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Paramount Group closes $850M financing of Manhattan property

Paramount Group Inc. wrapped up an $850.0 million financing of the Avenue of the Americas 1301 trophy office building in Midtown Manhattan, N.Y.

The five-year interest-only loan matures in October 2021 and carries two one-year extension options. Additionally, it has a 2.77% initial weighted average interest rate, based on a $500.0 million tranche at a 3.05% fixed rate and a $350.0 million tranche at a floating rate of the LIBOR plus 180 bps.

Paramount Group said it used the net proceeds to repay its 2017 debt maturities at the 900 Third Avenue and Waterview properties, including swap breakage, defeasance and other closing costs. The remaining proceeds will go toward the financing of a portion of the company's purchase of One Front Street in San Francisco.

Cushman & Wakefield Equity, Debt & Structured Finance was the exclusive adviser to the company on the Manhattan property transaction.