Meridian Properties signs $22M refi for two residential elevator buildings in Flatbush

Meridian Properties through the entity M & M Caton Realty LLC as borrower signed a refi loan with lender Signature Bank valued at $22 million for two residential elevator buildings including the 84-unit residential elevator building at 441 Ocean Avenue in Flatbush, Brooklyn and 58-unit residential elevator building at 1745 Caton Avenue in Flatbush, Brooklyn.
The deal closed on November 23, 2021 and was recorded on February 15, 2022. The prior lender was Dime Community Bank which held debt that had an original loan amount of $18.3 million.
The two properties have 167,118 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $131 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 Niamonitakis. The signatory for Signature Bank was Michael Riegler.
The two properties with a total of 167,118 square feet of built space generated revenue of $2.4 million per year or $14 per square foot.

In Flatbush, the bulk, or 47 percent of the 51.8 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 17 percent of the space. In sales, Flatbush has had very little sales volume relative to other neighborhoods with $208.8 million in sales volume in the last two years. For development, Flatbush has near average amount of major developments among other neighborhoods and is the 20th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 86 percent of the 622,202 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 8 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Michael Niamonitakis, head officer and James Dimitriades, officer. The business entity is M & M Ocean Realty Llc.
Within a 400-foot radius of 441 Ocean Avenue, Pincusco identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, two were sales above $5 million totaling $21.4 million. The most recent of the two was Morris Weinberg which bought the 86,118-square-foot, 84-unit rental (D1) on 100 East 21st Street for $14.8 million from Jacob Hager on January 5, 2022.
Of those 11 items, nine were loans above $5 million totaling $99.8 million. The most recent of the nine was Morris Weinberg which borrowed $11.1 million from JPMorgan Chase secured by the 86,118-square-foot, 84-unit rental (D1) on 100 East 21st Street on January 5, 2022.

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