Fairfield Properties has secured long-term financing for a multifamily complex it owns in Suffolk County, Long Island.
Fairfield's 10-year fixed-rate loan with Capital One is worth $61M, with interest-only payments for the first 23 months and a 30-year amortization schedule after that. The loan replaces the bridge loan used by Fairfield to acquire the property for $81.9M in January.
Fairfield Broadway Knolls is a Class-A, 284-unit apartment complex broken up into a series of smaller buildings in Holbrook. It was built in 2006, with an amenity center that includes a swimming pool, tennis and basketball courts and a fitness center.
“During the course of underwriting, rates started to rise, which eroded the proceeds,” Capital One Senior Vice President Robert Akalski said. “At that point, we circled a fixed-rate for them. As rates declined, we were able to return to the original swap format that the company preferred.”
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