LOS ANGELES, Dec. 16, 2019 /PRNewswire/ -- ING Capital LLC
("ING") has closed a $402 million
financing for Paramount Group, Inc. (NYSE: PGRE) ("Paramount") to
fund their 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 is 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 December 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.
"ING is excited to expand our relationship with Paramount Group
and to support their acquisition of Market Center. We consider
Paramount to be one of the most experienced owners and operators of
Class A office properties in San
Francisco and look forward to growing this relationship
further," said Jerry Lynch, Director
and Head of West Coast originations for ING. "We are confident that
Paramount can execute their business plan for the asset, given
their extensive experience in this market and the strong demand for
quality office space in San Francisco."
The closing of the Market Center financing caps a busy year for
ING's Real Estate Finance team in the U.S. In 2019, the team will
have originated $2.75 billion of new
loan commitments secured by commercial properties in primary
markets across the country. The West Coast continues to be a focus
for the team. Since hiring Lynch to ING's Los Angeles office in 2018, the team has
closed transactions in Seattle,
San Francisco, Los Angeles, Anaheim, and Dallas.
ING's Real Estate Finance Team in the U.S. is part of a global
network of teams focused on top tier local sponsors and global real
estate investors. The network spans across the major international
gateway markets in North America,
Europe, Asia and Australia giving ING an unparalleled ability
to service real estate investors across the globe.
About ING Capital
ING Capital LLC is a financial
services firm offering a full array of wholesale financial lending
products and advisory services to its corporate and institutional
clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank
NV, part of ING Groep NV (NYSE: ING), a global financial
institution with a strong European base. The purpose of ING is
empowering people to stay a step ahead in life and in business.
ING's more than 53,000 employees offer retail and wholesale banking
services to customers in over 40 countries. Please note that
neither ING Groep NV nor ING Bank NV have a banking license in the
U.S. and are therefore not permitted to conduct banking activities
in the U.S.
About Paramount Group, Inc.
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,
San Francisco and Washington, D.C. Paramount is focused on
maximizing the value of its portfolio by leveraging the
sought-after locations of its assets and its proven property
management capabilities to attract and retain high-quality
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SOURCE ING Capital LLC