I
con Realty Management has secured a second loan modification deal this year, adding two years to pay off $109 million in debt tied to its 19-building Upper East Side apartment portfolio. The company, led by Terrence Lowenberg and Todd Cohen, had defaulted on the loan when it failed to refinance at maturity in May. Iron Hound negotiated the deal with special servicer CW Capital Asset Management.

    As part of the agreement, Icon will pay down $12 million of the debt, with $6.5 million due immediately and the remaining $4 million plus a $1.5 million installment after selling one of its buildings. The new maturity date is May 2026.

    This deal mirrors an earlier extension secured by Icon in April, which added two years to a $143 million loan tied to 18 multifamily properties. In both cases, the company sold off assets to meet the paydown requirements. Rising interest rates are likely a contributing factor to these defaults, as even refinancing at current rates is not feasible for some landlords.