FCP has announced that it recently closed on a preferred equity investment 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 initial investment in acquiring the property and will be making a major future capital investment to renovate the property to the Fairfield standard.
Fairfield is the largest multifamily owner and operator on Long Island.
The Preserve, constructed in 2016, is comprised of 100 percent 3-bedroom, 3-bath townhomes, which allows the asset to occupy a unique niche in the Coram market. Fairfield Properties plans to operate The Preserve in conjunction with adjacent Fairfield Properties in their portfolio.
“FCP is pleased to have the opportunity to again invest alongside Fairfield Properties, the top multifamily owner and operator on Long Island,” said FCP Senior Vice President, E.J. Corwin. “The Preserve is well-positioned to take advantage of a supply-constrained submarket and allows FCP to expand its structured investment business by providing preferred equity on existing multifamily assets.”