Chicago & Midwest + Midwest + Distressed Assets | July 31, 2023

KeyBank Secures $74.6M for Merrillville MF Property

KeyBank Real Estate Capital (KBREC) arranged a $74.6 million Freddie Mac non-recourse, first mortgage loan secured by a 628-unit garden-style apartment complex known as “Lakes at 8201” in Merrillville, Indiana.

Built in 1993, the apartment complex consists of 628, one-, two-, and three-bedroom units in 20 residential buildings. Located at 8201 Polo Club Drive, additional buildings on the site include an office, a clubhouse, and 13 garages (245 garage spaces), situated on a 36.66-acre lot of land.

John Ward and Joseph Tinti of KBREC structured the loan for The Beitel Group, a single-family office with experience in owning and managing a diversified, worldwide real estate portfolio. The loan will be used for acquisition. Beitel Group is wholly owned by the Beitel family, a veteran figure in the United States market for over 75 successful years.

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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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