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

Lone Star sold the portfolio for $473M

Tri-State /
Mar.March 14, 2019 10:30 AM

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


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Rolling Gardens Apartment Homes at 405 Franklin Turnpike in Mahwah NJ (Apartments.com)
Morgan Properties trades NJ multifamily portfolio for $57.5M
Morgan Properties trades NJ multifamily portfolio for $57.5M
Carlyle's Kewsong Lee and Jason Hart with 22-22 Jackson Avenue (Carlyle Group, ODA Architecture)
For $85M, Carlyle nabs another LIC resi building
For $85M, Carlyle nabs another LIC resi building
Skylight Real Estate Partners founding partner Bennat Berger and 340 Old River Road in Edgewater (Google Maps, LinkedIn)
New firm pays $50M for Edgewater multifamily
New firm pays $50M for Edgewater multifamily
Slate Property Group principal Martin Nussbaum and 210 Clarkson Avenue (Slate, RIPCO)
K2 Real Estate nabs $68M to kick off Prospect-Lefferts Gardens resi project
K2 Real Estate nabs $68M to kick off Prospect-Lefferts Gardens resi project
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...