A joint venture between Paramount Group and a wealthy New York family is tapping the commercial mortgage bond market to refinance a 52-story trophy office building in midtown Manhattan.

Paramount, a publicly traded real estate investment trust, and the von Finck family, seasoned real estate investors and founders of the predecessor to Allianz, obtained a $300 million mortgage on 712 Fifth Avenue from Morgan Stanley and Deutsche Bank. Proceeds will be used to refinance existing debt of $246.5 million, fund $5.9 million in upfront reserves, pay closing costs and cash out $38.7 million of equity, according to Fitch Ratings.

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