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Debt & Equity

Muss secures $90M financing for Renaissance Plaza in Brooklyn

Cushman & Wakefield, Inc. announced that it served as the advisor to affiliates of Muss Development, LLC and HomeFed Corporation in arranging $90 million of fixed-rate financing secured by a condominium interest in Brooklyn Renaissance Plaza located in Brooklyn, New York.

The financing was provided by affiliates of LoanCore Capital Markets.
A Cushman & Wakefield Equity, Debt and Structured Finance team of Gideon Gil, Alex Lapidus and Emily Johansen represented Muss Development, LLC and HomeFed Corporation in the transaction.

“The transaction resulted in a very successful outcome for one of Downtown Brooklyn’s most distinguished office buildings, due to a collaborative team effort of highly experienced clients and a resilient lender,” said Gil.

Brooklyn Renaissance Plaza is a mixed-use development comprised of nearly 1.5 million square feet across two towers encompassing office, retail, a 667-room Marriott hotel and a four-story parking garage.

The property and collateral for the financing is the office condominium comprising 297,432 rentable square feet located on floors 24 through 32 of the north tower. Brooklyn Renaissance Plaza is one of Downtown Brooklyn’s preeminent and most notable mixed-use office, retail and hotel buildings.

Built in 1996, it is situated on nearly three acres in the heart of Downtown Brooklyn. Located at 335 Adams Street, the site is situated just south of the Brooklyn Bridge, providing immediate access to Brooklyn’s transit hubs at Jay Street-MetroTech, and Court Street.

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