FCP\u2120 announces a $100 million preferred equity investment with Fairfield Properties to acquire a seven-property, garden-style multifamily portfolio containing 1,496 units located in Nassau and Suffolk Counties in Long Island, NY. Fairfield Properties is the largest multifamily owner and operator on Long Island with over 40 years of experience.<\/p>\n
The portfolio includes the communities of Westwood Village, Heritage Square, Cambridge Village, Yorkshire Village, Southern Meadows, Lake Grove and Mid-Island Apartments. Freddie Mac and Citibank provided senior loans for the acquisition.<\/p>\n
\u201cFCP is very pleased to make its first investment in the Long Island, NY market alongside Fairfield Properties, the top multifamily owner and operator in the market,\u201d said FCP Senior Vice President, E.J. Corwin<\/strong>. \u201cThis investment continues FCP\u2019s strategic initiative to expand its structured investment business by providing preferred equity on existing multifamily assets.\u201d Fairfield Properties plans to renovate the communities, transforming the vintage properties by upgrading both interior spaces as well as exterior common area improvements.<\/p>\n \u201cWe are thrilled to add\u00a0these multifamily rental properties\u00a0to the Fairfield Family of communities,\u201d said Gary Broxmeyer and Michael Broxmeyer<\/strong>, Managing Partners of Fairfield Properties in a statement. \u201cThe locations fit perfectly into our portfolio.\u00a0We look forward to upgrading them to the Fairfield Standard so we can provide a premier level of service to the residents.\u201d<\/p>\n David Webb, Maxi Leachman and Brynn Wendel with CBRE Mid-Atlantic Debt and Structured Finance Team advised the buyers on the Senior Debt and Preferred Equity placement. The CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel, along with Alexander Virtue of CBRE Capital Advisors, represented the owner of the portfolio and also procured the buyer.<\/p>\n About FCP About Fairfield FCP\u2120 announces a $100 million preferred equity investment with Fairfield Properties to acquire a seven-property, garden-style multifamily portfolio containing 1,496 units located in Nassau and Suffolk Counties in Long Island, NY. Fairfield Properties is the largest multifamily owner and operator … Continue reading
\nFCP\u2120 is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.<\/p>\n
\nFairfield Properties, headquartered in Melville New York, is the largest owner and operator of multifamily real estate properties on Long Island. Their portfolio consists of over 11,000 rental units and 1.1 million square feet of commercial space.<\/p>\n","protected":false},"excerpt":{"rendered":"