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New York

Toby Moskovits escapes foreclosure proceedings at Crown Heights rental project

Arbor Realty Trust has given property a $97M loan

Toby Moskovits and 564 St. John’s Place (Credit: Pixabay)
Toby Moskovits and 564 St. John’s Place (Credit: Pixabay)

Toby Moskovits has saved her property at 564 St. John’s Place from foreclosure. The developer and her partner Michael Lichtenstein have received a $97 million loan from Arbor Realty Trust, according to Commercial Observer. This will pay off Benefit Street Partners, the project’s prior lender that had scheduled an Aug. 22 foreclosure auction for the property.

Arbor is only providing a senior loan to refinance the property’s $81 million construction loan and $8 million mezzanine loan from Benefit Street. JLL was overseeing the foreclosure process and told potential bidders it was off on Monday morning.

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Moskovits and Lichtenstein had been in a legal battle with Benefit Street over the property. Benefit Street was suing them for defaults, while Moskovits was suing them for predatory lending.

Her company Heritage Equity Partners has owned the property in Crown Heights since 2014, and work is ongoing at the rental development. [CO] – Eddie Small

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DevelopmentToby Moskovits