Paramount Group Inc. closed on a $975 million refinancing of its One Market Plaza in San Francisco.
The new seven-year interest-only loan bears interest at a 4.03% fixed rate and matures in January 2024.
The net proceeds from the refinancing were used to repay the existing $873 million loan, scheduled to mature in December 2019. After repaying the loan and closing costs Paramount's 49% share of the net proceeds amounted to roughly $23 million.
The company obtained the loan from Goldman Sachs Mortgage Co.; Morgan Stanley Bank NA; Deutsche Bank AG, New York branch; and Barclays Bank PLC.
The financing was arranged by Eastdil Secured LLC.