Paramount Modifies and Extends Loan at One Market Plaza
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NEW YORK--(BUSINESS WIRE)--
Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that, together with its joint venture partner, it has modified and extended the existing mortgage loan at One Market Plaza, a 1.6 million square-foot two-building trophy asset in the South Financial District of San Francisco.
The existing $975 million loan, which bears interest at a fixed rate of 4.03%, was scheduled to mature on February 6, 2024. In connection with the modification, the loan balance was reduced to $850 million, following a $125 million paydown by the joint venture. The modified loan bears interest at a fixed rate of 4.08% and matures in February 2027 and has an option to extend for an additional year, subject to certain conditions.
“We are happy to announce the successful completion of this loan modification in a challenging capital markets environment. This transaction is a not only a testament to the quality of the asset, but also a testament to the quality of the sponsorship and its commitment to the asset,” said Wilbur Paes, Chief Operating Officer, Chief Financial Officer, and Treasurer of Paramount.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
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