The Dermot Company, in partnership with Affinius Capital and PGGM, has procured a refinancing loan from accounts managed by KKR for the multifamily asset at 101 West End Avenue, located in the Lincoln Square neighborhood within Manhattan’s Upper West Side. Meridian Capital Group was exclusively retained to secure financing on behalf of the joint venture.
101 West End Avenue is a 35-story, 502-unit, luxury residential building with units ranging from studios to three-bedrooms. Dermot recently completed a significant renovation program to the units and common areas of the 2000-vintage property. The asset boasts newly renovated units accented with plank wood floors, Euro-style cabinetry, quartz countertops, stainless steel appliances, brand new bathrooms, custom closets and in-unit washers and dryers. The building’s amenities include an indoor basketball court, fitness center, children’s playroom, resident lounge, theater room, billiard room, party room, work space, poker room, and a 7,650 SF landscaped roof deck.
“We have transformed 101 West End into one of the most desirable residential buildings on the Upper West Side,” said Andrew Levison, Chief Operating Officer, Partner and Managing Director at The Dermot Company. “KKR understands our business plan and the value of this highly amenitized and well positioned property – we are thrilled to have them as our lender.”
“This trophy property, with its strong tenant base and world-class sponsorship, was an ideal candidate for refinancing in this challenging capital markets environment,” said Rael Gervis, Senior Managing Director at Meridian Capital Group.
“We are pleased to deliver a whole loan solution and to deepen our relationship with an excellent ownership group that combines local market knowledge and patient institutional capital,” said Celine Comeau, Director at KKR.
About The Dermot Company
The Dermot Company, based in New York City, was formed in 1991 as a real estate investment and management company focused on multi-family sector opportunities. The company has evolved into a fully integrated real estate company employing over 100 real estate professionals in investment, finance, management and development. Dermot currently owns or manages approximately $4.0 billion in assets that span over 6,000 apartments.
