Azora Exan Sells Boerum Hill Residential Building to Dermot Company for $45M

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Azora Exan​​ sold its luxury Boerum Hill, Brooklyn, residential building to The Dermot Company for a nearly $7 million loss, property records show.

The company — a joint venture between the Spanish firm Azora and Miami-based Exan Capital — offloaded The Bergen at 316 Bergen Street to Dermot for $45.4 million in a deal that closed Wednesday, according to property records made public Thursday. 

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Representatives for Azora Exan and Dermot did not immediately respond to requests for comment. JLL‘s Jeffrey Julien, Rob Hinckley, Steven Rutman, Ethan Stanton, Jonathan Taylor and Aaron Katz represented the seller.

Azora picked up the 84-unit building from Naftali Group and AEW Capital Management in 2015 for $52.2 million, with Avery Hall leading the purchase on behalf of the firm referred to as a “private investment group,” according to property records and Avery Hall’s website.

Naftali teamed up with AEW to pick up the 90,000-square-foot Bergen Street development site in 2011 for just $6.72 million and began work on the ODA Architecture-designed property in 2012 after securing $18 million in construction financing, as Commercial Observer previously reported.

The developers completed the eight-story building — which includes a 42-space parking garage — in 2014 and put it up for sale later that year, the New York Post reported.

Azora and Exan partnered in 2021 to launch Azora Exan and have been focusing their efforts on the Sun Belt states. In July, the company picked up a five-story Miami Beach office building for $37 million and the next month bought a shopping center in Plantation, Fla.,  for $22.2 million, The Real Deal reported. 

Update: This story has been updated to include the names of the JLL brokers.

Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.