Done Deals: The Dermot Co. acquires 126-unit multi-housing property in Brooklyn, NY

Tuesday, October 30, 2018

The Dermot Co. acquires 126-unit multi-housing property in Brooklyn, NY

The Kestrel Apartments, Windsor Terrace Submarket, 33 Caton Place,
Brooklyn, NY

Andrew Levison

NEW YORK, NY, Oct. 29, 2018 – The Dermot Company announces its purchase of the Kestrel, an eight-story, 126-unit luxury multi-housing property located in Brooklyn’s Windsor Terrace submarket.

Constructed in 2014, the Kestrel is located at 33 Caton Place, which is bounded on the west by Ocean Parkway and on the east by the entrance to Brooklyn’s famed Prospect Park.

In addition to the 585 acres of recreational activities within the park, residents also have nearby access to the Fort Hamilton Parkway subway station as well as shopping and dining along the Caton and Church retail corridors.

Steven Klein

Apartment units average approximately 844 square feet and include a mix of studios, one- , two- and three-bedroom floor plans.

The Kestrel features top-of-the-line finishes, including white oak flooring, in-unit washers and dryers, stainless steel appliances, Caesarstone countertops and oversized windows.

Amenities include a 24-hour attended lobby, resident lounge, children’s playroom, fitness center, yoga room, sauna, media room, pet spa, on-site storage and parking, and a landscaped roof deck with grilling areas and private cabanas.

HFF and Savills Studley worked on behalf of the borrower, an affiliate of The Dermot Company, to secure a fixed-rate loan for the acquisition of the property.

Geoff Goldstein

Savills Studley also arranged the capital for the purchase, securing an equity investment. HFF’s investment advisory team also arranged the sale of the property.

“The Kestrel is a fantastic cash-flowing building in a fast-changing neighborhood that we are acquiring at a very attractive basis for a long-term hold," says Andrew Levison, Principal and Director of Acquisitions for The Dermot Company.

"We are thrilled to be bringing our high standards of service to the tenants of The Kestrel.”.

The HFF debt placement team representing the borrower included managing director Steven Klein and senior director Geoff Goldstein.

Jeffrey Julien

The HFF investment advisory team representing the seller included senior managing director Andrew Scandalios and managing directors Jeffrey Julien and Rob Hinckley.

The Savills Studley team representing the borrower in the financing and equity investment for the purchase included senior managing directors David Krantz and Paul Leibowitz.