US$ 134M construction loan has been received for the implementation of the 5 Hanover place development project in New York. In a deal brokered by Gideon Gil, Zachary Kraft, and Sebastian Sanchez of Cushman & Wakefield, Santander and City National Bank (CNB) joined together to finance the loan.
Developed by Lonicera Partners the project will bring about a mixed-income multifamily building in Downtown Brooklyn. The project’s site is conveniently located in Downtown Brooklyn, close to Barclays Center, Fulton Mall, and Brooklyn Academy of Music. It was first reported in September that Lonicera Partners had submitted a permit application for construction at the location. Fogarty Finger is listed as the project’s architect.
Inside 15 Hanover Place
The 314-unit skyscraper will have 34 storeys when it is finished. A total of 295,000 square feet and 9,000 square feet of residential and commercial space will be provided. 95 of the units at 15 Hanover Place will be low-cost.
Gil stated in prepared remarks that 15 Hanover Place will be one of the final properties to be completed under the Affordable New York 421a program. In addition, it will offer much-needed housing to a submarket with demonstrated demand. Furthermore, the project is well-positioned to profit from its top-tier sponsorship and placement in a posh area of Brooklyn.
Lonicera Partners real estate portfolio
The entire real estate portfolio of Lonicera Partners is centered in and around Downtown Brooklyn. This is where the company also has its headquarters. Additionally, Santander and CNB collaborated to finance the company’s apartment building at 308 Livingston Street back in 2019. According to CO, the lenders contributed $70 million in purchase and construction financing for the 23-story building.
The issue surrounding the construction site dates back to 2016. This is when a lawsuit was filed by investor Abraham Leifer against the Liberman Group because the owner broke a deal to sell the land for $44 million. In the region, Leifer was attempting to build a $70 million assemblage.