The series of 10-year, non-recourse loans carry a weighted average fixed rate of 7.39% and are backed by undisclosed commercial and industrial properties developed by Flagler. Banc of America Securities was Flagler's financial advisor.
Flagler is owned by Florida East Coast Industries Inc., a New York Stock Exchange-traded company based in St. Augustine, the oldest city in Florida, 140 miles north of Downtown Orlando.
In a prepared statement, Robert W. Anestis, FECI chairman/president/CEO, says the company's financial restructuring included a $375 million syndicated bank credit facility which was closed in March. The plan also comprises $250 million of non-recourse mortgage financing on Flagler's developed realty holdings.
"We have closed the first of two planned mortgage finance tranches and expect to close the second tranche later this year," Anestis says in the statement.
Flagler owns, develops, leases and manages six million sf of commercial and owns 16,000 acres. Besides Flagler, FECI's three other subsidiaries are Orlando-based Epic, a carriers' carrier that provides bandwidth capacity, dark fiber leases and collocation services telecommunications providers; Florida East Coast Railway; and Florida Express Carriers Inc.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.