Boutique Williamsburg property secures $40M loan

The builder of a new hotel along Wythe Avenue in Williamsburg now has the funds to finish the project.

Heritage Equity Partners, a firm led by developer Toby Moskovits, secured a $40 million construction loan for the eight-story, 150-room boutique property. Named the Williamsburg Hotel, the building is taking shape on North 10th Street between Wythe and Kent avenues. The project is slated for completion in the late summer or early fall of 2015.

G4 Capital Partners, which focuses on specialty loans in Brooklyn and other neighborhoods in the boroughs, such as Long Island City, provided the debt. The company has worked with Moskovits before, financing her acquisition of a church on North 6th Street east of Bedford Avenue two years ago that her firm subsequently converted into rental apartments.

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