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Case Study

Chicago | Barney's New York, Inc.

Jones Lang LaSalle was retained to recapitalize the existing debt and/or find an investor that would purchase The Barneys New York development within an accelerated time frame. Ownership’s loan with Anglo Irish Bank matured in the fall of 2010 with a remaining principal balance of $93 million. Unable to pay off the loan balance, Anglo Irish Bank filed a foreclosure suit to collect the past-due loan. The capital markets environment--coupled with Barney’s highly speculative S&P credit rating of CCC, ongoing foreclosure suit, and perceived above-market rental rates--made the recapitalization/sale a challenging assignment.

Jones Lang LaSalle launched a targeted international marketing effort to recapitalize the debt and originate joint venture equity, while also seeking to sell the Property to a new investor.

JLL provided multiple solutions. We identified an institutional international joint venture capital source willing to provide $40 million of fresh equity, allowing Ownership to pay down or refinance the existing debt while staying in the deal. We also sourced an “all cash” international investor willing to purchase the property for $117 million and close within 30 days, which was Ownership’s preferred outcome.

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