The performing first mortgage on Botanica Apartments was acquired in September 2009. Botanica Apartments is an institutional quality Class “A” apartment complex located outside of New Orleans, LA. The property was built in 1999 and renovated in 2006. A deed-in-lieu of foreclosure was negotiated and the deed was obtained at loan maturity (approximately 11 months after purchase of the loan). Since takeover, the occupancy rate has increased from 75% to 95%