Affinius Capital Provides $110M Acquisition Loan for Dermot’s Palm Beach Purchase
The Dermot Company and its partners are buying a 340-unit multifamily complex from PGIM for $132 million
By Brian Pascus February 27, 2026 9:34 am
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The Dermot Company, together with partners PGGM and TD Asset Management, has secured $110 million to finance its acquisition of The Quaye at Palm Beach Gardens, a Class-A multifamily complex with 340 units and nearly 800 parking spaces in Palm Beach Gardens, Fla.
Affinius Capital originated the acquisition debt, which was arranged by Walker & Dunlop’s Aaron Appel, Dustin Stolly and Michael Ianno.
Dermot, which owns 7,500 apartment units across the U.S., bought the asset from PGIM for $131.8 million this month, in a deal first reported by The South Florida Business Journal.
Eric Cohen, co-head of debt originations at Affinius Capital, said in a statement that Palm Beach County’s multifamily market has benefited in recent years from population growth, high employment and a growing base of high-income centers.
The area within a one-mile radius of The Quaye has seen its population expand by 72 percent between 2010 and 2025, with annual household income now at $204,000, according to news site CityBiz.
“Palm Beach County’s strong fundamentals and sustained growth trajectory made this a compelling opportunity,” said Cohen.
Located at 10000 South Gardens Drive in Palm Beach Gardens — a luxurious suburb known for its PGA-quality golf courses and within 37 miles of Downtown Boca Raton and 81 miles from Miami — The Quay opened in 2016.
The complex consists of mainly two- or three-story townhomes with direct-access garages across 31 acres of land. Amenities include a community pool, a fitness center, a yoga studio, a clubhouse, a library, a pet-washing station and EV changing portals.
In a statement, Drew Spitler, chief financial officer at Dermot, implied the firm would be investing capital expenditures into The Quay following the purchase.
“This acquisition represents a prime chance to expand our footprint with a product we understand deeply, fitting squarely within our strategy of acquiring well-located communities where thoughtful reinvestment can meaningfully elevate the resident experience,” he said.
Brian Pascus can be reached at bpascus@commercialobserver.com.
