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NEW YORK — Investcorp's real estate arm based in the U.S. has purchased mezzanine debt supported by the 20-story Paramount Hotel in New York City's Time Square. Investcorp bought two existing loans of the mezzanine with a principal balance of $40 million from Fillmore Capital Partners, which was the existing lender for the Paramount at the time of RFR's purchase of the hotel. Highgate Holdings, a national hotel manager, will continue to operate the Paramount on behalf of new ownership.