Toby Moskovits escapes foreclosure proceedings at Crown Heights rental project

Arbor Realty Trust has given property a $97M loan

New York /
Aug.August 06, 2018 12:44 PM

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.

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


Related Articles

arrow_forward_ios
BLDG Management founder Lloyd Goldman (iStock)
BLDG plans 800k sq ft tower in Long Island City
BLDG plans 800k sq ft tower in Long Island City
Gary Barnett and Jay and Stuart Podolsky in front of 1645 First Avenue (Getty, Google Maps)
Gary Barnett site has one problem: the Podolsky brothers
Gary Barnett site has one problem: the Podolsky brothers
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Renderings of The Eliza Apartments at the Redeveloped Inwood Library (New York Housing Conference)
Inwood affordable housing project moves forward after rezoning fight
Inwood affordable housing project moves forward after rezoning fight
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
611 St. Johns Place, Brooklyn, NY (Getty)
Workforce Housing Group solar deal will also pay for broadband
Workforce Housing Group solar deal will also pay for broadband
Hudson Yards (iStock)
EB-5 program set to expire at the end of June
EB-5 program set to expire at the end of June
(iStock/Illustration by Kevin Rebong for The Real Deal)
New housing construction leaves US 5.5 million units short
New housing construction leaves US 5.5 million units short
arrow_forward_ios

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

Loading...