City property records confirm the completion of a $400 million loan to refinance the Lord & Taylor flagship department store at 424 Fifth Avenue in Manhattan.
Canadian Imperial Bank of Commerce provided the loan last month to Hudson’s Bay Company (HBC), taking out $250 million in loans the Canadian bank provided in September of 2012. Credit Suisse had placed a previous $375 million mortgage on the property in March of that year.
The flagship location of the 190-year-old New York department store has its main façade on Fifth Avenue and two additional façades fronting West 38th and West 39th Streets.
A group led by NRDC Equity Partners (NRDC) purchased the Lord & Taylor department store chain for nearly $1.2 billion in in 2006 from Federated Retail Holding; property records show that that the Fifth Avenue flagship alone went for $303.6 million.
NRD purchased HBC in July 2008, though HBC continues to operate under its own name. In November 2013 HBC also acquired Saks Incorporated, which operates its flagship Saks Fifth Avenue just a short walk up the renown retail corridor at 611 Fifth Avenue, across from Rockefeller Center.