July 20, 2016
HBC has closed a $400 million mortgage refinancing of the Lord & Taylor flagship property in New York City.
On July 19, Willkie client Hudson's Bay Company (HBC) announced the closing of a $400 million, five-year mortgage on the Lord & Taylor flagship property in New York City, located at 424-438 Fifth Avenue, to refinance the existing mortgage of $250 million due September 2017. In connection with this transaction, the lenders independently commissioned a leading international appraiser, which valued the property at $655 million.
Founded in 1670, Hudson’s Bay Company is the oldest company in North America. HBC is one of the fastest-growing department store retailers in the world, based on its successful formula of driving the performance of high quality stores and their all-channel offerings, unlocking the value of real estate holdings and growing through acquisitions. In North America, HBC’s leading banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks OFF 5TH, along with Find @ Lord & Taylor and Home Outfitters. In Europe, its banners include GALERIA Kaufhof, the largest department store group in Germany, Belgium’s only department store group Galeria INNO, as well as Sportarena.
The deal was handled by partners Gordon Caplan and Thomas Henry; counsel Daniel Backer; and associates Timothy DeKeyser and Mark Stokely.
