May 3, 2016
The 786,647-square-foot Class A office building is located between Fifth Avenue and Avenue of the Americas in Manhattan.
Willkie represented longtime client Paramount Group, Inc. in its $500 million refinancing of 31 West 52nd Street, a 786,647-square-foot Class A office building located between Fifth Avenue and Avenue of the Americas in the heart of Midtown Manhattan.
The new 10-year loan is interest only at a fixed rate of 3.80%. The company realized net proceeds of approximately $65 million after the repayment of the existing loan, swap breakage costs and closing costs. The property was previously encumbered by a $413.5 million loan that was scheduled to mature in December 2017 and had a weighted average interest rate of 4.23%.
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, Washington, D.C. and San Francisco.
The transaction was handled by partner Thomas Henry, associates Jennifer Coffey and Elizabeth Case, and law clerk Eric DiMuzio.
