Lonicera Partners Secures $134M Construction Loan For Mixed-Use Project In Brooklyn

The property at 15 Hanover Place, located in Brooklyn, NY, 11201, is a mixed-use asset. The construction loan arranged for this project amounted to $134,000,000.00. The building is set to be 34 stories tall and will consist of 314 units, with 95 of them designated as affordable housing. Additionally, the property will feature 9,000 square feet of commercial space.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $134,000,000.00
• Market: Brooklyn
• Borrower's Rep: Zackary Kraft (Cushman & Wakefield)
• Borrower: Lonicera Partners
• Lender: Santander Bank

Gideon Gil and Sebastian Sanchez of Cushman & Wakefield, along with Zachary Kraft, represented the borrower, Lonicera Partners, in securing the construction loan through Santander Bank and City National Bank. The locally based developer is working on this mixed-income residential project, which is expected to bring a new development to downtown Brooklyn. A specific completion date for the project is yet to be determined, indicating ongoing progress in the construction phase.