WCI raises $175 million for new projects

WCI Communities has raised $175 million in new capital, the South Florida Business Journal reported. The developer has been ramping up projects in South Florida after obtaining bankruptcy protection during the downturn. The new capital includes a $125 million note due in five years, along with $50 million in extra funding. “These investments support the next phase of WCI’s progression as we continue to execute the elements of our growth plan, including strategic land acquisitions in key Florida markets to expand our portfolio of lifestyle communities,” said David Fry, president and CEO of WCI. The homebuilder recently announced that it had sold 100 homes in its new Heron Bay development in Parkland. WCI had encountered opposition in the area after it built a number of homes there using tainted Chinese drywall. [SFBJ]