CHEVY CHASE, MD - FCP announced 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.
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.
"FCP 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," said FCP Senior Vice President, E.J. Corwin. "This investment continues FCP's strategic initiative to expand its structured investment business by providing preferred equity on existing multifamily assets." Fairfield Properties plans to renovate the communities, transforming the vintage properties by upgrading both interior spaces as well as exterior common area improvements.
"We are thrilled to add these multifamily rental properties to the Fairfield Family of communities," said Gary Broxmeyerand Michael Broxmeyer, Managing Partners of Fairfield Properties in a statement. "The locations fit perfectly into our portfolio. We look forward to upgrading them to the Fairfield Standard so we can provide a premier level of service to the residents."
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.