Evergreen at Tuscany Villas
Acquisition and Value-Add Bridge to FHA
KeyBank Real Estate Capital (KBREC) provided a 36-month, $23,535,000 value-add loan for Evergreen-Residential LLC, a Florida-based real estate investment company, to acquire and reposition a multifamily property in Baton Rouge, LA.
Built in 2008, Evergreen at Tuscany Villas is a 274-unit multifamily community located near the Siegen Lane Marketplace and Mall of Louisiana, off I-10 which provides direct access to downtown Baton Rouge. Evergreen Residential is planning to renovate units and upgrade community amenities, which include a resort-style pool, clubhouse, and fitness center.
The floating rate facility provided financing for the acquisition and a future funding component for the renovations. The facility was funded using KeyBank’s own balance sheet capital and offers complete prepayment flexibility and interest only throughout the term of the loan. KeyBank will assist in the placement of permanent FHA financing for the project upon completion of the renovations.