JV Secures $283M Refi on Upper West Side Apartments
The Dermot Company, a vertically integrated multifamily investment manager, owner, and operator, and joint venture partner Affinius Capital LLC have secured a loan to refinance 101 West End Ave., a 35-story, 502-unit apartment community on Manhattan’s Upper West Side. The $283-million loan was provided by Freddie Mac and arranged by Walker & Dunlop Capital Markets Institutional Advisory.
The refinancing supports ownership as they continue to create value at 101 West End and within the New York City market, said Drew Spitler, CFO at Dermot.
“Our team identified a favorable financing environment in the multifamily debt market and worked with our partners to take this opportunity to strategically lock in an attractive fixed rate,” Spitler said. “The refinance simultaneously supports several favorable outcomes as we remain committed to excellence in our ownership and management of 101 West End.”
Walker & Dunlop’s Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Ianno and Stanley Cayre arranged the refinancing.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout