Paramount Group modifies, extends loan at One Market Plaza

Paramount Group announced that, together with its joint venture partner, it has modified and extended the existing mortgage loan at One Market Plaza, a 1.6 million square-foot two-building trophy asset in the South Financial District of San Francisco. The existing $975 million loan, which bears interest at a fixed rate of 4.03%, was scheduled to mature on February 6, 2024. In connection with the modification, the loan balance was reduced to $850 million, following a $125 million paydown by the joint venture. The modified loan bears interest at a fixed rate of 4.08% and matures in February 2027 and has an option to extend for an additional year, subject to certain conditions. “We are happy to announce the successful completion of this loan modification in a challenging capital markets environment. This transaction is a not only a testament to the quality of the asset, but also a testament to the quality of the sponsorship and its commitment to the asset,” said Wilbur Paes, Chief Operating Officer, Chief Financial Officer, and Treasurer of Paramount.