Dermot Company Secures $110 Million Acquisition Loan From Affinius Capital For 340-Unit Complex

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.