Procacci Development Corp. Refinances Debt and Secures Revolving Credit Line

  

BOCA RATON, FL (July 25, 2011) – Procacci Development Corporation, leader in the creation of buildings constructed to resist Category 5 Hurricane-force winds and maximize energy efficiency, has refinanced $17.5 million in debt related to development projects for the U.S. General Services Administration. The company also secured a $15 million revolving line of credit.

The new credit facility is for a combined $32.5 million. The funding relates to four projects developed for the GSA by each of four Procacci affiliates: Procacci Orlando, LLC; Procacci Tampa, LLC; Procacci Fort Myers, LLC; and Procacci Nashville, LLC. The properties are located in Orlando, Tampa and Fort Myers, Florida, and Nashville, Tennessee.

“This refinancing significantly enhances our debt structure,” Philip J. Procacci (top right photo), founder and CEO, said. “In addition to the refinancing of construction loans, the availability of the revolving line of credit enhances the company’s liquidity and provides additional capital for the future. It further enables us to react quickly on acquisition and development opportunities throughout Florida and the Southeast.”

Procacci closed the Term Loan and Revolving Line of Credit with PNC Bank. The four properties total 149,364 square feet. All of the properties are leased to federal GSA agencies under long-term leases.

Each of these buildings capitalizes on the developer’s “Built Procacci Strong” construction concepts. They are leading-edge facilities that incorporate hurricane-resistant attributes to protect tenants from water and wind damage in excess of the requirements of the Florida Building Code. 

As with many of the buildings within its portfolio, Procacci will utilize sustainable and environmentally responsible materials, making a significant investment to enhance the building’s structural integrity.

These enhancements will allow the building to meet and exceed Zurich HPR (Highly Protected Risk) standards and have earned the buildings in Tampa, Fort Myers and Nashville Pre-Certification in Leadership in Energy and Environmental Design (LEED) from the U.S. Green Building Council at a Silver level.

For more information, log on to www.procacci.us.

Contact: Todd Templin, Boardroom Communications, 954-370-8999 or 954-290-0810, ttemplin@boardroompr.com