The Real Deal New York

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

The lender is HSBC Bank
By Christian Bautista | September 18, 2018 05:00PM

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.