Toby Moskovits escapes foreclosure proceedings at Crown Heights rental project

Arbor Realty Trust has given property a $97M loan

TRD 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
South Carolina town puts moratorium on development (Credit: iStock)

The high cost of low taxes: South Carolina town bans all development for 16 months

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

Heritage Equity Partners Toby Moskovits and Michael Lichtenstein

Lawsuit: Toby Moskovits, Michael Lichtenstein owe investor $3M

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

Pier 40 and Gov. Andrew Cuomo (Credit: Wikipedia and Getty Images)

Cuomo kills Pier 40 redevelopment plan

CW Realty’s Cheskie Weisz  and a rendering of 251 Front Street (Credit: CW Realty and Think Architecture and Design via New York YIMBY)

CW Realty plans luxury rental at controversial Vinegar Hill site

arrow_forward_ios
Loading...