Arbor Realty Trust provided the debt
Toby Moskovits and Michael Lichtenstein have secured $97 million from Arbor Realty Trust to refinance 564 St. John’s Place, according to the CO. The newly built Crown Heights rental was mired in legal trouble as the project’s prior lender, Benefit Street Partners had scheduled a foreclosure auction.
Financing Breakdown: The new senior loan replaces the property’s $81 million construction loan and the $8 million mezzanine loan.
The battle is over… Benefit Street had filed a lawsuit for defaults on the loan, while the owners were suing for predatory lending.