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Paramount Refis Midtown Office Property

NEW YORK CITY—The company realized net proceeds of approximately $65 million after the repayment of the existing loan.

31 West 52nd 31 W. 52nd St. was previously encumbered by a $413.5 million loan scheduled to mature in December 2017.

NEW YORK CITY—Paramount Group has completed a $500 million refinancing of 31 W. 52nd St., a 786,647-square-foot Class A office Midtown building between Fifth Avenue and Ave. of the Americas.

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%.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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