Dermot lands $120M loan for Hell’s Kitchen rental complex buy

The lender is HSBC Bank

New York /
Sep.September 18, 2018 05:00 PM

520 West 43rd Street and Dermot Company CEO Stephen Benjamin (Credit: Dermot Company)

The Dermot Company secured a $120 million loan for its acquisition of the Helux apartment complex in Hell’s Kitchen.

HSBC originated the new debt, which replaces a $55.8 million Fannie Mae mortgage from 1999, according to records filed with the city on Tuesday.

Dermot was reported to have gone into contract to buy the property, at 520 West 43rd Street, for $193 million in April. The seller is Boston-based investment firm AEW, which paid $170 million for the building — then known as New Gotham — in 2013.

The Gotham Organization built the a 35-story, 375-unit tower in 1998, according to city data. It also has five commercial units. .

The transaction adds to Dermot’s set of large Manhattan deals for the year. The company is part of a joint venture that is in contract to buy 101 West End Avenue, a 503-unit apartment complex, for an estimated $416 million. Dermot also landed a $275 million mortgage for 21 West End Avenue, a 616-unit apartment property in the Upper West Side, in January.

Dermot did not immediately respond to requests for comment.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Acore Partner Warren de Haan. (Acore, Getty)
Acore Capital raises $1B to provide rescue cash to hotels
Acore Capital raises $1B to provide rescue cash to hotels
 61 Bond Street in Brooklyn, iStar's Jay Sugarman and GFI's Allen Gross (Photos via Google Maps, iStar and Urban Land Institute)
GFI sells ground under Ace Hotel in Brooklyn for $45M
GFI sells ground under Ace Hotel in Brooklyn for $45M
AKA United Nations at 234 East 46th Street (Google Maps, iStock)
Bank forecloses on Prodigy’s AKA United Nations hotel building
Bank forecloses on Prodigy’s AKA United Nations hotel building
From left: 410 Tenth Avenue, 100 Park Avenue, a rendering of 230 East 20th Street, a rendering of 30 Morningside Drive, SL Green's Marc Holliday (Photos via Google Maps, Getty, Gramercy Square, 30 Morningside Drive/Illustration by Kevin Rebong for TRD) 
These were the largest Manhattan real estate loans in January
These were the largest Manhattan real estate loans in January
Ron Perelman with 27-33, 35 and 41 East 62nd Street (Getty; Google Maps)
Citi looks to sell $193M in defaulted loans on Ron Perelman’s buildings
Citi looks to sell $193M in defaulted loans on Ron Perelman’s buildings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...