Dermot Co. Picks Up Brooklyn Luxury Multifamily Property
- Oct 30, 2018
The Dermot Co. acquired The Kestrel, an eight-story, 126-unit luxury multifamily property in Brooklyn’s Windsor Terrace submarket from the Vanbarton Group LLC, which had owned the asset for three years.
HFF and Savills Studley worked on behalf of the borrower, an affiliate of The Dermot Co., to secure a fixed-rate loan. Savills Studley also arranged the capital, securing an equity investment for the acquisition, and HFF’s investment advisory team arranged the sale.
The HFF debt placement team representing the borrower included Managing Director Steven Klein and Senior Director Geoff Goldstein. HFF’s investment advisory team representing the seller included Senior Managing Director Andrew Scandalios and Managing Directors Jeffrey Julien and Rob Hinckley. Senior Managing Directors David Krantz and Paul Leibowitz led the Savills Studley team representing the borrower.
“The Kestrel is a fantastic cash-flowing building in a fast-changing neighborhood that we are acquiring at a very attractive basis for a long-term hold. We are thrilled to be bringing our high standards of service to The Kestrel,” Andrew Levinson, principal and director of acquisitions at The Dermot Co., said in a prepared statement.
Built in 2014, The Kestrel is located at 33 Caton Place, bounded on the west by Ocean Parkway and on the east by the entrance to Prospect Park. The asset is close to the Forth Hamilton Parkway subway, as well as the Caton Place and Church Avenue retail corridors. The Kestrel’s unit mix features studios, one-, two- and three-bedroom units with an average size of 844 square feet. Amenities include a resident lounge, children’s playroom, fitness center, yoga room, sauna, media room, pet spa, a landscaped roof deck with grilling areas and private cabanas, and on-site storage and parking. The units feature oversized windows, stainless steel appliances, white oak flooring, quartz countertops, and in-unit washers and dryers.
Earlier this year, the Dermot Co. sold its stake in The Lanthian, a 209-unit mixed-use property at 377 E. 33rd St. in Manhattan, to its partner, SPI Holdings, for $49 million. The asset, located in the Kips Bay submarket, also has 18,000 square feet of first floor retail space. The two firms had acquired the property from AvalonBay Communities in February 2016 for $173 million, according to Yardi Matrix.
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Image courtesy of HFF