Natixis Lends Against St. Augustine Outlets
Natixis Real Estate Capital LLC provided a $22,000,000 floating-rate senior loan to the Lightstone Group for the refinancing of St. Augustine Outlets, a 335,000 square foot outlet center along Interstate 95 in St. Augustine, Florida. The project is anchored by Saks Off Fifth, H&M, and Beall’s. Other tenants include Michael Kors, Kate Spade, Lucky Brand, and Ann Taylor Loft. The property is currently 82% occupied, and the sponsor plans to lease up the property with a diverse tenant mix. Originally built in 1998, the outlet center underwent an extensive renovation which was completed in 2015. The financing was arranged by Drew Anderman of Meridian Capital in New York.