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
The Torkian Group's Hersel Torkian and 250 East 83rd Street (Getty, Google Maps, The Torkian Group)
Torkian nabs $145M loan for Upper East Side development
Torkian nabs $145M loan for Upper East Side development
Triangle Equities' Lester Petracca with 533 Main Street (Triangle Equities, Getty)
Record East Orange project lands $317M financing
Record East Orange project lands $317M financing
From left: Trinity Place Holdings’ Matthew Messinger and Macquarie Group’s Shemara Wikramanayake along with 77 Greenwich Street (Getty, Trinity Place Holdings, Macquarie Group, Google Maps)
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
Estate Partners' David Aviram, FIA Capital Partners' David Goldwasser and Steve Croman (LinkedIn, Google Maps, Getty)
Steve Croman: I was duped by predatory lender
Steve Croman: I was duped by predatory lender
Ivanhoé’s Nathalie Palladitcheff, Cohabs’ Youri Dauber and James Grasso with Cohabs NYC co-living spaces (Cohabs, LinkedIn, Twitter/@ydauber, Ivanhoe Cambridge)
Co-living firm Cohabs raises $450M to continue expansion
Co-living firm Cohabs raises $450M to continue expansion
Reynolds Asset Management's Lou Reynolds and 7-15 W Main St in Bound Brook, NJ (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Loopnet, Reynolds Assets Management)
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
arrow_forward_ios

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

Loading...