Homebuilder secures $75 million

BONITA SPRINGS — A consortium of lenders led by Citigroup and J.P. Morgan has agreed to lend $75 million to homebuilder and developer WCI Communities.

The unsecured loan includes a feature that would allow WCI Communities to borrow as much as $125 million. Other lenders in the deal include Bank of America and Credit Suisse.

The loan comes shortly after WCI sold $200 million in debt and $91 million in an initial public offering of stock (symbol: WCIC; recent price: $15.20). Those moves will help fuel the company's growth and pay back creditors who shepherded WCI out of bankruptcy reorganization four years ago, according to filings. The company recently reported homebuilding revenues rose 146% in the most recent quarter to $53.8 million compared with the same quarter one year ago, reflecting a recovery in Florida real estate.