The transaction involved a mixed-use asset located in Queens, encompassing a total square footage of 134,000. The loan amount secured for this asset was $17,000,000 through a bridge refinance arrangement.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $17,000,000
• Lender: Hanover Capital NY LLC
• Lender Representative: Nir Mor
• Brokers: David Ostrov, Mindy Bergman, and Ariel Taieb
• Loan Type: Bridge Refinance
• Date of Transaction: 12/20/2024

Hanover Capital NY LLC demonstrated efficiency by navigating the underwriting complexities associated with an expired J51 abatement and DHCR review. They utilized proprietary software to deliver a loan approval within 24 hours, closing the transaction within three weeks. This rapid execution came after another lender had failed to perform, highlighting Hanover's capability to meet stringent borrower deadlines.