Muss Development lands $198M refi for Brooklyn office building

CGA Capital is the lender for 350 Jay Street

TRD New York /
Mar.March 06, 2018 02:45 PM
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.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
From left: Mapleton Rentals at at 1555-1575 61st Street in Mapleton, 1440 Story Avenue in Soundview, Beard-Van Brunt at 411 Van Brunt Street in Red Hook

Abraham Leser targets $74M refi for Brooklyn, Bronx properties

Abraham Leser targets $74M refi for Brooklyn, Bronx properties
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
Mall of America in Minnesota (Farragutful via Wikipedia)

Mall of America falls behind on $1.4B mortgage

Mall of America falls behind on $1.4B mortgage
Hudson’s Bay CEO Richard Baker (Credit: Getty; iStock)

“Corporate shell game”: Special servicer says Hudson’s Bay undermined $850M loan

“Corporate shell game”: Special servicer says Hudson’s Bay undermined $850M loan
A rendering of 1998 Second Avenue in Harlem and Peter Fine (Credit: GF55 Architects)

Peter Fine inks $70M construction loan for Harlem resi project

Peter Fine inks $70M construction loan for Harlem resi project
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...