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Developer Gets $55M Construction Loan For Mixed-Use Bed-Stuy Project

Madison Realty Capital provides financing for the three-building complex.

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.

The Madison Realty loan will cover construction and will refinance the existing debt and cover additional transaction costs. It is collateralized by the 948 Myrtle Ave. development site in the Bedford Stuyvesant neighborhood of Brooklyn.

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Betsy Kim

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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