The Real Deal New York

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

Loan for 193-unit Crown Heights property came from Benefit Street Partners
By Eddie Small | October 31, 2017 02:25PM

Toby Moskovits and 564 St. John’s Place (Credit: YouTube and Travis Mark)

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)