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, Jonathan Schwartz, Keith kurland, Sean Reimer and Adam Schwartz.
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.
