NEW YORK CITY — Paramount Leasehold LP has received $130 million in new financing for The Paramount Building, a 788,000-square-foot building located at 1501 Broadway in Times Square. The financing will facilitate ownership’s plan to invest more than $50 million to execute an improvement program at the 33-story office building. Cantor Commercial Real Estate provided the 10-year, interest-only loan, which carries a fixed interest rate of 3.1 percent. Meridian Capital Group LLC originated and negotiated the loan. Avison Young serves as the building’s office leasing agent and is advising the building’s owner on a major strategic reinvestment program for the iconic commercial tower. Tobin | Parnes Design Enterprises is the architect for the project. First built in 1926 as the East Coast headquarters for Paramount Pictures, the property housed The Paramount Theater, which served as one of New York City’s premier entertainment venues for movies and live performances until it closed in 1964. Today, the building is home to a diverse mix of companies.
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