FCP and Fairfield Properties have made a $100 million preferred equity investment to acquire a seven-property, garden-style multifamily portfolio containing 1,496 units located in Nassau and Suffolk Counties in New York.
Fairfield Properties Corporately Owned HQ Building in Melville, N.Y.
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.
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, Eric Apfel, and Alexander Virtue of CBRE Capital Advisors, represented the owner of the portfolio.
"This investment continues FCP's strategic initiative to expand its structured investment business by providing preferred equity on existing multifamily assets," said E.J. Corwin, senior vice president of FCP.