Dermot Company Secures $110 Million Acquisition Loan From Affinius Capital For 340-Unit Complex
10000 S Gardens Dr
$110,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Feb 27, 2026
AI
The Quaye at Palm Beach Gardens is a 340-unit Class-A multifamily complex located at 10000 South Gardens Drive in the Palm Beach Gardens market. The property was acquired for $131.8 million, supported by a $110 million acquisition loan secured from Affinius Capital.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $131,800,000
- Loan Amount: $110,000,000
- Loan Type: Acquisition
- Lender: Eric Cohen - Affinius Capital
- Landlord: Stephen D. Benjamin - Dermot Company; PGGM; Bruce Cooper - TD Asset Management
- Brokers: Aaron Appel, Dustin Stolly & Michael Ianno - Walker & Dunlop
The transaction was part of Dermot's strategy to invest in well-located multifamily assets for future capital improvements. The loan arrangement was facilitated by the brokerage firm Walker & Dunlop, which played a crucial role in securing the financing for this acquisition.
Players
Palm Beach Gardens MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93