Paramount Group has completed an $850 million financing of 1301 Ave. of the Americas.
NEW YORK CITY—Paramount Group has completed an $850 million financing of 1301 Ave. of the Americas. The trophy, Class A Midtown office tower, located between 52nd and 53rd Streets, spans 1.8 million square feet.
The five-year interest-only loan matures in October 2021, has two one-year extension options and has an initial weighted average interest rate of 2.77%, based on a $500 million tranche at a fixed rate of 3.05% and a $350 million tranche at a floating rate of LIBOR plus 180 bps (2.36% at closing). The net proceeds from the financing were used to repay the company's 2017 debt maturities at 900 Third Ave. and Waterview, including swap breakage, defeasance and other closing costs.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
