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Isaac Schwartz lands $55M loan for condo project at 948 Myrtle Avenue

Madison Realty Capital provided the debt

Rendering of 948 Myrtle Avenue (Credit: Karl Fischer Architects)

Isaac Schwartz has secured a $55 million construction and refinancing loan from Madison Realty Capital for his condo project at 948 Myrtle Avenue, according to TRD. Upon completion, the Bed-Stuy project will span 214,000 SF. It will contain 77 condos, 24 affordable units, and ground-floor retail. 

Financing Details: The loan will retire a $15 million floating-rate bridge loan, which was also provided by Madison last year.

Worth Noting: In the opaque Hasidic world, it’s particularly difficult to determine who is providing equity for a project. This case is no exception as many suspect that Simon Dushinsky and Isaac Hager are also involved.

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