Big Dream Developers signs $9.4M refi with Deutsche Bank for four properties in Bronx

Big Dream Developers through the entity 1269 Findlay LLC as borrower signed a refi loan with lender Deutsche Bank through the entity DBR Investments Co. Limited valued at $9.4 million for four properties with 18 residential units including the three-unit building (C0) at 856 East 175th Street in East Morrisania, Bronx, the 10-unit residential walkup building (C1) at 1269 Findlay Avenue in Concourse Village, Bronx, and the two-unit  building (B1) at 1534 Nelson Avenue in Morris Heights, Bronx.
The deal closed on September 19, 2025 and was recorded on September 30, 2025. The four properties have 11,604 square feet of built space and 22,922 square feet of additional air rights for a total buildable of 34,516 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $810 and the price per buildable square foot is $272 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Big Dream Developers was Ascher Berkowitz . The signatory for Deutsche Bank was Matt Smith and Daniel Penn .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 856 East 175th Street.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Daniel Gerdts, head officer. The business entity is 856 East 175 Llc. Out of the four properties, one with a total of 11,604 square feet of built space generated revenue of $126,195 per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,050 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 856 East 175th Street, PincusCo has identified the owners of six of the eight commercial properties representing 159,010 square feet of the 207,867 square feet. The largest owner is Aquinas Housing Corporation, followed by Lum Pelinkovic and then Joseph Friedman.
On the tax block, there was one new building construction project filed totaling 11,890 square feet. It is a eight-unit, 11,890 square-foot institutional (I-1) building submitted by Seth Coston with plans filed October 5, 2021 and permitted December 7, 2023.

The majority, or 84 percent of the 207,867 square feet of built space are walkup buildings, with elevator buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Big Dream Developers owned at least two commercial properties with 22 residential units in New York City with 42,810 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio has $33.8 million in debt, with top three lenders as Golden Bridge Funding, KeyBank, and BridgeCity Capital respectively. Within the portfolio, the bulk, or 53 percent of the 42,810 square feet of built space are office properties, with elevator properties next occupying 47 percent of the space. They are all located in Brooklyn.

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