Flagler closes loan deal to refinance $460M in properties

Flagler, formerly Flagler Development Group, has closed on a $460 million commercial mortgage-backed securities loan covering its Florida property portfolio, the company announced. The Coral Gables company said it is the first CMBS loan in the last 18 months that was not backed by government guarantees, something of a milestone in the trajectory of the secondary market financing industry’s collapse. Flagler President and CEO Jose Hevia said the company has completed more than $1.9 billion in financing. Flagler, which in October shortened its name, has a 13 million-square-foot portfolio of office and commercial space that it owns, manages or leases. [SFBJ]