The Dermot Company and joint venture partner Affinius Capital LLC have refinanced 101 West End Avenue, a large multifamily property on Manhattan’s Upper West Side. The partnership closed a $283 million loan on the 35-story, 502-unit apartment community, with financing provided by Freddie Mac. Walker & Dunlop Capital Markets Institutional Advisory arranged the refinancing on behalf of the ownership.
Dermot, described as a vertically integrated multifamily investment manager, owner, and operator, worked with Affinius Capital to secure the new debt for the Upper West Side asset. The property is a substantial rental community within the New York City multifamily market, and the new loan replaces existing financing on the building.
Drew Spitler, chief financial officer at Dermot, said the refinancing is intended to support the ownership’s ongoing value-creation strategy at 101 West End Avenue and across New York City. He noted that the transaction is aligned with the firm’s broader efforts to enhance the performance of the property while maintaining a long-term focus on the market.
According to Spitler, Dermot’s team saw an opening in the multifamily debt market and moved to take advantage of what they viewed as a favorable financing environment. By coordinating with their partners, they were able to lock in what he characterized as an attractive fixed-rate execution on the new Freddie Mac loan.
Spitler added that the refinancing supports several favorable outcomes for the ownership group, reinforcing Dermot’s commitment to high standards in both ownership and management of 101 West End Avenue. While specific loan terms were not disclosed, the transaction underscores continued access to agency capital for well-positioned multifamily assets in core urban submarkets.
Walker & Dunlop’s Capital Markets team, including Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Ianno, and Stanley Cayre, arranged the Freddie Mac financing. Their role encompassed advising the joint venture and structuring the refinancing package that ultimately closed on the Upper West Side property.
The deal highlights the use of agency financing to recapitalize a large-scale apartment community in New York City, with established institutional sponsors opting to secure long-term, fixed-rate debt in the current market environment.
