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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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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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