FCP℠ announces that it recently closed on a preferred equity investment to facilitate the acquisition of The Preserve, a Class-A, 80-unit multifamily community in Suffolk County, Long Island. The sponsor, Fairfield Properties, made a significant initial investment in acquiring the property and will be making a major future capital investment to renovate the property to the Fairfield standard. Fairfield is the largest multifamily owner and operator on Long Island with over 40 years of experience.
The Preserve, constructed in 2016, is comprised of 100% 3-bedroom, 3-bath townhomes, which allows the asset to occupy a unique niche in the Coram market. Fairfield Properties plans to operate The Preserve in conjunction with adjacent Fairfield Properties in their portfolio.
“FCP is pleased to have the opportunity to again invest alongside Fairfield Properties, the top multifamily owner and operator on Long Island,” said FCP Senior Vice President, E.J. Corwin. “The Preserve is well-positioned to take advantage of a supply-constrained submarket and allows FCP to expand its structured investment business by providing preferred equity on existing multifamily assets.”
FCP℠ 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.
Fairfield 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 145 Apartment Communities totaling 11,500 rental units and 14 Office Buildings with over 1.4 million square feet of commercial space.