Heritage Equity lands $68M loan for Williamsburg Hotel
The mortgage from Benefit Street Partners replaced a $9M mortgage from Hutton Ventures
UPDATED, 5:40 p.m. Dec. 20: Toby Moskovits’ Heritage Equity Partners has landed a $68 million loan for the Williamsburg Hotel, located at 96 Wythe Avenue.
The money comes from Benefit Street Partners, and the loan package also includes a $14,000 gap mortgage, according to property records. It replaces a $9.3 million mortgage from Hutton Ventures and a $58.6 million mortgage from G4 Capital Partners.
Benefit Street Partners also recently provided Moskovits with an $81 million refinancing for her 193-unit rental building in Crown Heights at 564 St John’s Place, of which Heritage had bought a controlling stake in 2014.
The Williamsburg Hotel stands eight stories tall and contains 150 rooms. Heritage bought the site in 2012 for $4.85 million and developed it.
Representatives From Benefit Street Partners and Heritage Equity Partners did not immediately respond to requests for comment.
This story was updated to include G4 Capital Partners’ role in the transaction.