Fairfield Residential takes out $265M multi-state mortgage

Rental communities in Florida accounted for 45 percent of loan

Aug.August 14, 2015 11:15 AM

San Diego, California-based Fairfield Residential has closed on a $265 million multi-state mortgage on properties including two in Miami-Dade and Broward counties, according to county records.

Nearly $120 million of that financing, or 45 percent, applies to rental communities in Florida, according to the mortgage. The properties named in South Florida were the Doral West Apartment Homes at 5400 Northwest 114th Avenue in Miami-Dade and the Windsor Pines Apartments at 250 Northwest 130th Avenue in Pembroke Pines.

The Doral complex features units with one, two and three bedrooms. Rents range from $1,490 to $2,225, according to its website. Amenities include a newly renovated clubhouse, a gated 13-acre lake with a walking trail, a gym, two swimming pools, a tennis court, playground, sand beach and a dog walking area. It’s located just east of the Homestead Extension of the Florida Turnpike, and north of Dolphin Mall.

Windsor Pines, in Broward, has units with one, two and three bedrooms and rents ranging from $1,340 to $1,670 monthly. Amenities include a billiard room, bowling alley, three swimming pools, an air-conditioned racquetball court, tennis court and a tanning salon. It’s east of I-75.

New York Life Insurance Company is the lender. The remaining $145 million applies to two communities in Dallas, Texas and one in Sandy Springs, Georgia.

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