Fairfield Properties Secures $105M Loan for Long Island Apartments
JLL Capital Markets arranged the financing for The Wel in Lindenhurst, N.Y.
Fairfield Properties has secured $105 million in permanent financing for the four-story The Wel in Lindenhurst, N.Y. The newly constructed multifamily property is the town of Babylon in Suffolk County, along the South Shore of Long Island. JLL Capital Markets arranged the fixed-rate loan through Freddie Mac.
Fairfield acquired the The Wel earlier this month from a joint venture between Tritec Real Estate and an affiliate of Rockwood Capital for $146 million.
The 260-unit The Wel, located at 75 E. Hoffman Ave., offers studio, one-, two- and three-bedroom apartments, ranging from 599 square feet to 1,832 square feet. The apartment building is near mass transportation, being one block from the Lindenhurst station of the Long Island Railroad. Residents can also reach the rest of Long Island and New York via I-495, 27-A and the Southern State Parkway.
Resident amenities at The Wel include a landscaped courtyard, a pool and patio deck, a fitness and aerobics center, a pool table, a game room, an open kitchen, a rooftop lounge deck, firepits and barbecue stations.
Tritec broke ground on The Wel in 2019 and completed construction in 2021. The apartment building was designed by BHC Architects. The developer noted the project name was selected to honor Lindenhurst founder Thomas Welwood, whose name was misspelled on the village’s primary road.
Fairfield Properties was represented in the financing transaction by Thomas E. Didio Jr., Gerard Quinn and Salvatore Buzzerio with JLL Capital Markets.