Property developer Grand Lifestyles has received US$35.4 million in acquisition financing to purchase a multifamily property in the suburban Naperville area of metropolitan Chicago. This information was disclosed to Commercial Observer. The financing was provided by Greystone in the form of a Freddie Mac-backed loan and enabled Grand Lifestyles to acquire 'The Ponds of Naperville' for US$51.3 million from DRA Advisors.
The financing transaction was initiated by Eric Rosenstock, Senior Managing Director at Greystone. Rosenstock expressed a positive view of the current market environment: 'The acquisition market in suburban Illinois is particularly attractive, as it is among the few markets experiencing organic rent growth. This is primarily due to a lack of new supply and strong fundamental fundamentals in the multifamily segment.' He highlighted that 'The Ponds of Naperville' offered Grand Lifestyles the opportunity to acquire a well-maintained residential complex in an established Chicago suburb.
Property details and location
The property is located at 1331 Modaff Road, approximately 30 miles west of downtown Chicago. Built in 1988, the property comprises 216 apartments, designed as one and two-bedroom units. The residential complex offers residents a range of amenities that enhance living comfort.
- —Clubhouse
- —Lounge
- —Fitness centre
- —Swimming pool
- —Playground
- —Dog park
- —Barbecue area
Grand Lifestyles did not immediately respond to a request for comment. The transaction underscores the continued attractiveness of high-quality multifamily properties in selected US suburban markets, particularly where demand outstrips supply and stable rental growth is projected.
