Meridian Properties signs $20.5M refi with Berkadia for 7 properties in Flatbush
Meridian Properties through the entity Parkview Gardens, L.P. as borrower signed a refi loan with lender Berkadia Commercial Mortgage valued at $20.5 million for seven properties with 128 residential units including the 23-unit residential walkup building (C1) at 148 Parkside Avenue in Flatbush, Brooklyn, 24-unit residential walkup building (C1) at 152 Parkside Avenue in Flatbush, Brooklyn, and 25-unit residential walkup building (C1) at 5 St Pauls Place in Flatbush, Brooklyn.
The deal closed on July 1, 2024 and was recorded on May 1, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $18 million.The seven properties have 123,717 square feet of built space and 42,164 square feet of additional air rights for a total buildable of 165,928 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $165 and the price per buildable square foot is $123 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 Meridian Properties was Michael B. Niamonitakis . The signatory for Berkadia Commercial Mortgage was Linda Kershaw.
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 152 Parkside Avenue.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Michael Niamonitakis, head officer and James D. Dimitriades, officer. The business entities are Meridian Properties Llc and Parkview Gardens,Lp. The seven properties with a total of 123,717 square feet of built space generated revenue of $2.1 million per year or $17 per square foot.
The property
The residential walkup building with 24 residential units in Flatbush has 123,717 square feet of built space and 42,164 square feet of additional air rights for a total buildable of 165,928 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 101 feet deep with a total lot size of 7,600 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 million.
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 four DOB violations, $500 in ECB penalties, 88 housing violations, $4,625 in OATH penalties, and two housing litigations 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 152 Parkside Avenue, PincusCo has identified the owners of 14 of the 15 commercial properties representing 484,331 square feet of the 500,631 square feet. The largest owner is Meridian Properties, followed by David Natanov and then Dov Sandberg.
There are no active new building construction projects on this tax block.
The majority, or 59 percent of the 500,631 square feet of built space are elevator buildings, with walkup buildings next occupying 41 percent of the space.
The borrower
The PincusCo database currently indicates that Meridian Properties owned at least 112 commercial properties with 3,937 residential units in New York City with 3,761,341 square feet and a city-determined market value of $241.1 million. (Market value is typically about 50% of actual value.) The portfolio has $190 million in debt, with top three lenders as Signature Bank, Dime Community Bank, and Berkadia Commercial Mortgage respectively. Within the portfolio, the bulk, or 61 percent of the 3,761,341 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. They are all located in Brooklyn.
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