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Monday, 04 March 2019

Fairfield Properties Pays $472.5Mln for 7 Long Island, N.Y., Apartments

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Fairfield Properties has paid $472.5 million for seven apartment properties with 1,496 units on Long Island, N.Y.

The Melville, N.Y., company bought the portfolio from Lone Star Funds, a Dallas investment manager that assumed them in 2015 through its purchase of 115 properties from Home Properties Inc., a Rochester, N.Y., REIT. CBRE brokered the latest deal.

FCP, a Chevy Chase, Md., investment manager formerly known as Federal Capital Partners, made a $100 million preferred equity investment in the seven Class-B apartment properties that Fairfield bought. Fairfield also secured financing from Freddie Mac and Citibank to help fund its acquisition. CBRE arranged the preferred equity and financing.

The properties in the portfolio were constructed between 1951 and 1975 and had served as collateral for $280 million of Freddie financing that was securitized through FREMF, 2016-KLH1, and doesn't mature until November 2022. The loans would be subject to $2.8 million of prepayment penalties if retired before its...





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“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Long Island
  • States: New York
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: More than $150 million
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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