Simpson Thacher Represents The Carlyle Group in Sale and Refinancing of Prime Fifth Avenue Retail Property
03.08.11
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The Firm represented affiliates of The Carlyle Group in connection with a series of transactions relating to the retail portion of 666 Fifth Avenue in New York City. On March 4, 2011, a Carlyle led investor group closed on a $324 million sale of a portion of the retail condominium unit located at 666 Fifth Avenue to a subsidiary of Inditex SA. The NBA Store had most recently occupied this space and the buyers will reportedly be opening a flagship Zara retail store at the space.
The Firm also represented the group on a $300 million senior financing from Morgan Stanley Bank, N.A. for the balance of the Fifth Avenue retail still owned by Carlyle. The refinancing closed on the same day as the sale. The Carlyle retained property is occupied by Hollister (an Abercrombie & Fitch brand) and Uniqlo.
The proceeds of the sale and the refinancing allowed Carlyle to retire the existing senior and mezzanine debt obtained to acquire the property in 2008.
The Firm previously represented Carlyle in its July 2008 acquisition and financing of this property.
The Simpson Thacher team for the transaction includes Scott Kobak, Erik Quarfordt, John F. Lewis and David Gross (Real Estate) and Nancy Mehlman (Tax).