Wilhelm von Finck Jr., Paramount up debt by $50M to $250M at 745 Fifth Avenue

The German investor Wilhelm von Finck Jr. and Paramount Group through the entity WVF-Paramount 745 Property, L.P. as borrower signed a loan agreement with lender Deutsche Pfandbriefbank valued at $250 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 745 5th Avenue in Plaza District. The deal closed on September 2, 2020 and was recorded on September 10, 2020.
The property contains a total of 459,340 square feet of built space.
The average loan per buildable square foot is $544.
Wilhelm von Finck Jr.owns the bulk of the asset and Paramount Group owns 1 percent. The package includes $50 million gap loan in new debt.

Over the past five years, there have been 72 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 72 renovation/alteration projects (A2) applied for with a total estimated value of $21,068,410.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link