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
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

Vishaan Chakrabarti on a Manhattan real estate market without private cars

Vishaan Chakrabarti on a Manhattan real estate market without private cars
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?
Social Construct CEO Ben Huh, The Real Deal's Hiten Samtani and Social Construct cofounder Michael Yarne

The REInterview: Social Construct’s founders on making multifamily construction an assembly line

The REInterview: Social Construct’s founders on making multifamily construction an assembly line
2870 Ocean Avenue in Sheepshead Bay (Google Maps)

Chetrit firm to acquire Sheepshead Bay development site

Chetrit firm to acquire Sheepshead Bay development site
Alexandria Real Estate Equities founder Joel Marcus and Alexandria Center for Life Sciences (Getty, Google Maps)

Life-sciences sector proves safe haven for landlords

Life-sciences sector proves safe haven for landlords
123 West 23rd Street and Adam Neumann (Google Maps; Getty Images)

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site
22-15 31st Street (Google Maps)

Supermarket signals demise as Target eyes Astoria

Supermarket signals demise as Target eyes Astoria
270 Park Avenue (Google Maps; iStock)

City planning through a pandemic

City planning through a pandemic
arrow_forward_ios

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

Loading...