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New Mortgage Taken on Saks Fifth Ave.

NEW YORK CITY—Hudson's Bay Co., the owner of the upscale brand, has taken a ground lease on Saks' flagship store of more than $1 billion.

By Rayna Katz | Updated on November 24, 2014

NEW YORK CITY—Hudson’s Bay Company has announced plans for a $1.25 billion, 20-year, interest only mortgage on the ground portion of its Saks Fifth Avenue flagship store at 611 5th Ave. The transaction is expected to close in early December.

An independent appraiser valued the entire property at $3.7 billion based on the assumption that the entire property is net leased by Saks Fifth Avenue at an estimated current fair market rent.Morgan Stanley Bank, Goldman Sachs Mortgage Co. and the Bank of Nova Scotia, independently commissioned a leading international appraiser to provide appraisals of the land and the building. 

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