MIAMI-Flagler Development Co. announced Wednesday it closed on $87 million in new financing through MetLife but didn’t disclose which properties it mortgaged. The developer is paying a fixed rate of 6.95% on several loans over a seven-year period.

First Union Securities Inc. arranged the financing, with Wachovia Securities serving as co-adviser. Flagler pledged certain of its commercial and industrial rental properties as collateral on a non-recourse basis.

Flagler owned about 51 buildings and 5.3 million sf of commercial real estate on 431 acres primarily in Jacksonville, Orlando and South Florida as of Dec. 31, according to an annual report Florida East Coast filed with the Securities and Exchange Commission. It also owns another 14,000 acres of undeveloped land.

In South Florida, the company owns Beacon Station at Gran Park, a 960-acre mixed-use industrial park in the Medley/north airport submarket in Miami-Dade County. The site allows for the development of nine million sf of industrial-warehouse and flex-office properties. It also owns another 500 acres of undeveloped land adjacent to Beacon Station.

The company owns the 30-acre Beacon Pointe in the Broward County community of Weston. Development entitlements allow for the development of 375,000 sf of office space within the corporate park.

Flagler Development is the commercial real estate development subsidiary of Jacksonville, FL-based Florida East Coast Industries Inc