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 “Usually in most refinancings, you see everyone trying to maximize proceeds, but it is not so much the case here.”

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