(Crystal Proenza is associate editor of Real EstateFlorida.)
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.
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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