At a glance
- The loan equals about 74% of the purchase price, or $117,500 per unit, leaving a $16.45 million equity check.
- Allocators underwriting a similar 1977-vintage Wheeling property would need to fund about a quarter of the purchase with equity, based on the 74% loan-to-cost ratio.
- The property sits on nine buildings at 470 Foxboro Drive, 28 miles northwest of downtown Chicago, with one- and two-bedroom apartments, a clubhouse, fitness center, pool and tennis courts.
Greystone originated $47 million of Freddie Mac-backed debt for Grand Lifestyles' $63.45 million acquisition of Foxboro Apartments, a 400-unit complex in Wheeling, Ill., Commercial Observer reported on Nov. 5.
The loan equals about 74% of the purchase price, or $117,500 per unit, leaving a $16.45 million equity check. Marquette Companies bought the property in January 2020 for $54.25 million from Partnership Concepts in an off-market transaction and renovated nearly half the apartments. Grand Lifestyles is paying about 17% more than that basis.
Allocators underwriting a similar 1977-vintage Wheeling property would need to fund about a quarter of the purchase with equity, based on the 74% loan-to-cost ratio.
The property sits on nine buildings at 470 Foxboro Drive, 28 miles northwest of downtown Chicago, with one- and two-bedroom apartments, a clubhouse, fitness center, pool and tennis courts.
Grand Lifestyles took a $35.5 million Freddie Mac-backed loan from Greystone in September for its purchase of Ponds of Naperville in Naperville, Ill., bringing the two agency loans to $82.5 million. Separately, Greystone provided a $109 million Freddie Mac refinance for the Bread Building, as Private Wealth Daily previously reported.
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections