$104.93M financed for Long Island multi-housing community

MORRISTOWN, April 27, 2022 – JLL Capital Markets announced today that it has closed the $104.93 million financing of The Wel, a 260-unit, newly constructed, mid-rise multi-housing community located in Lindenhurst, New York along the South Shore of Long Island.

JLL represented the borrower, Fairfield Properties, to secure the 15.5-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Built in 2021, The Wel features studio, one-, two- and three-bedroom units with wood cabinets, stone countertops, spacious closets, designer bathrooms, vinyl wood flooring, open floorplans, in-unit washers and dryers, stainless steel appliances, tiled showers and an average unit size 916 square feet. Community amenities include a pool and patio deck, state-of-the-art fitness center, pool table, game room, open kitchen, rooftop lounge deck, firepits, barbecue stations, dog wash station, bike storage, landscaped courtyard, open air and garage parking and co-working space.

Residents benefit from the property’s proximity to iconic coastal locations, such as Jones Beach, Fire Island, The Hamptons, and within walking distance to the newly revitalized downtown featuring restaurants, shops, and breweries along Welwood Avenue Lindenhurst’s primary thoroughfare.  The Wel is conveniently located at the Lindenhurst station on the Long Island Railroad, providing convenient access to New York City and is strategically located near I-495, 27-A and the Southern State Parkway, offering connectivity to all major Long Island highways and the greater Tri-State area.

The JLL Capital Markets Debt Advisory team representing the buyer was led by Senior Director Thomas E. Didio, Jr., Associate Gerard Quinn and Analyst Salvatore Buzzerio.

“JLL is pleased to work alongside Fairfield Properties in securing pre-stabilized permanent financing to acquire this beautifully designed, transit-oriented community,” Didio, Jr. said. "Freddie Mac recognized the quality of the property and the strength of the borrower’s management capabilities to provide accretive acquisition financing.”

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Fairfield Properties, headquartered in Melville New York, is Long Island's largest multifamily owner with over 45 years' experience in the ownership and management of multifamily apartment communities. The company currently owns and operates an award-winning portfolio. This portfolio consists of 180 Apartment Communities representing nearly 13,000 residential apartments. In addition, Fairfield Properties owns and operates 18 Office Buildings totaling over 1.6 million square feet.