Term Sheet: Brookfield raises concerns on Signature loan sale; Congress proposes affordable housing tax credits; time is nearly up for CRE debt wave

Real Estate Capital USA
By Randy Plavajka
December 14, 2023

Loan in focus

Accesso secured a loan extension of up to three years on Minneapolis’ IDS Center.

Time to breathe

Florida-based manager Accesso this week secured a critical loan extension lasting up to three years on the IDS Center with the assistance of New York-based restructuring and placement specialist Iron Hound Management. The asset, a 57-story Class A office tower, urban park and retail center in Minneapolis, Minnesota, is linked to $151.7 million in commercial mortgage-backed securities debt originated by JPMorgan Chase across two transactions, JPMCC 2013-C12 and JPMCC 2013-C13.

A source familiar with the debt noted it had been transferred to special servicing in February this year prior to this week’s extension. Securing new office financing and refinancing has not been an easy feat even for best-in-class assets during recent years. Accesso plans to use the extension window to find longer-term financing as market conditions improve locally and nationally.