Michael Niamonitakis Of Meridian Properties Secures $17M Refinance Loan From Berkadia In Flatbush Brooklyn
222 East 17th Street & 200 East 17th Street
$17,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Apr 30, 2025
AI
The asset involved in this transaction is a multifamily property located at 222 East 17th Street and 200 East 17th Street in the Flatbush market of Brooklyn. This property consists of two elevator residential buildings with a total of 136 units, reflecting its significance in the local rental market.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $17,000,000
- Lender: Berkadia Commercial Mortgage
- Landlord: Michael Niamonitakis - Meridian Properties
- Loan Type: Refinance
- Date: 04/30/2025
In this refinancing deal, Meridian Properties, under the leadership of Michael Niamonitakis, successfully secured a $17 million loan from Berkadia Commercial Mortgage aimed at facilitating financial restructuring for the two multifamily buildings in Brooklyn.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93