Flag Luxury Properties $175 million facility to launch Thursday

By Sara Rosenberg

New York, Jan. 31 - Flag Luxury Properties LLC is scheduled to hold a bank meeting on Thursday in Jupiter, Fla., to launch its proposed $175 million credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

The facility consists of a $135 million first-lien term loan talked at Libor plus 350 basis points and a $40 million second-lien term loan talked at Libor plus 700 bps, the source said.

Proceeds will be used to repay existing debt and to fund development of a St. Regis resort on Anguilla.

Flag Luxury Properties is a New York-based owner and developer of hotel, residential and retail projects.

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