KeyBank Real Estate Capital has secured $25.92 million in CMBS financing for Enclave West, a 552-bed student housing apartment complex in Edwardsville, IL. Located 20 miles northeast of downtown St. Louis, the 98.4% occupied property was built in 2013-14. It is the closest off-campus student housing property to the Southern Illinois University Edwardsville. Randy Martin of KeyBank Real Estate Capital Markets arranged a $22.68 million non-recourse, fixed rate CMBS first mortgage and a $3.24 million full recourse, fixed rate Life Company mezzanine loan for the borrower.
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