Dermot, PGGM fund UWS acquisition with $260M Helaba loan
The lender is providing $138M in new financing on 101 West End Avenue
Dermot Company and Dutch pension fund PGGM landed a $260 million mortgage to fund their acquisition of Upper West Side apartment complex 101 West End Avenue.
The lender for the new loan is German firm Landesbank Hessen-Thüringen. Landesbank, also known as Helaba, assumed the $122.3 million unpaid balance from a 2013 mortgage provided by Fannie Mae and the Bank of New York Mellon. The loan package also includes $137.7 million in new financing.
The property is a 33-story, 631,000-square-foot tower at the corner of West 64th Street. It contains 503 apartments and three commercial units, according to city data.
Dermot and PGGM entered into contract to buy the property for $416 million last July. It was previously owned by Sam Zell’s Equity Residential. During a recent earnings call, David Neithercut, the president of Equity Residential, said that they sold the property to reduce their exposure to Manhattan’s West Side.
Dermot and PGGM also jointly own 21 West End Avenue, a 616-unit residential tower just a few blocks south. The two firms did not immediately respond to requests for comment.