Santander Bank Provides $88M Construction Loan for Connecticut Multifamily Property
A consortium led by Lonicera Partners will build a 120-unit complex that mixes market-rate with affordable
By Brian Pascus January 7, 2026 1:13 pm
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A consortium involving Lonicera Partners, Nimbus Properties and Benedict Capital have secured $88 million in construction financing to build Benedict Court, a 120-unit multifamily property with 48 affordable units in Greenwich, Conn.
Santander Bank provided the debt financing, while Cushman & Wakefield’s Gideon Gil, Taylor Geiger, Cecelia Galligan and Nick Pappas arranged the transaction.
Gil noted that Benedict Court will be among the only large-scale multifamily developments in Greenwich, a neighborhood typically known for its high-priced single-family homes.
“As a town known for limited new development, the project will meet tremendous demand for new housing in an undersupplied market,” he added.
Located at 7–23 Benedict Place in Downtown Greenwich — a collection of several parcels acquired over the past ten years along Benedict Court and Benedict Place — the new Benedict Court will feature 72 market-rate units and 48 affordable units along with 170 on-site parking spaces located below ground.
The multifamily complex will offer easy access into nearby Manhattan via the Greenwich Metro-North station that goes directly into Grand Central Terminal.
Completion is scheduled for August 2028.
Santander Bank did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com.
