Dermot Lands Refinancing For Manhattan Community

The property is located in the Lincoln Square neighborhood near New York’s Lincoln Center. Image courtesy of The Dermot Co.

The Dermot Co. and joint venture partners Affinius Capital and PPGM have landed a refinancing for a recently renovated luxury property on Manhattan’s Upper West Side. The funds backing the community at 101 West End Avenue were provided by accounts managed by KKR. Meridian Capital Group secured the debt on behalf of the joint venture.

The 35-story community, which was built in the 2000s, has 502 units ranging from studio to three-bedroom apartments. Residences feature in-unit washers and dryers and community amenities include an indoor basketball court, fitness center and children’s playroom, as well as a resident lounge, theater room, billiards room, party room, workspace and poker room. The property also includes a landscaped roof deck. According to Yardi Matrix data, the community is 94.1 percent occupied.

Dermot recently completed a significant renovation program, which included upgrades to both units and common areas.

Located in the Lincoln Square neighborhood, the community is several blocks from both Riverside Park South and Central Park. Residents also are a short walk away from the area’s cultural attractions, like the Lincoln Center for the Performing Arts and Terminal 5. The community offers residents easy access to the 66 St-Lincoln Center subway stop, as well as the West Side Highway.

Repeat partnership

While Dermot was founded in 1991 as an investment and management company focused on multifamily assets, it has since expanded into a fully integrated operation that also develops communities. The New York City-based company’s portfolio now includes approximately $4 billion in assets representing upwards of 6,000 apartments.

Dermot previously worked with PGGM on the acquisition of a 302-unit community in Brooklyn’s Midwood neighborhood. The two companies were also joined by Principal Real Estate Investors in a joint venture acquisition of The Vitagraph for $180 million. More recently, Dermot announced plans to develop a 44-story multifamily tower in Miami’s Park West district alongside EDEN Multifamily.