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Paramount debt fund holds $775m close

by Andrea Waitrovich

Paramount Group has announced the $775 million final close for Paramount Group Real Estate Fund VIII. The equity commitments were primarily from German institutional investors.

Fund VIII, which is Paramount’s second debt fund, is the largest in the history of the company and its predecessor. Fund VIII focuses on mezzanine and preferred equity investments in office properties in Paramount’s target markets of New York City, San Francisco, and Washington, D.C. More than $165 million of the fund’s capital has been deployed already in three investments.

In September 2015, Fund VIII provided a $40 million mezzanine loan secured by the equity interests in 1440 Broadway, a 751,546 square-foot office and retail property located in Manhattan. And in September 2015, Fund VIII made a senior mortgage and mezzanine loan aggregating $80 million secured by 700 Eighth Ave., a 26,126-square-foot retail property located in Manhattan.

Paramount Group Re

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