{"id":1004305622,"date":"2019-03-05T05:54:45","date_gmt":"2019-03-05T13:54:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004305622"},"modified":"2019-03-05T05:54:45","modified_gmt":"2019-03-05T13:54:45","slug":"fcp-fairfield-properties-acquire-ny-lone-star-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/","title":{"rendered":"FCP, Fairfield Properties Acquire NY Lone Star Portfolio"},"content":{"rendered":"<div id=\"attachment_1004305625\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004305625\" data-attachment-id=\"1004305625\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/westwood-village-watermarked\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Westwood-Village-watermarked.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Westwood Village watermarked\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Westwood-Village-watermarked.jpg?w=800\" class=\"wp-image-1004305625 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Westwood-Village-watermarked.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Westwood-Village-watermarked.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Westwood-Village-watermarked.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Westwood-Village-watermarked.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004305625\" class=\"wp-caption-text\">Westwood Village<\/p><\/div>\n<p>Fairfield Properties and FCP have acquired a seven-property portfolio of apartment communities in Long Island, N.Y. FCP provided $100 million in preferred equity to acquire the properties\u2014which contain a total of 1,496 units spread across Nassau and Suffolk counties\u2014from Lone Star Funds. The buyers paid $472.5 million for the seven multifamily assets, according to The Real Deal.<\/p>\n<p>The portfolio includes the apartment communities of Westwood Village, Heritage Square, Cambridge Village, Yorkshire Village, Southern Meadows, Lake Grove and Mid-Island Apartments. Senior loans for the portfolio acquisition were provided by Freddie Mac and Citibank.<\/p>\n<p>Fairfield Properties plans to renovate the communities through upgrades to interior spaces as well as exterior common areas.<\/p>\n<p>A CBRE team of David Webb, Maxi Leachman and Brynn Wendel represented the buyers on the senior debt and preferred equity placement. A CBRE team of Jeffrey Dunne, Gene Pride, Eric Apfel and Alexander Virtue represented the owner of the portfolio and also secured the buyer.<\/p>\n<p><em>\u201cFCP is very pleased to make its first investment in the Long Island, NY market alongside Fairfield Properties, the top multifamily owner and operator in the market,\u201d<\/em> said FCP Senior Vice President, E.J. Corwin, in prepared remarks. <em>\u201cThis investment continues FCP\u2019s strategic initiative to expand its structured investment business by providing preferred equity on existing multifamily assets.\u201d<\/em><\/p>\n<p>In January, Triangle Equities and GTIS Partners announced they had teamed up to build an <a href=\"https:\/\/www.multihousingnews.com\/post\/80m-luxury-community-for-seniors-coming-to-long-island\/\">$80 million luxury senior housing community on Long Island<\/a>.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The joint venture paid $472.5 million for the seven properties, which encompass 1,496 apartment units. FCP provided $100 million in preferred equity investment toward the acquisition.<\/p>\n","protected":false},"author":745,"featured_media":1004305625,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21742,32781],"tags":[33457,44498,42182,32938,35235],"class_list":["post-1004305622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-latest","category-southeast","tag-citibank","tag-fairfield-properties","tag-fcp","tag-freddie-mac","tag-lone-star-funds"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FCP, Fairfield Properties Acquire NY Lone Star Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FCP, Fairfield Properties Acquire NY Lone Star Portfolio\" \/>\n<meta property=\"og:description\" content=\"The joint venture paid $472.5 million for the seven properties, which encompass 1,496 apartment units. FCP provided $100 million in preferred equity investment toward the acquisition.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-05T13:54:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Westwood-Village-watermarked.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/\",\"name\":\"FCP, Fairfield Properties Acquire NY Lone Star Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Westwood-Village-watermarked.jpg\",\"datePublished\":\"2019-03-05T13:54:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Westwood-Village-watermarked.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Westwood-Village-watermarked.jpg\",\"width\":800,\"height\":620},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FCP, Fairfield Properties Acquire NY Lone Star Portfolio\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d\",\"name\":\"Holly Dutton\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Holly-D-Dutton-e1622041566670.png?w=75\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Holly-D-Dutton-e1622041566670.png?w=75\",\"caption\":\"Holly Dutton\"},\"description\":\"Holly Dutton is a Senior Editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2018 and has reported on the real estate sector since 2012. She was previously with Real Estate Weekly and the Houston Chronicle. Connect with her on twitter: @HollyDutton\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/hollydutton\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"FCP, Fairfield Properties Acquire NY Lone Star Portfolio - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/fcp-fairfield-properties-acquire-ny-lone-star-portfolio\/","og_locale":"en_US","og_type":"article","og_title":"FCP, Fairfield Properties Acquire NY Lone Star Portfolio","og_description":"The joint venture paid $472.5 million for the seven properties, which encompass 1,496 apartment units. 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