Flagler closed on a $460 million commercial mortgage-backed securities (CMBS) loan covering its 44 office and industrial properties in Florida.
The Coral Gables-based company, a subsidiary of Florida East Coast Industries, said this was the first nongovernment-supported CMBS issued in the past 18 months. Banc of America Securities helped Flagler securitize the loan.
“The execution of this financing, particularly in light of current market conditions, reflects the strength of Flagler’s real estate portfolio,” Flagler President and CEO Jose Hevia said in a news release. “This will further solidify our market leadership position throughout Florida.”
The company owns, manages, leases or has under development about 13 million square feet of office and industrial space in Florida. That includes the Village at Beacon Lakes in Doral, Office Depot’s headquarters in Boca Raton and Flagler Station in Miami.
Flagler has completed more than $1.9 billion of financing this year, the company said.
In October, Flagler removed “Development Group” from its name and launched a new Web site with a new corporate logo. And, last month, the company absorbed Fort Lauderdale’s Rowley Group. That company’s founder, Pike Rowley, became president of Flagler’s realty arm in the non-cash transaction.
Source: http://www.bizjournals.com/southflorida/stories/2009/12/14/daily2.html
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
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