September 12, 2019 Comments (0) Views: 168 Long Island, New York News, Tri-State Area New York

FCP Puts Preferred Equity into LI Apartment Buy

FCP recently closed on a preferred equity investment to facilitate Fairfield Properties’ acquisition of Westfield Green, a newly-developed apartment community in the Long Island hamlet of Selden, NY. The property’s new owner has renamed it Fairfield Townhouses at Selden.

Financial terms weren’t disclosed. The developer of Westfield Green reportedly spent approximately $31 million to develop the 126-unit gated community.

Westfield Green represents the third transaction Chevy Chase, MD-based FCP has done with Fairfield this year. In March, FCP provided $100 million in preferred equity to Fairfield in the acquisition of a seven-property Long Island apartment portfolio.

Last month, FCP provided preferred equity to facilitate Fairfield’s acquisition of The Preserve, an 80-unit, Class A multifamily community in the Suffolk County community of Coram, not far from Selden.

Headquartered in Melville, NY, Fairfield is reportedly Long Island’s largest apartment owner with a portfolio of 11,500 units.

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