$77.36M secured for Long Island multi-housing community

MORRISTOWN, N.J., Jan. 6, 2022 – JLL Capital Markets announced today that it has arranged $77.36M in agency financing for the acquisition of Southpoint at Massapequa, a 214-unit multi-housing community located in Massapequa, New York.

JLL represented the borrower, Fairfield Properties, to secure the 15-year, fixed-rate, non-recourse loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Offering one-, two- and three-bedroom floorplans, the community features units with an average size of 987 square feet, stainless steel appliances, newly renovated kitchen and baths, granite countertops, private entry, oversized closets bay windows and patios and balconies. Community amenities include a resort-style pool, sundeck, fitness center, “bark park,” outdoor BBQ area and valet trash collection.

Positioned on the South Shore of Long Island in Nassau County, the community provides proximity to coastal locations such as Jones Beach and Fire Island in addition to various restaurants, parks, schools, grocery stores and shopping. The property is located off NY-27, offering residents access to all major Long Island highways, as well as Suffolk County and the greater Tri-State area. Southpoint is also less than two miles from the Amityville and Massapequa Park train stations.

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

”JLL is grateful to have worked alongside the Fairfield Properties team to secure accretive long-term agency debt to facilitate their purchase of Southpoint at Massapequa, a well-located asset that fits perfectly into their existing institutional quality portfolio across Long Island,” stated Didio, Jr.   

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 advisory 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. 

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.

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