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Flagler Obtains $87 Mil in Financing

MIAMI-MetLife underwrites several mortgages at a fixed rate of 6.95% over seven-year terms. The developer didn't disclose which properties it mortgaged on the non-recourse loans.

By David R. Corder | Updated on October 04, 2001

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.

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