Fairfield Properties secures $105 million loan for Long Island apartments

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Good. Image courtesy of Tritec Real Estate

Fairfield Properties secured $105 million in permanent financing for the four-story The Wel in Lindenhurst, NY The newly built 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 by Freddie Mac.

Fairfield acquired The Wel earlier this month from a joint venture between Tritec Real Estate and a subsidiary of Capital of Rockwood for $146 million.

The 260-unit Wel, located at 75 E. Hoffman Ave., offers studio, one-, two-, and three-bedroom apartments, ranging in size from 599 square feet to 1,832 square feet. The building is close to public transportation, 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.

Property Information

Amenities for Wel residents include a landscaped yard, pool and deck, fitness and aerobics center, pool table, game room, open kitchen, rooftop terrace, fire pits and barbecue stations.

Tritec inaugurated the Wel in 2019 and completed construction in 2021. The building was designed by BHC Architects. The developer noted that the name of the project was chosen to honor Lindenhurst founder Thomas Welwood, whose name was misspelled on the main village road.

Fairfield Properties was represented in the financing transaction by Thomas E. Didio Jr., Gerard Quinn and Salvatore Buzzerio with JLL Capital Markets.

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