NEW YORK CITY-The famed Lord & Taylor on Fifth Avenue hasreceived a makeover—a financial one, that is. CIBCand Natixis Real Estate Capital have provided a$250 million mortgage loan for the refinancing of the iconic611,000-square-foot department store at 424 Fifth Ave., accordingto law firm Morrison & Foerster, who reppedCIBC on the deal.

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

Under the deal, CIBC is acting as administrative agent andproviding half the loan amount, while Natixis Real Estate Capitalwill provide the other half of the loan. “When they [CIBC]originally sourced the deal and they wanted someone to bring inhalf of it,” Delson adds.