The Real Deal New York

Fairfield lands $275M Freddie Mac financing for its recent Long Island portfolio buy

Lone Star sold the portfolio for $473M
March 14, 2019 10:30AM

Southern Meadows apartments in Bayport

Fairfield Properties landed $275 million in financing from Freddie Mac for the acquisition of a multifamily portfolio in Nassau and Suffolk Counties.

The $473 million deal includes seven garden-apartment properties. CBRE’s Jason Gaccione, Shawn Rosenthal, Maxi Leachman and David Webb negotiated the 15-year, fixed-rate debt under Freddie Mac’s Green Advantage program, Commercial Observer reported.

Fairfield Properties and Maryland-based real estate investor FCP bought the portfolio from Lone Star Funds earlier this month, as The Real Deal first reported. The deal followed its sale a $1.1 billion portfolio of garden apartments to Kushner Companies.

The properties include the 452-unit Southern Meadows in Bayport, the 368-unit Lake Grove Apartments in Lake Grove; the 242-unit Westwood Village in Westbury; the 232-unit Mid-Island Apartments in Bay Shore; the 82-unit Cambridge Village and 40-unit Yorkshire Village in Levittown; and the 80-unit Heritage Square in East Meadow.

CBRE arranged financing for six of the seven assets in the transaction comprising 1,264 units. The Mid-Island Apartments was not financed.

“The locations fit perfectly into our portfolio,” Gary Broxmeyer, a managing partners of Fairfield Properties, said in a statement. “We look forward to upgrading them to the Fairfield standard so we can provide a premier level of service to the residents.” [CO] — Meenal Vamburkar