Greystone Lends $35M on Chicago-Area Apartments Acquisition
Grand Lifestyles acquired 216-unit property in Naperville, Illinois for $51.3 million from DRA Advisors
By Andrew Coen September 25, 2026 11:27 am
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Isn’t life grand.
Multifamily developer Grand Lifestyles has secured $35.4 million of acquisition financing to purchase a multifamily asset in suburban Chicago, Commercial Observer has learned.,
Greystone closed the Freddie Mac-backed loan to facilitate Grand Lifestyle’s $51.3 million acquisition of The Ponds of Naperville property in Naperville, Ill. from DRA Advisors The financing was originated by Eric Rosenstock, senior managing director at Greystone.
“The acquisition market in suburban Illinois is particularly exciting given that it remains one of the few markets experiencing organic rent growth, driven in large part by a lack of new supply and strong underlying multifamily fundamentals,” Rosenstock said in a statement. “The Ponds of Naperville presented Grand Lifestyles with an opportunity to acquire a well-maintained community in an established Chicago-area submarket.”
Located at 1331 Modaff Road 30 miles west from Downtown Chicago, the 1988-built property consists of 216 apartments featuring one and two-bedroom units. Community amenities include a clubhouse, recreation room, fitness center, swimming pool, playground, dog park and barbeque area.
Grand Lifestyles did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
