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Accesso Secures Loan Extension for Downtown Minneapolis’ IDS Center
One of Minneapolis’ largest office buildings, IDS Center, secured a three-year loan extension following months of negotiations. The move marks a win for Florida-based real estate investment manager Accesso, giving the tower owner more time to continue seeking long-term financing.
IDS Center is a 1.42 million-square-foot, 57-story office and retail center, and the property is a focal point of downtown Minneapolis. The extension was negotiated by Accesso, with the assistance of Iron Hound Management Company, after the company missed a May deadline to pay off its mortgage balance. Accesso bought IDS Center for $253 million in 2013.
Christopher Herron, Kevin Thompson and Anthony D’Amelio of Iron Hound negotiated the loan modification on behalf of ownership. “We are excited to come to terms on a loan extension for the IDS Center as challenges surrounding the availability of capital persist, reflecting our success at the property despite a difficult macroeconomic environment,” said Deb Kolar, general manager at Accesso.
