(Crystal Proenza is associate editor of Real EstateFlorida.)

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JACKSONVILLE, FL-Locally based developer St. Joe Co. has enteredinto a $100-million credit facility with Branch Banking and TrustCo. The facility, which matures in three years, has an option toincrease to $200 million through syndication. St. Joe paid $905,000in fees to BB&T in connection with the closing of the newcredit line, according to Securities and Exchange Commissiondocuments.

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William S. McCalmont, St. Joe's chief financial officer, statedin a release that getting the facility is particularly remarkablegiven currently tight capital markets. "With our already solidbalance sheet, virtually no debt and no current plans to draw onthis new facility," he said, "we have increased our financialflexibility providing us further stability in these difficultmarket conditions."

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Executives at St. Joe, which has developed nearly four millionsf of retail, office and commerce space throughout the state since1998, were not readily available for comment Wednesday. The releasestated that the new credit line replaces an existing one withWachovia Bank and other lenders, including BB&T.

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The new facility provides for swing advances of up to $5 millionand the issuance of letters of credit of up to $30 million,according to St. Joe's SEC filing. The documents state that "theproceeds of any future borrowings under the credit agreement may beused for general corporate purposes" and that the company "haspledged 100% of the membership interests in its largest subsidiary,St. Joe Timberland Co. of Delaware LLC, as security for the creditfacility."

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