Daryl Hagler Saves Watermark Capital's Sunset Park Development Project from Foreclosure

Brooklyn Real-Estate Investor Helps to Secure $42.5M Loan for Watermark Capital's Ambitious
  8^th Avenue, 497-Unit Project

BROOKLYN, N.Y., Feb. 12, 2025 /PRNewswire/ -- Real-estate investor Daryl Hagler has successfully secured a $42.5 million loan to support the construction of Watermark Capital's ambitious 28-story, 497-unit residential project located at 6128 Eighth Avenue in Brooklyn's Sunset Park neighborhood. Situated on a former rail yard, this high-profile development was on the brink of foreclosure before Mr. Daryl Hagler intervened with his strategic financing. This move has provided a lifeline to Watermark Capital, helping them avert the impending foreclosure attempt by Rialto Capital Group, a Manhattan-based real estate investment and asset management firm.

"I'm proud to be part of a project that will not only revitalize this significant site in Brooklyn but also contribute to the area's economic growth by providing much-needed housing units," said Mr. Hagler. "The development of Sunset Park is more than just a construction project; it's a vision for the future of Brooklyn."

The project, led by Watermark Capital's Wolfe Landau and Meir Tabak, and supported by Marvin Azrak's Maguire Capital, promises to transform the Brooklyn skyline while providing a substantial boost to the local economy. Watermark Capital and Maguire Capital acquired the former developers' equity interests and debt, which had reached between $75 million and $80 million, thus clearing the way for this transformative project to move forward, thanks to Hagler's financial intervention.

Daryl Hagler's expertise in addressing complex financial challenges has played a crucial role in advancing the Sunset Park development. His efforts have provided the necessary financial stability to move forward with this long-anticipated project, ensuring the creation of a modern residential complex that meets the growing housing needs in Brooklyn. The development represents a significant step in the ongoing evolution of the Sunset Park neighborhood and contributes to the area's broader economic development.

Watermark Capital and Maguire Capital began acquiring the rights to purchase the Sunset Park site back in 2021, with their efforts ramping up following the seizure of Signature Bank by the Federal Deposit Insurance Corporation (FDIC) in March 2023. After the FDIC's joint venture with Rialto Capital Group began servicing the debt, Rialto started foreclosure proceedings in the summer of 2024. However, Mr. Daryl Hagler's swift action in replacing the debt allowed the project to proceed without further disruption.  Daryl Hagler has consistently made a lasting impact on Brooklyn's commercial real estate scene. Notably, in late 2022, he partnered with Isaac Hager of Cornell Realty to acquire the 960 Franklin Avenue development in Brooklyn for $42.8 million, which was sold in early 2024 for $64 million.

About Daryl Hagler

Daryl Hagler is a seasoned real estate investor and entrepreneur with a diverse portfolio that includes commercial properties, luxury residential developments, and mixed-use projects. Known for his keen market insight and forward-thinking strategies, Hagler has been a prominent figure in the real estate industry for over thirty years. His commitment to excellence, sustainability, and community development continues to drive the success of his ventures.

SOURCE Daryl Hagler