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10000 S Gardens Dr

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

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

Aaron Appel

Walker & Dunlop

Broker

$33.1B

vol

197 deals

Broker
Affinius Capital
Affinius CapitalLender
Stephen D Benjamin

Stephen D Benjamin

Dermot Company

Landlord

$937.8M

vol

8 deals

Landlord

Palm Beach Gardens MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

Loading comparables…

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