Walker & Dunlop, a Maryland-based commercial real estate finance company, has closed a $20.7 million loan for Key Real Estate Co. to buy the Botanica Apartments in Mandeville.

Botanica is a 228-unit complex at 100 St. Ann Drive. The complex opened in 1998 and has an average occupancy rate of 95 percent.

New Orleans-based Key, which owns a number of upscale apartment complexes, plans to spend $4 million on improvements at Botanica, upgrading the interior of units and common areas.

The loan utilizes Fannie Mae’s Early Rate Lock program, said Deidra Darsa, a spokeswoman for Walker & Dunlop.

Follow Timothy Boone on Twitter @TCB_TheAdvocate