Lonicera Partners Lands $134M in Construction Financing for DoBro Multifamily Asset
By Cathy Cunningham July 26, 2022 5:00 pm
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Lonicera Partners has landed $134 million in construction financing for its mixed-income multifamily property at 15 Hanover Place in Downtown Brooklyn, Commercial Observer can first report.
Santander and City National Bank (CNB) teamed up to provide the debt, in a transaction arranged by Cushman & Wakefield’s Gideon Gil, Zachary Kraft and Sebastian Sanchez.
PincusCo. first reported in September that Lonicera Partners had filed a permit application for construction at the site — which sits in a prime position in Downtown Brooklyn, close to Barclays Center, Fulton Mall and Brooklyn Academy of Music — with Fogarty Finger listed as the project’s architect.
When completed, the 314-unit tower will rise 34 stories, total 295,000 square feet and include 9,000 square feet of commercial space. Developed under the 421a program, 95 of the apartments at 15 Hanover Place will be affordable.
“15 Hanover Place will be one of the last assets to be built under the Affordable New York 421a program and will provide much-needed housing to a submarket with proven demand,”Gil said in prepared remarks. “The property is positioned to benefit from its best-in-class sponsorship and location in one of Brooklyn’s most desirable neighborhoods.”
Lonicera Partners is based in Downtown Brooklyn, and its entire real estate portfolio is also located in and around the area.
Back in 2019, Santander and CNB also teamed up to finance the firm’s apartment complex at 308 Livingston Street. The lenders provided $70 million in acquisition and construction debt for the 23-story project, as first reported by CO.
Officials at Lonicera Partners didn’t immediately return a request for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
