Pryor Cashman Advises Muss Development, HomeFed on $198M Brooklyn Refi
Pryor Cashman advised long-time clients Muss Development and HomeFed Corporation on the recent refinancing of their lease on the Brooklyn Renaissance Plaza, a mixed-use complex in Downtown Brooklyn. The refinancing followed a $198.3 million CMBS loan from CGA Capital.
The new mortgage, for which Wilmington Trust serves as trustee, replaces an $80.8 million loan from Bank of New York Mellon, which was issued in 1996.
Speaking on behalf of Muss Development, Jason Muss explained, “Brooklyn Renaissance Plaza remains 100% leased and has been successfully operated by Muss Development for 20 years since we completed construction in 1998.”
The complex includes the 24-story New York Marriott at The Brooklyn Bridge hotel, as well as a 32-story office building and a garage with nearly 1,000 parking spaces. Muss and Leucadia National co-developed the property in 1998, when the 667-room Marriott represented the first new hotel to be built in the borough since the years after World War II.
Representing Muss Development and HomeFed on this transaction were Pryor Cashman Real Estate Partner Dennis Sughrue and Associate Daniel Devine.
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