Meridian reps. Dermot Co., Principal RE Investors, and PGGM in financing; loan by Signature Bank
Brooklyn, NY Meridian Capital Group arranged the acquisition financing for the purchase of The Vitagraph multifamily property on behalf of a partnership between Dermot Co., Principal Real Estate Investors and PGGM.
Signature Bank provided the loan. The deal was spearheaded by Joseph Fingerman, a managing group director and senior vice president at Signature, along with Gregory Fantauzzi, an associate group director and vice president. Meridian’s Rael Gervis represented Dermot in the transaction. Additional details on the financing were not disclosed.
“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.”
Located at 1277 East 14th St. in the Midwood neighborhood, The Vitagraph contains 302 units including one-bedroom, two-bedroom and three-bedroom layouts, with in-unit washers/dryers and private terraces. Amenities include a concierge, fitness center, on-site indoor parking, a rooftop patio, courtyard, business center and indoor and outdoor kids play areas.
“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.
The Vitagraph is also located immediately adjacent from the Q subway line’s Avenue M station and is in close proximity to the Kings Highway and Coney Island Avenue retail corridors as well as Avenue M which is known for its numerous restaurants and stores.