Dermot Secures $355M Refinancing on Upper West Side Apartments
The Dermot Company, a vertically integrated multifamily investment manager, owner and operator, has secured a new 10-year, $355 million loan to refinance 21 West End Ave., a 48-story, 616-unit apartment community on Manhattan’s Upper West Side.
The refinancing was executed with Mizuho Americas through New York State Homes and Community Renewal, according to Drew Spitler, partner and CFO of The Dermot Company. The property will continue to maintain its 127 units of affordable regulated housing.
“This refinancing of 21 West End, which was originally developed by Dermot and opened for occupancy in 2016, supports our continued ownership in the community,” said Spitler. “With the previous financing coming due next year, we identified this opportunity to proactively refinance into a new 10-year facility that enhances liquidity and aligns with our long-term strategy for the asset.” The refinancing complements Dermot’s recent $283-million refi of nearby 101 West End Ave.
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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
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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