Financing · Prospect Lefferts Gardens
960 Franklin Avenue lands $123.75M
- Amount
- $123.75M
- Type
- Financing
- Date
- Mar. 2026
960 Franklin Avenue, Brooklyn, NY
Recorded in NYC property records.
- Borrower
- Franklin Plaza II LLC
- Lender
- PGIM Real Estate U.S. Debt Fund REIT, LLC
- A single $123,750,000 consolidated loan: three 2024 mortgages totaling $117,000,000, taken over by the new lender, plus a new $6,750,000 mortgage.
- Lender of record is PGIM Real Estate U.S. Debt Fund REIT, LLC; the borrower is Franklin Plaza II LLC.
- The collateral is Brooklyn Block 1192, Lot 40 (partial lot), an apartment building per city records.
- Loan term, rate and purpose are not stated in the records.
Overview
Franklin Plaza II LLC refinanced 960 Franklin Avenue in Brooklyn with PGIM Real Estate U.S. Debt Fund REIT, LLC, according to city property records. The documents are dated March 10, 2026 and were recorded on March 19, 2026.
The new loan totals $123.75 million. PGIM took over three mortgages from April 2024, which add up to $117 million and were held by the previous lender, G4 18258, LLC, and combined them with a new $6.75 million mortgage into a single consolidated loan. All of the documents name Franklin Plaza II LLC as the borrower and cover Brooklyn Block 1192, Lot 40, listed as a partial lot.
City records classify the property as an apartment building. The records do not state the loan's purpose, term or interest rate.
A recorded financing of this size, with an institutional debt fund as counterparty, shows substantial capital committed against an apartment property at 960 Franklin Avenue.
Parties Involved 2 recorded
Basis
Party 1 on the recorded mortgage (ACRIS doc 2026031600618007) in favor of PGIM.
Basis
Party 2 (mortgagee) on the recorded mortgage (ACRIS doc 2026031600618007).
Counts and combined values are computed from Hush Street’s own published Deal records only. “Combined” is the total value of the transactions a party appears on, not capital deployed by that party, and two parties on the same transaction each reflect its full amount. Not a career or market total.
Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.
Property & Project
Sources & Recordsverification, citations & data notes
- ACRIS Document Detail: Agreement, 960 Franklin Avenue — NYC Department of Finance (ACRIS)
- ACRIS Document Detail: Mortgage, 960 Franklin Avenue — NYC Department of Finance (ACRIS)
- ACRIS Document Detail — NYC ACRIS
- ACRIS Document Detail: Assignment of Mortgage, 960 Franklin Avenue — NYC Department of Finance (ACRIS)