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

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

Oct.October 31, 2017 02:25 PM

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)

Related Articles

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

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

Greystar CEO Bob Faith and the Parkside Place Apartments in Cary, North Carolina (Credit: Greystar and Apartments)

What Greystar’s belief in multifamily says about the health of the economy

Rupert Murdoch and David Doctorow (Credit: Getty Images, iStock)

News Corp. looks to Opcity lead-generation to boost real estate services biz

Clockwise from the bottom left: The Eugene (435 West 31st Street), the Hudson Yards observation deck condominium and 555 Tenth Avenue (Credit: Google Maps)

West Side story: Manhattan’s largest January real estate loans

Selina Hotel at 516- 518 West 27th Street and Adam Neumann (Credit: Google Maps, Getty Images)

Lender moves to foreclose on site of NYC hotel linked to Adam Neumann, Mexican magnate

Brookfield Property Partners CEO Brian Kingston (Credit: Brookfield, iStock)

2020 “will get a little better” after peak year for retail bankruptcies: Brookfield

Renderings of 2300 Cropsey Avenue in Brooklyn (Credit: W&L Group)

An eyesore for ages, Gravesend project site gets $71M refi