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NEW YORK CITY-The famed Lord & Taylor on Fifth Avenue has received a makeover—a financial one, that is. CIBC and Natixis Real Estate Capital have provided a $250 million mortgage loan for the refinancing of the iconic 611,000-square-foot department store at 424 Fifth Ave., according to law firm Morrison & Foerster, who repped CIBC on the deal.

“As an iconic building, there relatively is low leverage here, only 45%,” Chris Delson, a partner at MoFo’s New York real estate finance group, tells GlobeSt.com. “Usually in most refinancings, you see everyone trying to maximize proceeds, but it is not so much the case here.”

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