Meridian Properties borrows $13.7M from New York Community Bank for property acquisition in Flatbush

Meridian Properties through the entity M&M Lefferts Realty LLC as borrower signed an acquisition loan agreement with lender New York Community Bank valued at $13.7 million for 2 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 102 residential units at 556 Lefferts Avenue, 570 Lefferts Avenue in Flatbush. The deal closed on June 24, 2020 and was recorded on July 2, 2020.
The property contains a total of 55,188 square feet of built space.
The average loan per unit is $134,020.
Meridian acquired the property for $18.3 million.
The last time the property sold was February 23, 2017, for $25,000,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $501,070.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link