FCP℠ announces that it recently closed on a preferred equity investment to facilitate Fairfield Properties’ acquisition of Westfield Green, a newly developed apartment community containing 126 units in 13 buildings.
The property is located in the town of Selden in Long Island, NY. Westfield Green, renamed Fairfield Townhouses at Selden, is a gated community located along Middle Country Road, convenient to grocery stores, retail shops and restaurants. The property features top of the line interior finishes, individual basements and attached garages as well as Clubhouse, heated outdoor pool with sundeck, basketball court, bocce, BBQ area, firepit and seating area. The unit mix consists of very large two- and three-bedroom units with square footage averaging 1,500 per unit.
“FCP is excited to once again provide investment capital to Fairfield Properties for this very high quality, newly developed apartment community,” said FCP Senior Vice President, E.J. Corwin.
Westfield Green represents the third transaction with Fairfield Properties, the largest multifamily owner and operator on Long Island, in 2019. In March, FCP provided $100 million in preferred equity to Fairfield Properties in the acquisition of a seven-property Long Island apartment portfolio and in August, FCP provided preferred equity to the firm 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 investment in all of the above acquisitions and Fairfield will be investing additional capital in these properties to transform them to the Fairfield Standard. Fairfield Properties is the largest multifamily owner on Long Island with over 40 years of experience.
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.