Real estate investor Daryl Hagler has 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 Ave. in Brooklyn’s Sunset Park neighborhood. Situated on a former rail yard, this high-profile development was facing foreclosure.
Hagler’s effort 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,” Hagler said. “The development of Sunset Park is more than just a construction project; it’s a vision for the future of Brooklyn.”
The project is led by Watermark Capital’s Wolfe Landau and Meir Tabak, and supported by Marvin Azrak’s Maguire Capital. 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 the project to move forward.
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.
