WCI retires $300M in debt

WCI Communities retired its $300 million senior term loan this week, 15 months after the account was first opened. In paying off the loan, the Bonita Springs-based firm reduced its total debt by 68%.

The company will now shift its focus to “re-establishing and growing its homebuilding operation and returning the company to profitability,” officials said in a release.

President and CEO David Fry says improving the firm's capital structure is one way WCI can improve its future outlook despite market conditions. “While the Florida real estate market has not materially improved,” Fry allowed, “we have maintained our focus on right-sizing our balance sheet and establishing a strong foundation for future growth.”

Going forward, the developer will focus on generating business from five new community properties: Pelican Preserve in Fort Myers; Venetian Golf & River Club in Venice; Marquesa Royale at Tiburon; Manchester Square in Naples; and Heron Bay in Coral Springs.

WCI Communities was the subject of a Business Review feature at the end of July after the firm re-emerged from bankruptcy.