Greystone Provides $35M in Freddie Mac Financing for Naperville Multifamily
Greystone has provided a $35.37 million 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. A total of 164 units have previously been renovated with features including stainless steel appliances, quartz countertops, gray cabinetry and vinyl flooring.
“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 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.”
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout