Accesso Completes Two Office Building Refinancings

CoStar News
June 8, 2023
By Mark Heschmeyer

Florida Firm Secures $75 Million To Pay Off Loans

As news stories mount of office building owners facing refinancing difficulties, investment manager Accesso Partners has completed refinancings of two properties, one of which had already been in maturity default.

Hallandale Beach, Florida-based Accesso’s deals signal progress made in addressing loan maturities amid a challenging capital market environment plagued by high borrowing rates.

The firm’s recent deals include securing capital to refinance 6330 West Loop S in the Houston market, and Platinum Tower in Atlanta.

Importantly, the terms of the new loans provide the company with the flexibility to further invest in each asset to unlock added value for clients of both properties, the company said in a statement.

Furthermore, Accesso exercised its right to extend its loan on the two-building Towers at West End at 1550 and 1600 Utica Ave. S in Minneapolis.

“We are proud of our efforts to proactively and successfully address our debt maturities and reach mutually beneficial solutions with our financing partners that will allow us to continue operating and improving these properties,” Paul Gaines, chief asset officer at Accesso, said in a statement. “In today’s restrictive lending environment, financing is very difficult to secure, and our ability to do so reflects the appeal of our assets and the value we create through our institutional-quality operating platform. We are excited to have these maturities behind us.”

In Atlanta, JPMorgan Chase Bank provided $24 million of new financing on Platinum Tower, according to Cobb County, Georgia, land records. The loan was used to pay off a $27.6 million commercial mortgage-backed loan, which was in special servicing for missing its final maturity payment in February, according to CoStar data.

At 6330 West Loop, Accesso secured $49.6 million in new financing from Bank of America. The loan paid off a $51.3 million CMBS loan at its due date last month, CoStar data shows.

Accesso declined to provide information on terms of the new loans to CoStar News.