The Dermot Company has secured a $355 million loan for its apartment community located in the Upper West Side of Manhattan as the site undergoes upgrades.
This will serve as a refinancing for the 48-story property known as 21 West End Avenue, with the new term coming out to 10 years. Mizuho Americas provided the debt through Community Renewal and New York State Homes.
The New York City-based firm said that the deal backs its continued ownership of the asset positioned between the Hudson River and West End Avenue. Also, it noted that the refinancing boosts its liquidity and that the timing of the refinancing comes in handy, as the previous debt was set to expire in 2027.
With more than 7,500 apartments under management, Dermot especially has a major presence in NYC. Recently, the company refinanced another one of its Upper West Side properties, 101 West End Avenue, for $283 million.
"As an owner and operator with deep experience in New York City and a concentrated portfolio across Manhattan, Queens and Brooklyn, we remain confident in the long-term fundamentals of these assets and the New York City market," Drew Spitler, partner and chief financial officer of Dermot, said in a statement.
"We'll continue to identify financing transactions like this, which allow us to take a strategic approach to optimizing our capital structures whether it be for our existing portfolio or a new acquisition."
To maintain 21 West's luxury standing, Dermot is currently renovating some of the amenities at the site. The roughly 30,000 square feet of amenities at the 616-unit building include a fitness center, a pool, gathering spaces, triceratops, resident lounges and a children's playroom. Of the community's units, 127 are designated under the affordable category.
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