Paramount Group, Inc. completed a $900-million refinancing of 1301 Ave. of the Americas, a 1.8-million-square-foot Class A office building located between 52nd and 53rd streets in Midtown Manhattan. The refi was supported by recent leasing momentum, which brought leased occupancy to more than 97%. Leases included a 121,000-square-foot commitment by law firm Benesch, Friedlander, Coplan & Aronoff LLP this past May.
The new five-year, interest-only loan from an undisclosed lender carries a fixed rate of 6.39% and matures in August 2030. Net proceeds will be used primarily to repay the existing $860-million loan that was scheduled to mature in August of 2026 and fund for future leasing costs.
“This transaction reflects our proactive and disciplined approach to capital management,” said Ermelinda Berberi, EVP, CFO and treasurer of Paramount. “It reflects our confidence in the long-term value of this premier Midtown asset and showcases our ability to execute in today’s selective credit environment.”
The post Paramount Group Completes $900M Refi of 1301 Ave. of the Americas appeared first on Connect CRE.
