CHEVY CHASE, Md., Sept. 11, 2019 /PRNewswire/
-- FCP(SM) 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.
About FCP
FCP(SM) 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.
About Fairfield
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.
Media Contact: Karen
Widmayer
KW Communications,
LLC
karenwidmayerpr@gmail.com
301-661-1448
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SOURCE FCP