KeyBank finances Fleur de Lis construction
April 5, 2004
KeyBank Real Estate Capital said last week it approved $27.3 million in revolving construction financing for the next phase of the Fleur de Lis Luxury Townhomes in South Meadows.
The next phase of Fleur de Lis involves 134 units.
The financing allows for construction of up to 100 units at a time with additional units to be added as sales close.
Construction has started on the new phase.
Fleur de Lis is a development of Tanamera Resort Partners.
The first phase of the project, which opened last summer, sold out, and more than 200 of the 270 townhomes planned in Fleur de Lis have been sold.
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Customers have signed up on a waiting list for several models, said Brett Seabert, chief operating and financial officer of Tanamera Commercial Development, the development and construction company for Tanamera Resort Partners’ projects.
He said sales have exceeded the company’s expectations and price appreciation has been significant on the first units that were sold.
KeyBank Real Estate Capital provided a $15 million construction loan for the first phase of the project.
Steve Stratton, senior vice president and district manager of KeyBank’s Las Vegas office, said the fast sales of the first phase of Fleur de Lis helped convince the company to increase its commitment to the second phase.
Fleur de Lis is developed with eight units to an acre compared with 14 or more at other townhome developments and the two- and three-bedroom units range from 1,343 to 2,655 square feet.
The 40-acre development also includes a 20,000-square-foot clubhouse.
KeyBank Real Estate Capital is a subsidiary of Cleveland-based KeyCorp.