ING Capital has closed a $402 million financing for Paramount Group to fund its acquisition of Market Center a San Francisco office building.
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.
“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.
