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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.
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- ◦Financing
