Meridian Properties signs $36.8M refi with Berkadia for four rentals with 322 units in Brooklyn

Meridian Properties through the entity M&M Crown Realty 114 LLC as borrower signed a refi loan with lender Berkadia Commercial Mortgage valued at $36.8 million for four residential elevator properties with 322 residential units including the 122-unit residential elevator building (D7) at 621 Lefferts Avenue in East Flatbush, Brooklyn, 83-unit residential elevator building (D7) at 715 St Marks Avenue in Crown Heights, Brooklyn, and 65-unit residential elevator building (D1) at 114 Albemarle Road in Kensington, Brooklyn.
The deal closed on November 21, 2025 and was recorded on March 9, 2026. One of the prior lenders was Citizens Bank which held debt that had an original loan amount of $12.7 million. The four properties have 352,644 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $104 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 P. Neamonitakis . 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 621 Lefferts Avenue.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Michael Niamonitakis, head officer and James Demetriades, officer. The business entities are Meridian Properties Llc and M & M Crown Realty, Llc. Out of the four properties, three with a total of 352,644 square feet of built space generated revenue of $3.2 million per year.

The property

The residential elevator building at 621 Lefferts Avenue with 122 residential units in East Flatbush is on a parcel that has frontage of 202 feet and is 114 feet deep with a total lot size of 24,308 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.9 million. The property has 116 rent regulated units according to city tax records from 2020.

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 $1,280 in ECB penalties, 319 housing violations, $5,060 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 621 Lefferts Avenue, PincusCo has identified the owners of four of the nine commercial properties representing 363,768 square feet of the 414,118 square feet. The largest owner is Joseph Popack, followed by Meridian Properties and then MDM Associates.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 414,118 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Meridian Properties owned at least 112 commercial properties with 3,940 residential units in New York City with 3,763,351 square feet and a city-determined market value of $241.6 million. (Market value is typically about 50% of actual value.) The portfolio has $227.5 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 3,763,351 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link