Greystone Supplies $47M Freddie Mac Loan on Illinois Multifamily Acquisition 

Multifamily developer Grand Lifestyles has sealed $47 million of agency-backed debt to acquire an apartment complex in Chicago’s northern suburbs, Commercial Observer has learned. 

Greystone originated the Freddie Mac-backed loan for Grand Lifestyles’ acquisition of Foxboro Apartments in Wheeling, Ill., for $63.45 million. The 400-unit property was previously acquired by Marquette Companies in January 2020 for $54.25 million from Partnership Concepts in an off-market transaction before undergoing a renovation project that involved improvements to nearly half of the apartments.

“Suburban Chicago continues to offer compelling acquisition opportunities, supported by steady rental demand and limited new multifamily supply,” Eric Rosenstock, senior managing director at Greystone, said in a statement. “Foxboro Apartments presented Grand Lifestyles with an opportunity to expand its portfolio with an established community in the Wheeling submarket, benefiting from recent capital improvements and strong underlying fundamentals.”

Located at 470 Foxboro Drive, 28 miles northwest of Downtown Chicago, the 1977-built property has a mix of one- and two-bedroom apartments across nine buildings. Community amenities include a clubhouse, a fitness center, a swimming pool, a lounge, a business center, a dog park, tennis courts and a sand volleyball court.

Grand Lifestyles also secured a $35.5 million Freddie Mac-backed loan from Greystone in September for the acquisition of another Chicago-area multifamily asset, the Ponds of Naperville in Naperville, Ill., CO first reported at the time. 

Grand Lifestyles did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.