Greystone has provided a $35,375,000 Freddie Mac loan to finance the acquisition of The Ponds of Naperville, a 216-unit multifamily property in Naperville, Illinois. The financing was originated by Eric Rosenstock, Senior Managing Director at Greystone on behalf of Grand Lifestyles.
Built in 1988, The Ponds of Naperville offers a mix of one- and two-bedroom apartments. Community amenities include a clubhouse, recreation room, fitness center, swimming pool and sundeck, playground, dog park, package lockers, BBQ and picnic area, and carports. Apartment amenities include in-unit washers and dryers, patios or balconies, large closets and private storage. A total of 164 units have previously been renovated with features including stainless steel appliances, quartz countertops, gray cabinetry and wood-look vinyl flooring in kitchens and bathrooms.
“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,” said Mr. Rosenstock. “The Ponds of Naperville presented Grand Lifestyles with an opportunity to acquire a well-maintained community in an established Chicago-area submarket, and we were pleased to once again work with their team to provide financing that supports the continued growth of their multifamily portfolio.”