FAIRFIELD CLOSES $300 MILLION MULTIFAMILY DEBT JOINT VENTURE
Fairfield News, December 22, 2020 – Fairfield Residential Holdings LLC and Fairfield Residential Company LLC (collectively, “Fairfield”) closed on a newly formed $300 million multifamily debt joint venture (the “Fairfield Debt Joint Venture”) to invest in multifamily debt through the Freddie Mac “K Note Program.” The Fairfield Debt Joint Venture’s strategy is to invest in the subordinate tranches of securitized Freddie Mac debt pools. The first investment was acquired in December 2020 and is our first investment of its kind since 2012. The Fairfield Debt Joint Venture seeks to invest in only multifamily debt through the Freddie Mac “K Note Program.”
Greg Pinkalla, CEO of Fairfield, said, “We are excited to re-enter the multifamily debt space via the Freddie Mac K Note Program. As a major borrower in the U.S. multifamily space through our various acquisition strategies, our extensive relationship with Freddie Mac and our fully integrated multifamily platform, all makes Fairfield uniquely positioned to invest in this strategy. We believe the attractive risk adjusted returns combined with a U.S. multifamily sector that is defensive, provided for an ideal time to form a new investment program to execute on the strategy.”
Fairfield Residential Company LLC is a leading owner, developer and operator of apartment communities throughout the U.S. We manage 40,000 units nationwide, including luxury new construction. renovated apartment homes in urban and suburban neighborhoods and tax credit affordable housing properties. We offer a fully integrated national multifamily services platform providing development, construction, renovation, asset and property management, and acquisition and disposition services to our investors.
Nothing in this news release should be construed as an offer of securities for sale in any jurisdiction. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may adversely impact the anticipated outcomes include, among others: the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement; conditions to the completion of the transaction may not be satisfied on the terms expected or on the anticipated timeline; and the benefits of the transaction may be different than currently anticipated. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. Fairfield assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release.