Willkie advised Paramount Group in the transaction.
Willkie represented longtime client Paramount Group, Inc. in its $860 million refinancing of 1301 Avenue of the Americas, a 1.8-million-square-foot Class A, trophy office building located between 52nd and 53rd Streets in Midtown Manhattan. The refinancing was structured as two separate loans, a $710 million mortgage loan and a $150 million mezzanine loan. The financing has a two-year term, with three consecutive one-year extension options.
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 partners Thomas Henry and Jennifer Coffey and associates Sydney Jay and Jenny Boone.