Funding
Greystone Provides $47.49 Million Freddie Mac Loan for Foxboro Apartments Acquisition
By News Desk ·
Key takeaways
- Greystone provided a $47.5 million Freddie Mac loan to finance the acquisition of Foxboro Apartments in Wheeling, Illinois.
- Eric Rosenstock, Senior Managing Director at Greystone, originated the financing on behalf of Grand Lifestyles.
- Foxboro Apartments has 400 units across nine residential buildings and underwent renovations between 2020 and 2026, including improvements to about 46% of its units.
Greystone provided a $47.5 million Freddie Mac loan to finance the acquisition of Foxboro Apartments, a 400-unit multifamily property in Wheeling, Illinois, the company said in a GlobeNewswire announcement on November 5, 2026. Eric Rosenstock, Senior Managing Director at Greystone, originated the financing on behalf of Grand Lifestyles.
Foxboro Apartments Deal Details
Foxboro Apartments was built in 1975 and 1977 and offers 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," 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."
Greystone's Lending Record
According to akta.pro company records, Greystone originated $13 billion in total loan volume nationwide in 2025, broken down as $4.9 billion in the Northeast, $4.8 billion in the South, $2.0 billion in the Midwest and $1.4 billion in the West. The same records show $2.6 billion in HUD firm commitments originated during fiscal year 2025 across 40 multifamily properties at $1.1 billion and 83 healthcare properties at $1.5 billion, ranking Greystone first in dollar volume.
| Funding round | Date | Amount |
|---|---|---|
| Debt-funded | 2024-10 | $35.2 million |
| Debt-funded | 2014-02 | $60.5 million |
Earlier Grand Lifestyles and Greystone Loans
On September 25, 2026, Greystone closed a Freddie Mac-backed $35.4 million loan to fund Grand Lifestyles' $51.3 million acquisition of The Ponds of Naperville in Naperville, Illinois, Commercial Observer reported. The 1988-built property has 216 apartments and is located 30 miles west of downtown Chicago.
On October 30, 2026, a joint venture between BTI Partners and Bridge Investment Group secured a $109 million Freddie Mac-backed agency loan to refinance the 362-unit Bread Building in Hollywood, Florida, Commercial Observer reported. The property, converted from office space, reached full occupancy in September 2026.
On November 3, 2026, Greystone provided $49.6 million in HUD-insured financing for a 252-unit multifamily development in Osceola County, Florida, Business & Financial reported. The project, Gateway Osceola, will feature three four-story buildings and a clubhouse, with construction underway.