KeyBank Real Estate Capital, a subsidiary of Cleveland-based KeyCorp, last week said it's financed a $15 million revolving construction loan for Fleur de Lis Luxury Townhomes, developed by Tanamera Resort Partners in Reno's South Meadows.
The loan covers 126 units in Phase I and allows for phased construction of up to 75 units at a time, with additional units to be started as sales close.
Fleur de Lis is a 40-acre, masterplanned town home.
More than 100 of the 136 town homes in Phase I have already been sold "KeyBank Real Estate Capital has been looking to increase our presence in Reno, and we are very pleased to be a part of such a monumental development in the area," said Steve Stratton, senior vice president and district manager of KeyBank's Las Vegas office, in a prepared statement.
Joe Lopez, sales manager for Double Diamond Realty Advisors, said the early sales figures were well above the company's expectations, and prices have risen since pre-construction sales began The Fleur de Lis clubhouse and first models are expected to open in May.
Completion of Phase I is set for this winter.
Phase II is expected to come on the market in summer 2003.
The development will have eight homes per acre, Lopez said, noting that most town home developments have 14- 18 units per acre.
Two or three-bedroom units at Fleur de Lis range from 1,343 to 2,655 square feet.
A 20,000-square-foot clubhouse will incorporate a fitness facility, fireplaces, wine cellar, sports lounge, theatre, music room and library.
The exterior will include a swimming pool, barbecue areas, and walking trails.
Fleur de Lis will also provide residents with high-speed Internet access, teleconferencing services and streaming video.
The development will be linked with its own private intranet.
Property owners also will have the services of a concierge.
Units are priced at $197,450 to $350,950 without upgrades or optional
features such as offices.
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