The IDS Center, one of the largest office buildings in Minneapolis, has secured a three-year loan extension after months of negotiations. This victory belongs to Florida-based real estate investment manager Accesso, who now has more time to secure permanent financing for the property.
Standing at 57 stories and encompassing 1.42 million square feet of office and retail space, the IDS Center is a prominent feature in downtown Minneapolis. The negotiation for this extension was led by Accesso with support from Iron Hound Management Company LLC. As market conditions improve, Accesso plans to continue seeking long-term financing for the building.
Iron Hound Management’s Christopher Herron, Kevin Thompson and Anthony D’Amelio negotiated on behalf of ownership to secure this loan modification.
“We are pleased to have reached an agreement on a loan extension for the IDS Center as we navigate challenges related to capital availability during these uncertain economic times,” stated Deb Kolar, General Manager at Accesso.
This article was originally published on Connect CRE.
