v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt
8.
Debt

 

 

On January 17, 2025, we entered into a consent agreement with the lenders of our revolving credit facility (the “credit facility”) to permit the disposition of a 45.0% equity interest in 900 Third Avenue, one of the assets supporting our credit facility. In connection therewith, we reduced the aggregate commitments under the credit facility to $450,000,000 and modified our credit facility to, among other things, (i) reduce the aggregate unencumbered asset value of all unencumbered eligible properties from $900,000,000 to $500,000,000, (ii) increase the secured leverage ratio as of the last day of any relevant fiscal quarter from 50% to 60%, and (iii) limit borrowings under the credit facility to $200,000,000 through June 30, 2025.

 

The following table summarizes our consolidated outstanding debt.

 

 

 

 

 

 

 

 

 

Interest Rate

 

 

 

 

 

Paramount

 

Maturity

 

Fixed/

 

as of

 

As of

 

(Amounts in thousands)

 

Ownership

 

Date

 

Variable Rate

 

March 31, 2025

 

March 31, 2025

 

 

December 31, 2024

 

Notes and mortgages payable:

 

 

 

 

 

 

 

 

 

 

1633 Broadway

 

90.0%

 

Dec-2029

 

Fixed

 

2.99%

 

$

1,250,000

 

 

$

1,250,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Market Plaza

 

49.0%

 

Feb-2027

 

Fixed

 

4.08%

 

 

850,000

 

 

 

850,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1301 Avenue of the Americas

 

100.0%

 

Aug-2026

 

SOFR + 277 bps (1)

 

6.27%

 

 

860,000

 

 

 

860,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31 West 52nd Street

 

100.0%

 

Jun-2026

 

Fixed

 

3.80%

 

 

500,000

 

 

 

500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300 Mission Street

 

31.1%

 

Oct-2026

 

Fixed

 

4.50%

 

 

232,050

 

 

 

232,050

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total notes and mortgages payable

 

4.21%

 

 

3,692,050

 

 

 

3,692,050

 

Less: unamortized deferred financing costs

 

 

 

 

(13,157

)

 

 

(15,420

)

Total notes and mortgages payable, net

 

 

 

$

3,678,893

 

 

$

3,676,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

100.0%

 

Mar-2026

 

SOFR + 135 bps

n/a

 

$

-

 

 

$

-

 

 

(1)
Represents variable rate loans, where SOFR has been capped at 3.50% through August 2025. See Note 9, Derivative Instruments and Hedging Activities.