Paramount Group, Inc. shares fall 1.23% intraday after completing $900 million refinancing of 1301 Avenue of the Americas.

Paramount Group, Inc. declined 1.23% in intraday trading, with the company announcing the successful completion of a $900 million refinancing of 1301 Avenue of the Americas, a 1.8 million square-foot Class A office building. The refinancing was supported by recent leasing momentum, which brought leased occupancy to over 97%, a reflection of the building’s leading market position. The new five-year, interest-only loan carries a fixed rate of 6.39% and matures in August 2030. Net proceeds from the refinancing will be used primarily to repay the existing $860 million loan.