Greystone Provides $47.49 Million Freddie Mac Loan for Grand Lifestyles' Foxboro Apartments Acquisition in Wheeling
WHEELING, Ill. — 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 firm announced Nov. 5. The financing was originated by Eric Rosenstock, Senior Managing Director at Greystone, on behalf of Grand Lifestyles.
Greystone Financing for Grand Lifestyles' Acquisition
The Freddie Mac loan finances Grand Lifestyles' purchase of Foxboro Apartments, located at 470 Foxboro Drive in suburban Chicago. The loan equates to roughly $118,725 per unit, a measure of the debt amount rather than the property's purchase price or valuation.
Rosenstock said the deal marked a return engagement with the borrower. "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," he said.
Foxboro Apartments Property Details
Foxboro Apartments was built in 1975 and 1977 and 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. Select units feature 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. Public leasing information shows one-bedroom units of approximately 700 square feet, with advertised rents beginning around $1,574. That figure is an asking-rent snapshot rather than a property-wide average.
Rosenstock on the Suburban Chicago Opportunity
"Suburban Chicago continues to offer compelling acquisition opportunities, supported by steady rental demand and limited new multifamily supply," Rosenstock said. "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."
Chicago Multifamily Market Context
The financing comes as Chicago's multifamily market shows occupancy above its long-term norm. Chicago's multifamily occupancy rate reached 94.9% in the second quarter of 2026, compared with a 10-year average of 93.8%, while effective rents rose 3.2% year over year. Suburban rents increased 1.5% year over year to approximately $1,788 per unit, or $2.02 per square foot.
New supply has been limited. Chicago delivered about 3,200 units in 2025, the lowest total since 2012, though deliveries were expected to rise to roughly 7,000 units in 2026. Moody's projected effective rent growth of 3.7% for the year, with the added supply expected to push overall vacancy to 5.6% by year-end.
Investment activity has also picked up. Chicago's transaction count in the first half of 2026 reached its highest level in more than a decade, with average cap rates of approximately 6.0%, 25 basis points higher than the prior year. A separate market estimate placed average Chicago cap rates at 6.81%, with pricing at approximately $224,000 per unit. The difference reflects variations in property class, geography, sample size and methodology.
Agency Debt and Value-Add Positioning
Foxboro is an older suburban community with a substantial amenity package and a partially completed renovation program. Improvements to roughly 46% of the units leave room for continued physical upgrades. Freddie Mac financing can provide long-term, fixed-rate debt for an established 400-unit asset.
Greystone is a private national commercial real estate finance company that has ranked as a top FHA, Fannie Mae and Freddie Mac lender in the multifamily and healthcare sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.
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