The Real Deal New York

Barney’s landlord refinances for $100M

July 01, 2010 09:00AM

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660 Madison Avenue

The 265,000-square-foot retail condominium that houses Barney’s flagship store at 660 Madison Avenue
has been refinanced for $100 million in one of the largest New York
City commercial mortgage-backed security deals since the downturn, the
Observer reported. Landlord Flagship Partners, which owns the 13-story
building’s first nine floors, took out a 10-year fixed-rate loan. That
loan will be part of a U.S. conduit offering, to be priced later in the
summer and securitized by Goldman Sachs and Starwood Capital. “The
transaction’s size and structure are highly indicative of the
reemergence of the large loan and CMBS markets,” said managing director
Ronnie Levine of Meridian Capital Group, which negotiated the deal. The
Corcoran Group’s headquarters occupy the entire 11th floor of the building and part of the 18th floor.

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