Orion Properties has secured an extension for a $355 million commercial mortgage-backed securities (CMBS) loan backed by 19 suburban office properties, the real estate investment trust (REIT) announced early Thursday.

The WFCM2022-ONL deal was extended by three and a half years from its initial February 2027 maturity date to August 2030. As part of the deal, Orion will maintain its 4.971 percent interest rate in exchange for “ongoing cash sweeps” and increased reserves for capital expenses and operating costs, according to the REIT. 

Iron Hound Management’s Kevin Thompson, Will Forbes and Adam Gellert advised on the loan extension, sources said. Iron Hound declined to comment.

Orion sought an extension of the loan in late 2025 which prompted it to transfer to a special servicer, Argentic Services, Commercial Real Estate Direct reported at the time. The 19-asset collateral comprises 2.1 million square feet and was 91 percent occupied as of December 2025, according to Trepp. 

The office portfolio’s appraisal fell by 18 percent this month to $455 million compared to $556.8 million in 2021, according to Morningstar. The largest property in the deal is Princeton Place at Hopewell, a 481,854 square-foot office complex in Hopewell, N.J., built in 2001. 

Concurrent with the loan extension, Orion also sealed a $215 million senior secured revolving credit facility from a lending syndicate led by Wells Fargo that encompasses a larger Orion suburban office portfolio of 28 properties. The new credit facility, which replaces a prior $350 million revolver that was slated to expire on May 12, 2026, runs through February 2029 when factoring in two six‑month extension options, and had $113 million outstanding at the time of the close, according to Orion.

“The successful execution of our new revolving credit facility and the extension of the CMBS loan materially enhances our capital structure and eliminates near-term maturity risk for Orion,” 

Paul McDowell, CEO and president of Orion, said in a statement. “With these debt maturities extended and our access to credit preserved and aligned with our business plan, we are well positioned to continue executing on our strategy and driving a more stable and growing earnings profile.”

Andrew Coen can be reached at acoen@commercialobserver.com.