Berkadia Secures $200M Loan for Brooklyn DA’s Office Condo
Berkadia’s Mark Vogel and Dan Geuther have arranged $198.3-million financing for an office condominium within Brooklyn Renaissance Plaza, a 1.4-million-square-foot mixed-use complex in downtown Brooklyn. The 465,000-square-foot office condo is fully leased to the Kings County District Attorney.
Vogel and Geuther secured the permanent refinancing through CGA Capital Corporation. The borrower was a joint venture between New York-based Muss Development Group and San Diego-based HomeFed Corporation.
Arranging the deal entailed “an extensive collaborative effort between the borrower group, Berkadia, and CGA Capital,” said Vogel. “In seeking to obtain a loan duration of over 20 years, we were presented with two significant challenges: the ground lease payment will reset to unknown market rates in 2021 and 2031, and the KCDA lease expires in 2028.”
Geuther added that the complex’s “excellent location,” coupled with the condo’s mission critical function to the Brooklyn DA’s operations, was essential to getting the loan closed.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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