The Dermot Company has secured a $110 million acquisition loan for a South Florida multifamily property, The Quaye.
Affinius Capital LLC provided the financing, with Walker & Dunlop's Michael Ianno, Dustin Stolly and Aaron Appel arranging it. Affinius highlighted the encouraging demographic growth in Palm Beach Gardens, the city in which the property is located.
"Palm Beach County's strong fundamentals and sustained growth trajectory made this a compelling opportunity. The market has demonstrated consistent demand drivers such as population growth, strong employment, and an expanding high-income renter base that support this asset's long-term performance," Eric Cohen, co-head of debt originations at Affinius, said in a statement.
"The Dermot Company is an established Affinius partner with deep expertise and we look forward to building on our existing relationship with this transaction."
The Quaye, in total, features 340 multifamily units, with roughly 70 percent of them townhomes that provide direct access to garages. The units come with private balconies or screened patios, granite countertops, walk-in closets and washer and dryers in each residency.
A total of 798 parking spots can be found at the property. Also, the Class A asset comes with an amenity package that includes a pool, fitness center, coworking lounge, bike storage, electric vehicle charging stations, a pet washing station, a sports court, a yoga studio and a clubhouse.
Meanwhile, the Southern regions of the United States have combined to push vacancy up to nine percent, much higher than the Northeast's 5.2 percent and the West's 5.7 percent, according to Census data. The issue has been supply in the South; it's much more than short-term demand can comfortably absorb, despite the long-term migration trends looking strong in the region.
Dermot's portfolio currently shows five properties in Florida, with four of which in the southern part of the state, including The Quaye.
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