Samantha Rowan
In the short-term, a resolution will bring benchmark Treasury yields down slightly, especially on the short-end of the curve.
The New York manager acquired the property at 444 South Flower at a UCC auction in January.
National and regional banks are expected to reduce commercial real estate lending, which opens the door for the private markets.
The 10-year, fixed-rate financing, arranged by Walker & Dunlop, is interest only for its entire term.
The New York-based manager received a one-year extension, with an additional 12-month extension option.
The opportunity is driven in part by what is going on in the debt markets, with financing more difficult to line up for sponsors than in years past.
While there is financing broadly available, not every project will find it available at a level that is comfortable for its existing owner.
Higher interest rates could also stall efforts to refinance maturing debt.
Federal Reserve chair Jerome Powell also indicated a wait-and-see approach to future increases.
Cities including New York, Los Angeles, Portland, Seattle, Pittsburgh and Washington, DC, have adopted strategies that will move them toward a carbon-neutral future.