Florida East Coast Industries recapitalized a set of nearby properties Light line stations with loans totaling $ 438 million, property records show.

The company, owner of the Brightline rail service, has made an existing senior loan of Morgan stanley with an additional $ 122 million, according to records.

In 2019, FECI first provided a loan of $ 200 million to Morgan Stanley. It renewed the loan last August and increased that amount to $ 238 million in October, bringing the total to $ 360 million with the new funding.

In addition, the company got $ 78 million, as a junior lien, from Morgan Stanley and the New York-based company Can Am Capital Partners.

The seven properties are located in Broward and Miami-Dade counties. They include two plots in downtown Miami, where the company was develop twin towers and later put them up for sale, as well as land near Fort Lauderdale’s Brighline Station at 110 NW 4th Avenue.

New York-based parent company of FECI Fortress Investment Group has made real estate investments around its Brightline stations a centerpiece of its strategy. But by putting its Miami locations on the market and selling one in Fort Lauderdale, the firm appears to have increased its ambition to develop the land on its own.

Last month, FECI sold two vacant plots nearby in Broward County for a total of $ 37.2 million.

The Brightline railway line stretched from Miami to West Palm Beach and extends to Orlando and Tampa. Construction of the railway to the north is expected to be completed by 2022.

Following the pandemic, rail service ceased operations in March 2020 and is expected to reopen by the end of the year.

FECI representatives could not be reached for comment.

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