Dermot signs $283.6M refi with Walker & Dunlop for 503-unit rental in Lincoln Square

Dermot Company through the entity 101 West End Spe II LLC as borrower signed a refi loan with lender Walker & Dunlop valued at $283.6 million for the 503-unit residential elevator building (D9) at 101 West End Avenue in Lincoln Square, Manhattan.
The deal closed on March 12, 2026 and was recorded on March 20, 2026. The prior lender was KKR which held debt that had an original loan amount of $263 million. The property has 631,204 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $449 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 owner bought the property on September 13, 2018, for $416.1 million. The signatory for Dermot Company was Drew Spitler . The signatory for Walker & Dunlop was Katy Landolfi .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Stephen Benjamin, head officer and Laura Ali, agent. The business entities are Dermot Realty Management Company and 101 West End Spe Ii Llc. The 631,204-square-foot property generated revenue of $29.1 million or $46 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 503 residential units in Lincoln Square has 631,204 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 240 feet deep with a total lot size of 27,437 square feet. The lot is irregular. The zoning is C4-7 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2003 and expires in 2023. The city-designated market value for the property in 2022 is $163.2 million. Walker & Dunlop on March 12, 2026 bought a loan with an original principal of $263.0M from KKR signed by John Gors , secured by 101 West End Avenue, when owned by Dermot Company . The property has 195 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,585 in OATH penalties in the last year.

Development

=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 this tax block, 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 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 $865 million in debt, with top three lenders as Forethought Life Insurance Company, Helaba, and Mizuho Capital Markets 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.

Direct link to Acris document. link