Brooklyn Development Scores $134M

The community will include 95 affordable units.

15 Hanover Place. Image courtesy of Lonicera Partners

Lonicera Partners has received $134 million in construction financing for 15 Hanover Place, a 314-unit community in Brooklyn, New York, from Santander and City National Bank. The development will include 95 affordable units and some 9,000 square feet of commercial space.

The Cushman & Wakefield equity, debt and structured finance team representing the borrower included Executive Managing Director Gideon Gil, Director Zachary Kraft and Associate Sebastian Sanchez.

Gil stated in prepared remarks that the community will be one of the last to be built under the Affordable New York 421a program, which expired on June 15, more than half a decade after its inception.

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Upon completion, 15 Hanover Place will rise 34 stories high and total 295,000 square feet. The property will be located in downtown Brooklyn, just a few miles from Manhattan. Nearby attractions include Barclays Center and the Brooklyn Museum, with the Brooklyn Botanical Garden 2 miles away. The community will be close to subway options including the B, Q and R trains at Dekalb Avenue station and the A, C and G trains at the Hoyt-Schermerhorn one. Fort Greene Park and the Brooklyn Hospital Center are also nearby.

Back in 2019, Lonicera Partners received $70 million in construction financing from Santander and City National Bank for the development of a 160-unit luxury community at 308 Livingston St. in downtown Brooklyn. According to Yardi Matrix data, the company currently has 3 projects in different stages of development, all located in Brooklyn.

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