Natixis has provided a total of $47.5 million in floating rate loans on two properties in Washington State and Florida.
The lender provided a $22 million five-year, floating rate loan with 42 percent loan-to-value (LTV) to the Lightstone Group on a 335,000 sq ft retail center in St. Augustine, on Florida’s northeast coast. Meridian Capital arranged the financing, according to the lender. St. Augustine Outlets is currently 82 percent occupied with tenants including Saks Off Fifth, H&M, and Kate Spade. The center underwent an extensive renovation that was completed in 2015 and was originally built in 1998.
Natixis also provided a $25.5 million five-year, floating rate acquisition loan with 65 percent LTV to Madison Marquette on a 119,793 sq ft office building in Seattle, Washington. Loan proceeds will be available to fund leasing costs and capital expenditures, on top of the acquisition. The Bay Vista property is in the middle of Seattle’s Belltown neighborhood and comprises the Bay Vista Tower luxury high-rise residential development along with office space.
Last month, Natixis also provided a $57.5 million loan to refinance a Class A office building in Downtown Brooklyn and this May the firm originated a $91.5 million loan to refinance a 13-property US healthcare portfolio.