Paramount Group has completed a $975 million refinancing of One Market Plaza. The two towers total 1.6 million square feet of office and retail space located in the South Financial District of San Francisco. The seven-year interest-only loan which matures in January 2024 has a fixed rate of 4.03 percent. The net proceeds from the refinancing were used to repay the existing $873 million loan (6.12 percent) which was scheduled to mature in December 2019. The funding was arranged by Eastdil Secured, who placed the loan with Goldman Sachs Mortgage Company, Morgan Stanley Bank, N.A., Deutsche Bank AG, New York Branch and Barclays Bank PLC.
“We took advantage of a robust credit market environment to further strengthen our balance sheet,” said Wilbur Paes, Executive Vice President, Chief Financial Officer and Treasurer of Paramount. “This refinancing allows us to lock in an attractive rate, extend maturities, and is another testament to the markets’ confidence in our Class A portfolio.”
