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Oxford Properties Group provided the financing, which JLL arranged.
That is the highest post-pandemic price per square foot for a full building on Fifth Ave.
It could fetch as much as $4.5 billion although the company is willing to sell it in smaller deals, sources say.
The companies have a 20% equity stake in the JV while FDIC owns the rest.
The deal is still tentative because Virginia legislature needs to approve the $2 billion funding.
CARGO Therapeutics will be occupying the space next year.
The REIT has almost $1 billion in debt coming due at the end of this year.
The department store's real estate is worth between $6 billion to $8.5 billion.
The mezzanine loan has an initial term of 4 years with two 12-month extension options.
Jackson Square Properties was the seller.