It seems Brooklyn’s most prolific developer has switched over to mortgage lending.
Boaz Gilad, the founder of Brookland Capital, recently posted two updates to his LinkedIn profile: one identifying him as a vice president at FM Home Loans in Brooklyn and another identifying him as the founder of Amast Group.
FM Home Loans is a mortgage lender in the tristate area and Florida that claims to close roughly $2 billion in loans per year. It was not immediately clear what Amast Group does.
Gilad did not respond to requests for comment.
Gilad co-founded Brookland Capital in 2012, and the company soon developed a reputation as one of the most prolific developers in Brooklyn and a pioneer in raising money on the Tel Aviv Stock Exchange.
However, the firm had been facing serious financial difficulties since at least 2018, and at the beginning of 2019, its bondholders appointed New Jersey landlord Ronel Ben-Dov to oversee Brookland Upreal, which issues bonds in Israel.
Brookland owes its bondholders $42 million over the next three years and has been looking to sell off several of its properties. Spruce Capital Partners purchased the company’s remaining condos at 554 4th Avenue in Park Slope for about $30 million, and Brooklyn developer Serabjit Singh is buying 257 Washington Avenue in Clinton Hill for $13.5 million.