Dermot Company signs $80M refi with Mizuho Bank for mixed-use in Lincoln Square

Dermot Company through the entity Riverside Center 2 Bit Owner, LLC as borrower signed a refi loan with lender Mizuho Bank through the entity Mizuho Capital Markets LLC valued at $80 million for three condominium units that make up  21 West End Avenue in Lincoln Square, Manhattan, with a total of 616 residential units, including a 489-unit rental condo, a 127-unit rental condo and a retail condo.
The deal closed on April 1, 2026 and was recorded on April 8, 2026. The prior lender was Freddie Mac which held debt that had an original loan amount of $50 million.The three units have 493,673 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $162 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Dermot Company was Drew Spitler . The signatory for Mizuho Bank was John Gleber .

The property

The property has a 421A exemption that started in 2018 and expires in 2038. The city-designated market value for the property in 2022 is $183.5 million.

Transaction Participants

Michael A. Suleta at Greenberg Traurig, LLP participated in the transaction on behalf of Mizuho Bank.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 21 West End Avenue, PincusCo has identified the owners of eight of the 36 commercial properties representing 3,345,899 square feet of the 3,963,158 square feet. The largest owner is A&E Real Estate Holdings, followed by Brodsky Organization and then Dermot Company.
On the tax block, there were two new building construction projects totaling 731,148 square feet. The largest is a 272-unit, 414,013 square-foot residential (R-2) building submitted by GID Real Estate Investments and filed by John Gagnier with plans filed March 27, 2015 and permitted December 3, 2015. The second largest is a 214-unit, 317,135 square-foot residential (R-2) building submitted by GID Real Estate Investments and filed by John Gagnier with plans filed June 24, 2015 and permitted December 2, 2015.

The majority, or 95 percent of the 4 million square feet of built space are elevator buildings, with specialty buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Dermot Company owned at least six commercial properties with 1,530 residential units in New York City with 1,661,965 square feet and a city-determined market value of $390.5 million. (Market value is typically about 50% of actual value.) The portfolio has $1.1 billion in debt, with top three lenders as Walker & Dunlop, Forethought Life Insurance Company, and Helaba respectively. Within the portfolio, all identified are elevator properties. The bulk, or 57 percent of the built space, is in Manhattan, with Brooklyn next at 43 percent of the space.

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