Greystone has provided a $47,490,000 Freddie Mac loan to finance the acquisition of Foxboro Apartments, a 400-unit multifamily property in Wheeling, Illinois. The financing was originated by Eric Rosenstock, Senior Managing Director at Greystone on behalf of Grand Lifestyles.
Built in 1975 and 1977, Foxboro Apartments offers a mix of one- and two-bedroom apartments across nine residential buildings. Community amenities include a newly renovated clubhouse, fitness center, swimming pool and lounge, business center, dog park, tennis court, sand volleyball court, laundry facilities and package services. Apartment amenities include walk-in closets and private patios or balconies, with select units featuring wood-style flooring, slate appliances, galley-style kitchens with breakfast bars and fireplaces. The property has undergone renovations between 2020 and 2026, including improvements to approximately 46% of its units, as well as upgrades to the clubhouse, swimming pool, and other common areas.
“Suburban Chicago continues to offer compelling acquisition opportunities, supported by steady rental demand and limited new multifamily supply,” said Mr. Rosenstock. “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. We were pleased to once again work with their team to provide Freddie Mac financing that supports their continued investment in the Chicago-area multifamily market.”