The Real Deal New York

Moshe Braver lands $110M refi for massive Bushwick project

Benefit Street is the lender
By Konrad Putzier | July 31, 2018 02:30PM

Ira Zlotowitz and the site at 340 Evergreen Avenue in Brooklyn (LinkedIn and Google Maps)

Moshe Braver’s Bushwick Realty Holdings landed a $110 million mortgage to refinance its 200-plus apartment project in Bushwick.

Benefit Street Partners Realty Trust is the lender. Eastern Union’s Ira Zlotowitz and Meir Kessner brokered the deal.

As part of the development, Braver has so far completed three six-story buildings at 869-871 Bushwick Avenue in 2015. He is currently building a 56-apartment building at 889 Bushwick Avenue and a 168-apartment building at 340 Evergreen Avenue.

Braver bought the full-block site for $15 million in 2014, property records show.  The new loan replaces a $90 million mortgage from Centennial Bank.

Benefit Street refinanced Toby Moskovits’ Crown Heights rental building 564 St. John’s Place with a $81 million loan last year.

Eastern Union is one of the city’s most active debt brokerage firms and arranged 435 mortgages in the five boroughs last year, according to The Real Deal’s latest ranking.