{"id":521177,"date":"2021-08-02T08:04:22","date_gmt":"2021-08-02T12:04:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/paramount-completes-860-million-refinancing-of-1301-avenue-of-the-americas\/"},"modified":"2021-08-02T08:04:22","modified_gmt":"2021-08-02T12:04:22","slug":"paramount-completes-860-million-refinancing-of-1301-avenue-of-the-americas","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/paramount-completes-860-million-refinancing-of-1301-avenue-of-the-americas\/","title":{"rendered":"Paramount Completes $860 Million Refinancing of 1301 Avenue of the Americas"},"content":{"rendered":"

<\/p>\n

Paramount Completes $860 Million Refinancing <\/b>of 1301 Avenue of the Americas<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nParamount Group, Inc. (NYSE: PGRE) (\u201cParamount\u201d or the \u201cCompany\u201d) announced today that it has completed an $860 million refinancing of 1301 Avenue of the Americas, a 1.7 million square-foot trophy office building, located between 52nd<\/sup> and 53rd<\/sup> Streets in Midtown Manhattan, that is currently 71.5% leased.\n<\/p>\n

\nThe new five-year interest-only loan has an initial weighted average interest rate of 2.96% and is comprised of a $500 million tranche that bears interest at a fixed rate of 3.11% and a $360 million tranche that bears interest at a variable rate of LIBOR plus 2.65%. The proceeds from the refinancing were used to repay the existing $850 million loan that was scheduled to mature in November 2021.\n<\/p>\n

\n\u201cWith the refinancing of this high-quality Class A asset in today\u2019s attractive credit markets, we have strengthened our balance sheet and improved financial flexibility,\u201d said Wilbur Paes, Chief Operating Officer, Chief Financial Officer, and Treasurer of Paramount. \u201cThis transaction is a strong endorsement of the strength of the New York City office market and a testament to the confidence the capital markets have in our platform.\u201d\n<\/p>\n

About Paramount Group, Inc.<\/b><\/p>\n

\nHeadquartered in New York City, Paramount Group<\/a>, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210802005243\/en\/<\/a><\/span><\/p>\n

\nWilbur Paes
\n
Chief Operating Officer,
\n
Chief Financial Officer, and Treasurer
\n
212-237-3122
\n
ir@paramount-group.com
\n<\/a><\/p>\n

Sumit Sharma
\n
Vice President, Business Development and
\n
Investor Relations
\n
212-237-3138
\n
ir@paramount-group.com
\n<\/a><\/p>\n

Paramount Media Contact:
\n<\/b><\/p>\n

212-492-2285
\n
pr@paramount-group.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America New York<\/p>\n

INDUSTRY KEYWORDS:<\/b> Commercial Building & Real Estate Construction & Property REIT<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Paramount Completes $860 Million Refinancing of 1301 Avenue of the Americas NEW YORK–(BUSINESS WIRE)– Paramount Group, Inc. (NYSE: PGRE) (\u201cParamount\u201d or the \u201cCompany\u201d) announced today that it has completed an $860 million refinancing of 1301 Avenue of the Americas, a 1.7 million square-foot trophy office building, located between 52nd and 53rd Streets in Midtown Manhattan, that is currently 71.5% leased. The new five-year interest-only loan has an initial weighted average interest rate of 2.96% and is comprised of a $500 million tranche that bears interest at a fixed rate of 3.11% and a $360 million tranche that bears interest at a variable rate of LIBOR plus 2.65%. The proceeds from the refinancing were used to repay the existing $850 million … <\/p>\n

Continue reading “Paramount Completes $860 Million Refinancing of 1301 Avenue of the Americas”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-521177","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nParamount Completes $860 Million Refinancing of 1301 Avenue of the Americas - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/paramount-completes-860-million-refinancing-of-1301-avenue-of-the-americas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paramount Completes $860 Million Refinancing of 1301 Avenue of the Americas - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Paramount Completes $860 Million Refinancing of 1301 Avenue of the Americas NEW YORK–(BUSINESS WIRE)– Paramount Group, Inc. (NYSE: PGRE) (\u201cParamount\u201d or the \u201cCompany\u201d) announced today that it has completed an $860 million refinancing of 1301 Avenue of the Americas, a 1.7 million square-foot trophy office building, located between 52nd and 53rd Streets in Midtown Manhattan, that is currently 71.5% leased. The new five-year interest-only loan has an initial weighted average interest rate of 2.96% and is comprised of a $500 million tranche that bears interest at a fixed rate of 3.11% and a $360 million tranche that bears interest at a variable rate of LIBOR plus 2.65%. 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