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. fintech news
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.
