FCP Closes on Preferred Equity for Glen Cove Apartment Deal
FCP recently closed on a preferred equity investment to facilitate Fairfield Properties’ acquisition of a 367-unit residential community currently known as Avalon Glen Cove, in the village of Glen Cove, NY. Fairfield Properties, a Melville-based owner and developer, is reportedly the largest multifamily owner and operator on Long Island.
The luxury mid-rise will be rebranded as Fairfield Metro at Glen Cove. The transit-oriented property is located near the Glen Cove Station on the Long Island Rail Road’s Oyster Bay Branch, while the newly introduced Glen Cove Ferry will provide riders an additional option for their daily commutes to Manhattan.
“We are excited to continue to grow our relationship with Fairfield with our investment in this Class A community in the Glen Cove market, which complements Fairfield’s portfolio and operational experience.” said FCP SVP E.J. Corwin. Fairfield Metro at Glen Cove represents FCP’s fifth transaction with Fairfield Properties.
- ◦Financing