Madison Realty Capital provided the debt
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.