$59M Mortgage on 1515 Market St. Moves to Special Servicing Amid City Office Market Woes

$59M Mortgage on 1515 Market St. Moves to Special Servicing Amid City Office Market Woes

In December, nearly $60 million in debt linked to 1515 Market St. shifted to special servicing, further highlighting the strain on office properties near City Hall. The 20-story building, owned by Florida-based Accesso Partners, carries a $59.4 million balance from a loan secured for its $85 million acquisition in 2014. Originally extended by JPMorgan Chase & Co., the loan was later bundled into a commercial mortgage-backed security (CMBS) and sold to investors, with a maturity date set for January 2025. Accesso, responding to inquiries from the Business Journal, stated that it initiated the transfer to a special servicer in anticipation of the loan’s maturity, aiming to negotiate an extension amidst ongoing challenges in the refinance market.

*Article courtesy of Philadelphia Business Journal

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