Paramount Group Secures $575M Mortgage For 60 Wall Street Office Tower
60 Wall Street
$575,000,000
Building Size
—
Asset Type
Office
Closing
May 3, 2024
About this deal
AI
Located in the Financial District, the property at 60 Wall Street is an office tower owned by Albert Behler of Paramount Group. The building secured a $575 million mortgage from Aareal Capital Corporation, aiming to revamp the space to attract new tenants.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $575,000,000
- Address: 60 Wall Street
- Market: Financial District
- Lender: Aareal Capital Corporation
- Landlord: Albert Behler - Paramount Group
Paramount Group, led by Albert Behler, successfully secured a significant $575 million mortgage for the vacant office tower located at 60 Wall Street in the Financial District. The strategic move to revamp the property reflects their dedication to modernizing the space and attracting new tenants, highlighting their commitment to revitalizing the area.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93