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Grand Lifestyles has secured a $47.49 million Freddie Mac loan for its acquisition of Foxboro Apartments, a 400-unit rental community in Wheeling, Illinois. The financing supports a change of ownership at an existing suburban Chicago property that has recently upgraded nearly half its apartments.
Greystone announced the financing November 5, saying senior managing director Eric Rosenstock originated the loan on Grand Lifestyles’ behalf.
The $47,490,000 figure is the loan amount, not the purchase price. The apartment complex sold for $63.45 million, according to transaction coverage.
A nine-building community with recent renovations
Foxboro Apartments was built in 1975 and 1977 and contains one- and two-bedroom homes across nine residential buildings. It is located at 470 Foxboro Drive in Wheeling, northwest of Chicago.
Greystone says renovations between 2020 and 2026 improved approximately 46% of the apartments, as well as the clubhouse, swimming pool and other shared spaces.
The property includes a fitness center, business center, dog park, tennis court and laundry facilities. Apartments have walk-in closets and private patios or balconies; some have fireplaces and upgraded kitchens.
Buyer adds an established suburban rental property
Rosenstock said Grand Lifestyles was expanding its portfolio with a community benefiting from recent capital improvements. He described suburban Chicago as a market with steady rental demand and limited new multifamily supply, an assessment made by the lender involved in the deal.
The transaction follows the property’s acquisition by Marquette Companies in January 2020 for $54.25 million, according to the transaction coverage. That purchase preceded the renovation program.
Agency-backed debt finances the acquisition
The financing gives Grand Lifestyles agency-backed debt for the existing 400 apartments. Greystone said it had worked with the buyer before and that the loan supports its continued investment in Chicago-area multifamily housing.
The deal combines acquisition financing with a property that has already received unit and common-area improvements, rather than funding construction of additional apartments.
JBizNews Desk | Wheeling, Illinois
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