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948 Myrte Ave. 948 Myrtle Ave., in Brooklyn, NY/ architectural rendering

NEW YORK CITY—The developer of a 214,000 square-foot, mixed-use project to be built at 936 Myrtle Ave., 948 Myrtle Ave. and 258-264 Throop Ave., received a $55 million first mortgage loan from Madison Realty Capital. Although the developer’s name was not disclosed, a source close to the transaction tells GlobeSt.com that the borrower is Isaac Schwartz. Real Capital Analytics lists the owner in this transaction as Cornell Realty Management.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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