The Real Deal New York

Muss Development lands $198M refi for Brooklyn office building

CGA Capital is the lender for 350 Jay Street
By Konrad Putzier | March 06, 2018 02:45PM

Brooklyn Renaissance Plaza, Joshua Muss

Brooklyn Renaissance Plaza, Joshua Muss

Muss Development and HomeFed Corporation refinanced their leasehold on the office portion of Brooklyn Renaissance Plaza with a $198.3 million CMBS loan from CGA Capital, property records show.

The new mortgage, for which Wilmington Trust serves as trustee, replaces a $80.8 million loan from Bank of New York Mellon issued in 1996.

Muss first filed plans for the mixed-use tower at 350 Jay Street in Downtown Brooklyn in 1983 but didn’t complete it until 1998. It includes 820,000 square feet of office space, a 667-room Marriott hotel and a garage.

In a statement, Muss said that the office space is fully leased. Tenants include the Brooklyn District Attorney’s office, the New York City Employees’ Retirement System and the city’s Department of Education, which renewed its 64,340-square-foot lease last year. CGA declined to comment.

Muss is currently developing a large mixed-use project in Sheepshead Bay with AvalonBay Communities.1 Brooklyn Bay will rise 28 stories and feature 236 rental and condominium units spanning 260,000 square feet, as well as a commercial component of about 15,000 square feet. The projected sellout is $75 million.