Meridian Capital Group arranged the acquisition financing for the purchase of The Vitagraph multifamily property in Brooklyn, NY on behalf of a partnership between Dermot Company, Principal Real Estate Investors and PGGM.
Signature Bank provided the loan. The deal was spearheaded by Joseph E. Fingerman, a Managing Group Director and Senior Vice President at Signature, along with Gregory Fantauzzi, an Associate Group Director and Vice President.
Meridian Capital Group’s Rael Gervis represented Dermot in the transaction.
“Dermot has earned a reputation as a leading national multifamily operator,” Fingerman said in a statement. “This transaction afforded the bank the opportunity to work with them to support the ever-growing Brooklyn multifamily market,” Signature’s Joseph E. Fingerman.
“Dermot is thrilled to once again work with Signature Bank on the acquisition of this excellent property,” Andrew Levison, Partner and Managing Director at Dermot, said.
Located at 1277 East 14th Street in the Midwood neighborhood of Brooklyn, The Vitagraph contains 302 units including one-bedroom, two-bedroom and three-bedroom layouts.