The Dermot Company, in collaboration with Affinius Capital and PGGM, secured a refinancing loan from KKR for 101 West End Ave., situated on Manhattan’s prestigious Upper West Side. The exact amount of the loan was not disclosed; however, it replaces a previous $260 million mortgage from Helaba in 2018.
Meridian Capital Group was exclusively tasked with obtaining financing for the joint venture. According to Rael Gervis, senior managing director at Meridian, “This premier property boasts a strong tenant base and world-class sponsorship making it an ideal candidate for refinancing during these challenging capital markets conditions.”
Constructed in 1999, 101 West End Ave. is an upscale rental building featuring 502 units spread across its impressive thirty-five stories. Recently completed renovations by Dermot have enhanced both individual units and common areas.
Andrew Levison, COO and managing director at Dermot expressed excitement about having KKR as their lender stating that they understand their business plan and recognize the value of this highly amenitized property located in a prime position.
The article originally appeared on Connect CRE.
