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Paramount Group completes $500M refinancing of Manhattan property

Paramount GroupInc. completed a $500 million refinancing of 31 W. 52nd St., a 786,647-square-footclass A office building in Midtown Manhattan, N.Y.

The company said the new 10-year loan is interest-only at a fixedrate of 3.80%, adding that it realized net proceeds of roughly $65 million afterthe repayment of the existing loan, swap breakage costs and closing costs.

The property was previously encumbered by a $413.5 million loanthat was scheduled to mature in December 2017 and had a weighted average interestrate of 4.23%.

The loan was arranged with AXA Equitable Life Insurance Co.,via its adviser Quadrant Real Estate Advisors LLC, and Metropolitan Life InsuranceCo.

Paramount noted that it hired Eastdil Secured LLC to secure thefinancing.