In one of the biggest commercial mortgage-backed security deals in New York during the Great Recession, the retail condominium portion of the Barney’s flagship store at 660 Madison Avenue will be refinanced to the tune of $100 million. The loan was arranged by Meridian Capital Group, LLC for landlord Flagship Partners LLC, which owns floors one through nine in the building. That retail condominium portion is 265,000 square feet.
The 10-year, fixed-rate loan will be part of a U.S. conduit offering priced later in the summer, which will be securitized by Goldman Sachs and Starwood Capital, according to Ronnie Levine, the managing director at Meridian who negotiated the loan.
“This transaction’s size and structure are highly indicative of the reemergence of the large loan and CMBS markets,” Mr. Levine said in a statement. “Meridian was able to quickly evaluate our client’s financing options, vet the loan to our broad national network of capital providers, and develop an effective solution tailored to our client’s financing needs. This is not a transaction that could have happened so quickly even six months ago.”