Toby Moskovits lands $81M refi for new BK rental building

Loan for 193-unit Crown Heights property came from Benefit Street Partners

New York /
Oct.October 31, 2017 02:25 PM

Toby Moskovits has secured an $81 million refinancing for her 193-unit Crown Heights rental building at 564 St. John’s Place, according to property records.

The Money Comes From Benefit Street Partners Realty Trust, and a spokesperson for Moskovits’ Heritage Equity Partners confirmed the amount.

Heritage bought out a controlling stake in the project back in 2014 with the help of a $23.5 million loan from Madison Realty Capital.

The property opened earlier this year. Rents at the building, also known as the Frederick, range from roughly $2,200 to $4,600, according to StreetEasy.

Moskovits, a developer who focuses largely on Brooklyn, is also a minority investor in Williamsburg’s massive 25 Kent project, a 500,000-square-foot commercial building that should be ready for occupancy early next year. She was bought out of the majority stake in that project by the Philadelphia-based firm Rubenstein Partners. Asking rents at the eight-story building are in the low-$70s per square foot, and it is the first speculative ground-up building that has come to Brooklyn in decades.

Moskovits is known for taking on large and buzzworthy projects in Brooklyn, but her career has also seen its fair share of controversy, namely in the form of legal disputes with her former partners.

(To view more properties owned by Heritage Equity Partners, click here)


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
Cohen Brothers Realty’s Charles Cohen and 750 Lexington Avenue (Getty Images, Cohen Brothers Realty, Council on Tall Buildings and Urban Habitat)
Cohen Brothers’ Midtown tower back in special servicing
Cohen Brothers’ Midtown tower back in special servicing
ASG's Steve Reardon, DoorLoop's Ori Tamuz and David Bitton (ASG, DoorLoop)
Property management startup DoorLoop raises $20M
Property management startup DoorLoop raises $20M
Carmel Partners' Ron Zeff and a rendering of the LIC project (Getty Images, Carmel Partners, Privcap)
Carmel Partners nabs $364M loan for Queens development
Carmel Partners nabs $364M loan for Queens development
Dealpath's Mike Sroka (Dealpath, Getty)
Deal management platform Dealpath raises $43M Series C
Deal management platform Dealpath raises $43M Series C
RXR's Scott Rechler and SL Green's Marc Holliday with 5 Times Square (Getty Images, SL Green, 5 Times Square)
RXR lands $1.3B financing for 5 Times Square; SL Green in as partner
RXR lands $1.3B financing for 5 Times Square; SL Green in as partner
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...