KeyBank Real Estate Capital (KBREC) arranged a $74.6 million Freddie Mac non-recourse, first mortgage loan secured by 628-unit garden style apartment complex known as Lakes at 8201 located in Merrillville, IN.
Built between 1992 to 1993, the apartment complex consists of 628, 1- 2- and 3-bedroom units in 20 residential buildings. Additional buildings include an office/clubhouse, and 13 garages (245 garage spaces), situated on a 36.66-acre land. The loan will be used for acquisition.
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.
Under the leadership of CEO Ben Beitel, Beitel Group remains true to generational competencies in multifamily and development projects. Beitel Group is wholly owned by the Beitel family, a veteran figure in the US market for over 75 successful years.