Special servicer SitusAMC has agreed to a one-year extension on the loan backed by The Squaire, which was set to mature this month.
Challenging financing conditions persisted this year, but real estate lenders became more confident to transact.
The loan, secured against a German designer outlet village, was underwritten by Aareal Bank.
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The facility replaces a €723.9m loan secured by the Finance Tower, owned by South Korea’s JR Global REIT.
Opportunities are emerging from troubled assets or owners, but they are not what the industry had anticipated.
Although managers are keen to write new loans, sources say they are monitoring existing facilities to protect investor capital.
The manager’s seeding of Evermill, a secure income lending platform, signals Delancey is continuing to diversify its strategy.
Gaining significant exposure to real estate credit was also a key draw, according to global co-head of real estate Karim Habra.
Real Estate Capital Europe’s inaugural Borrowing Barometer survey reveals borrowers are keen to acquire as debt costs stabilise.