Fairfield Properties Refinances Holbrook Apartment Complex With Capital One

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.”

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Build Inc. Served With Notice Of Default On India Basin Project

Tennessee University Plans Campus In Chamblee: The Atlanta Deal Sheet

FBI Opens Investigation Into Multifamily Investor Lurin Capital

Ruben Cos. Says It Can't Sell, Finance Navy Yard Multifamily Project

Troubled Multifamily Loans Face A Refinancing Problem: Who Puts In New Equity?

NYC Lawmakers Consider Mandating Lease Extensions For Retailers

NYC Pushes To Use Opportunity Zone 2.0 For Mamdani's Housing Goals

DOJ Charges LA Nonprofit Workers With Misusing $8.7M Meant For Housing Aid

Bugatti Lends Brand To 60-Story Miami Condo Tower

Where Capital Meets Opportunity: Navigating The Next Wave Of CRE Financing At Bisnow’s Event On Sept. 30

Discussing Strategic Capital Stack Structuring At Bisnow's Sept. 30 National Finance Event

With Occupancy Brimming, Investors Pile Into Bay Area Apartments