The Dermot Co., a vertically integrated multifamily investment manager, owner and operator of high-quality communities, in partnership with Dutch pension fund service provider PGGM and TD Asset Management (TDAM), acquired The Quaye at Palm Beach Gardens, a 341-unit townhome and apartment community in Palm Beach Gardens, Fla. Affinius Capital originated the $110 million loan to support the acquisition.
Drew Spitler, CFO, principal and partner at Dermot, stated this was a rare opportunity to acquire an institutionally owned, class A asset in a luxury lifestyle hub within Palm Beach County, Fla.
“Building on a longstanding track record in multifamily investment and management across the Eastern Seaboard, we’ve successfully executed our ownership and management strategy in South Florida over the past several years,” said Spitler. “This acquisition represents a prime chance to expand our footprint with a product we understand deeply, fitting squarely within our stra
