The Real Deal New York

Heritage Equity secures funding for new Williamsburg hotel

Developer secured a $40 million loan from G4 Capital Partners to build the 150-room building

December 12, 2014 09:04AM

The Wythe Hotel in Williamsburg and Toby Moskovits

The Wythe Hotel in Williamsburg and Toby Moskovits

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

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