Accesso, a Florida-based real estate investment manager, announced that the IDS Center, a centerpiece of the downtown Minneapolis skyline, has secured a loan extension for up to three years.
The extension was negotiated by Accesso, with the assistance of Iron Hound Management Company, LLC, a commercial real estate finance firm specializing in loan restructurings and debt and equity placements. Accesso intends to continue to seek longer-term financing as market conditions in Minneapolis and across the U.S. improve.
“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, who has been with the IDS Center for more than 30 years. “This extension enables us to continue doing what we’ve done successfully for many years – adeptly managing the iconic property while executing a highly successful leasing program. We look forward to sharing news on leasing activity in the near future.”
The completion of the loan extension is a testament to Accesso’s longstanding stewardship of the IDS Center and its experience as an owner and operator in Minneapolis as well as other non-gateway markets across the U.S. In a market landscape that remains challenging for commercial real estate and the availability of capital, the trust placed in Accesso by the firm’s clients and business partners proves the company’s value proposition and commitment to the communities in which it serves.
The IDS Center, a 1.42-million-square-foot, 57-story Class-A office tower, urban park and retail center, is considered a centerpiece of downtown Minneapolis, serving as a year-round central gathering place for city residents and visitors. The property celebrated its 50th anniversary in 2022, and in 2021, completed an extensive renovation of its Crystal Court, an iconic and collaborative gathering space. Year-to-date, the IDS Center has completed 16 lease transactions for more than 121,670 square feet.
Christopher Herron, Kevin Thompson & Anthony D’Amelio of Iron Hound Management negotiated the loan modification on behalf of ownership.