Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. AUGUSTINE, FL-Following a plan to rebalance its capitalization program. Flagler Development Co. has closed on a $160 million mortgage financing package provided by MetLife. The money will be used to finance growth and reduce the firm’s capital costs.

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:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.