ING Capital has closed a $402 million financing for Paramount Group to fund its acquisition of Market Center, a two-building, 753,000-square-foot, class A office complex located at 555 and 575 Market Street in San Francisco’s Financial District. ING acted as the administrative agent and sole lead arranger and plans to syndicate the loan in early 2020. The initial term of the financing will be five years, with two one-year extension options. The loan closed on Dec. 11, 2019, and was swapped to a fixed rate for the initial term.
Market Center is prominently located along the Market Street corridor and proximate to the Salesforce Transit Center and Montgomery BART stations. The property’s tenant roster comprises a diverse mix of tenants from the technology, business-services, real estate and finance sectors.
The closing of the Market Center financing caps a busy year for ING’s real estate finance team in the United States. In 2019, the team will have originated $2.7
