. This achievement is a major win for Accesso, the Florida-based real estate investment manager that owns the 1.42 million-square-foot tower and retail center. With this extension in place, Accesso now has more time to secure permanent financing for this prime property.
The IDS Center stands at an impressive 57 stories and serves as a prominent landmark in downtown Minneapolis. The negotiation process was led by Accesso with support from Iron Hound Management Company LLC. As market conditions continue to improve, Accesso plans to pursue long-term financing options for the building’s future success.
Iron Hound Management’s Christopher Herron, Kevin Thompson and Anthony D’Amelio skillfully negotiated on behalf of ownership to secure this loan modification.
“We are pleased to have reached an agreement on extending our loan for the IDS Center amidst ongoing challenges in accessing capital,” stated Deb Kolar, General Manager at Accesso.”This accomplishment reflects our strong performance at this property despite difficult economic conditions.”
This latest development marks another milestone in Connect CRE ‘s coverage of commercial real estate news across Los Angeles and beyond.
