FCP acquires multifamily community in Long Island

FCP has 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, N.Y. 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 with more than 40 years of experience.

The Preserve, constructed in 2016, is comprised of 100 percent three-bedroom, three-bathroom 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 its portfolio. 

“FCP is pleased to have the opportunity to again inve