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Chicago & Midwest  + Midwest  + Apartments  |  October 21, 2025
Jasmine Kilman
By: Jasmine Kilman

KeyBank Secures $57M Financing for Multifamily in Indiana

KeyBank Real Estate Capital secured a $57 million fixed-rate loan with a national life company to refinance The Steadman Apartment Homes, a newly completed multifamily property located in Carmel, Indiana.

The loan proceeds will be used to refinance outstanding construction debt. Construction was completed in 2024, and as of March 2025, the property was 60% leased. Samantha Miller and Greg Halvorson of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing.

The Steadman Apartment Homes is a 263-unit mid-rise apartment complex completed in 2024. The unit mix includes 130 one-bedroom units, 112 two-bedroom units, and 21 three-bedroom units. Community amenities include a state-of-the-art fitness center, coworking and conference rooms, a lounge, and a coffee bar.

Cityscape Residential, a full-service real estate development and construction firm focused on multifamily residential communities, is the project sponsor.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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