A subsidiary of Lord & Taylor has obtained a $250 million mortgage loan from CIBC and Natixis on its iconic flagship store at 424 Fifth Avenue, between West 38th and West 39th Streets, according to Hudson’s Bay Company, the owner of the department store chain.
“The process is to pay existing debts that the company has,” a spokesperson of Hudson’s Bay Company said to The Mortgage Observer.
CIBC is acting as an administrative agent and providing half the loan amount, while Natixis is providing the other half of the five-year mortgage. Lord & Taylor retail occupies ten out of the 11 stories of the 658,000-square-foot building, with administrative offices on the eleventh floor.
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