{"id":1004132849,"date":"2015-12-02T09:05:33","date_gmt":"2015-12-02T17:05:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004132849"},"modified":"2020-04-30T01:23:45","modified_gmt":"2020-04-30T09:23:45","slug":"paramount-plaza-lands-1b-refi-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/paramount-plaza-lands-1b-refi-loan\/","title":{"rendered":"Paramount Plaza Lands $1B Refi Loan"},"content":{"rendered":"

By Veronica Grecu, Associate Editor<\/em><\/p>\n

\"1633<\/a>

1633 Broadway – Manhattan<\/p><\/div>\n

One of the trophy office buildings owned by Paramount Group, Inc.<\/a> in Manhattan recently landed a $1 billion refinancing loan secured by Eastdil Secured, LLC.<\/a><\/p>\n

The New York City-based REIT worked with joint lead arrangers Landesbank Baden-W\u00fcrttemberg New York Branch, Landesbank Hessen-Th\u00fcringen Girozentrale, DekaBank Deutsche Girozentrale, ING Capital, LLC<\/a> and Wells Fargo Securities, LLC<\/a> to secure the seven-year loan for the 48-story Paramount Plaza skyscraper sitting at 1633 Broadway.<\/p>\n

According to a news release, the net proceeds from the refinancing were used to repay the existing $926 million loan\u2014which was scheduled to mature in December 2016 and had a weighted average interest rate of 5.35 percent\u2014and fund $42 million of swap breakage costs. The new loan is interest only at LIBOR plus 175 basis points and can be increased by $250 million to $1.25 billion until the third anniversary following the closing.<\/p>\n

\u201cThis refinancing is a testament to the credit markets\u2019 confidence in Paramount\u2019s Class A portfolio,\u201d said Albert Behler, chairman, CEO\u00a0& president of Paramount. \u201cWith lenders\u2019 conviction in Paramount\u2019s proven track record and ability to proactively manage leasing, we were able to execute a timely transaction with favorable terms in a challenging market environment.\u201d<\/p>\n

The refinancing comes more than four years after Paramount purchased the remaining 49 percent from Merrill Lynch and Morgan Stanley in a deal that valued the office tower at $2 billion, according to Crain\u2019s New York Business<\/a>.<\/p>\n

Situated between 50th<\/sup> and 51st<\/sup> Streets in Midtown Manhattan\u2019s Central Business District, the 1970-built tower occupies the former site of the Capitol Theatre and offers 2.6 million square feet of Class A office space. Apart from a prestigious tenant roster including Allianz\u2014who placed a sign with their name and logo on the top of the building several years ago\u2014, Warner Music Group, Showtime Networks and financial services giant Morgan Stanley, the building is also home to the Gershwin and Circle in the Square theaters.<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Paramount has refinanced an iconic skyscraper in Midtown Manhattan\u2019s CBD.<\/p>\n","protected":false},"author":258,"featured_media":1004132876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,21747],"tags":[],"class_list":["post-1004132849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-office"],"acf":[],"yoast_head":"\nParamount Plaza Lands $1B Refi Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/paramount-plaza-lands-1b-refi-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paramount Plaza Lands $1B Refi Loan\" \/>\n<meta property=\"og:description\" content=\"Paramount has refinanced an iconic skyscraper in Midtown Manhattan\u2019s CBD.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/paramount-plaza-lands-1b-refi-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-12-02T17:05:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-30T09:23:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/1633.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"523\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/paramount-plaza-lands-1b-refi-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/paramount-plaza-lands-1b-refi-loan\/\",\"name\":\"Paramount Plaza Lands $1B Refi Loan - 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