Impact Growth Capital Newsletter

 This week at IGC: The Tax Edition
Loan Extensions Reach New Highs
SEC Simplifies Accredited Investor Verifications
Fed Rate Snippet

Real Time Market Snapshot

Data as of 3/26/2025

Impact Growth Fund

Join Us In Solving The Affordable Housing Crisis 

IGF is committed to addressing the nationwide shortage of Affordable and Workforce Housing by revitalizing undervalued properties. Our mission is to provide quality, affordable homes for families earning between $30,000 and $80,000 annually while delivering strong, risk-adjusted returns to our investors. By strategically leveraging federal and local incentives, we unlock long-term appreciation and stable cash flow in a resilient sector. This approach seamlessly aligns profit with purpose, generating meaningful social impact alongside recession-resistant gains.

We’re enhancing investor benefits by offering an increased share of depreciation. Up to 80% of the GP-side depreciation will be allocated to IGF investors, maximizing opportunities to offset taxable income.

Join our weekly webinar every Thursday at 2pm CST

Economics

Debt Delayed: Lenders Extend Record $384B in Loans to 2025

In a move that's turning heads in the financial world, lenders have rolled over a staggering $384 billion in loans into 2025, eclipsing the $270 billion extended in 2024, according to the Mortgage Bankers Association. This surge means that a whopping 40% of debt maturing this year has been kicked down the road, signaling that many loans aren't being settled as they come due. ​

Diving into the details, Commercial Mortgage-Backed Securities (CMBS) and banks are leading the charge in this extension spree. A notable 54% of 2025's CMBS maturities, translating to $125 billion, were originally set to mature in prior years. Similarly, 44% of bank loans, amounting to $199 billion, have been extended from previous maturities. On the flip side, life insurance and agency loans have bucked the trend, with $8 billion being paid off, thereby reducing total maturities. ​

Colliers' research director for capital markets, Aaron Jodka, states the three asset classes most likely to receive extensions are multifamily, office, and various other alternative asset classes, such as self-storage and manufactured housing.

“Lenders are beginning to respond to market conditions and price adjustments by forcing sales, foreclosing, and seeking alternatives beyond renegotiated loans,” said Jodka. “Still, $957 billion in loans will not pay off this year, and a meaningful share will be pushed into 2026 when $663 billion in loans come due.”

Policies

SEC Simplifies Accredited Investor Verification for Private Offerings

The SEC recently released updated guidance that eases the process of verifying accredited investor status under Rule 506(c) of Regulation D. While the qualifications to be considered an accredited investor remain unchanged, this no-action letter introduces a more investor-friendly method of verification. Specifically, individuals investing at least $200,000—or entities investing $1 million or more—can now be reasonably presumed to be accredited, provided they also submit a written statement confirming the investment is not being financed by a third party.

This shift significantly streamlines the investment process for private offerings. In the past, investors were often required to share sensitive financial documents or go through third-party verification platforms to prove their status—adding friction and time to the process. With this new guidance, the SEC is making it easier for investors to participate in high-quality private placements while still maintaining compliance standards. We view this as a positive step for both investors and sponsors, allowing for greater efficiency without sacrificing regulatory safeguards.

Fed Rate Snippet

The Fed’s latest dot plot indicates that policymakers still anticipate gradual rate cuts in the second half of 2025, with projections remaining consistent over recent meetings.

Click here for the Summary of Economic Projections