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.
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