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G4 Capital Partners Provides $117M for BK Resi Project
Yitzchok Schwartz, a Brooklyn landlord, has secured $117 million in financing through Franklin Place II LLC to acquire and develop a residential project at 960 Franklin Avenue and 122 Montgomery Street near Prospect Park in Crown Heights. The financing, provided by G4 Capital Partners, is divided into three notes: $61.2 million, $42 million, and $13.7 million.
Schwartz will pay the previous owners, Isaac Hager and Daryl Hagler, $64 million for the site. Hager and Hagler bought the site for $42.4 million in 2022 after plans for a high-rise condominium were scrapped due to community opposition.
960 Franklin Avenue was formerly the site of the Spice Factory. Developer Ian Bruce Eichner’s Continuum Company had planned to build two 39-story residential towers totaling 1.4 million square feet, but the project was rejected in 2021 over concerns about shadows on the neighboring Brooklyn Botanical Garden. Ownership reverted back to Golombeck in 2022.
- ◦Financing
