1301 Avenue of the Americas

October 12, 2016 Comments Off on Paramount Completes $850M Financing on 1301 Avenue of the Americas Views: 382 National News, New York, Northeast

Paramount Completes $850M Financing on 1301 Avenue of the Americas

Manhattan-based Paramount Group Inc. closed on $850 million in financing for its 1.8 million-square-foot 1301 Avenue of the Americas. The Class A office building is between 52nd and 53rd Streets in Midtown Manhattan. AXA Equitable Life Insurance Co. arranged the loan through Quadrant Real Estate Advisors LLC, MetLife Real Estate and New York Life. Cushman and Wakefield Equity, Debt and Structured Finance acted as exclusive advisor to Paramount on the transaction.

The five-year interest-only loan matures in October 2021, has two one-year extension options and an initial weighted average interest rate of 2.77%, based on a $500.0 million tranche at a fixed rate of 3.05%, and a $350.0 million tranche at a floating rate of LIBOR plus 180 bps (2.36% at closing). Paramount used the financing’s net proceeds to repay 2017 maturities at 900 Third Avenue and Waterview, as well as to fund a portion of its San Francisco-based One Front Street buy.

Read More at PR Newswire

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