Lonicera Partners Secures $134M Construction Loan For Downtown Brooklyn Development Site
FINANCED
$134,000,000
New York
See Similar DealsDevelopment Site295,000 SF
Financed 07/18/2022
FINANCED
Lonicera Partners Secures $134M Construction Loan For Downtown Brooklyn Development Site
15 Hanover Place
See Similar DealsDevelopment Site295,000 SF
Financed 07/18/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$454
Total Square Footage:295,000 SF
Transaction Type:Loan
A development site located at 15 Hanover Pl in Downtown Brooklyn has been involved in a recent loan transaction. The property spans approximately 295,000 square feet and consists of 314 units. The transaction took place on July 18, 2022.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $134,000,000
- Address: 15 Hanover Pl.
- Market: Downtown Brooklyn
- Lender: Santander & City National Bank
- Landlord: Lonicera Partners
The loan, amounting to $134,000,000, was provided by Santander and City National Bank. The landlord in this transaction is Lonicera Partners. The brokers involved in the deal were Gideon Gil, Zach Kraft, and Sebastian Sanchez from Cushman & Wakefield.
Players
LENDER
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$134,000,000.00
Monthly NOI$893,333.33
Monthly Debt Service$846,971.15
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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