Toby Moskovits’ Heritage Equity Partners obtained a $40 million construction loan for an eight-story boutique hotel in Williamsburg.
The 150-room property will be named the Williamsburg Hotel, Crain’s reported, and will rise on North 10th Street between Wythe and Kent avenues. G4 Capital Partners, a firm that arranges funding for projects in Brooklyn and Queens, provided the loan. The new hotel is planning to give the successful Wythe Hotel — located around the corner — a run for its money.
The hotel will include a water tower on its roof that will serve as a bar and lounge. Heritage Equity is active in the area.
“This is a developer we believe in,” Jason Behfarin, a principal at G4, told the website. [Crain’s] — Claire Moses