Hanover Capital Refis Long Island City Retail Property With $26M Loan

Vorea Group has landed a $25.8 million loan to refinance a newly developed retail asset in Long Island City, Queens, Commercial Observer has learned.

Hanover Capital provided the loan for the developer’s 52,578-square-foot property at 10-04 Borden Avenue that opened in 2024. It’s currently 100 percent leased to indoor skydiving facility iFly, which occupies 14,311 square feet, and Vibe Fitness, which takes up 38,267 square feet.

10-04 Borden Avenue sits close to the Queens-Brooklyn border, near where the Queens-Midtown Tunnel emerges onto the Long Island Expressway.

“The transaction aligns squarely with our core strategy: a newly constructed, well-located asset near the Midtown Tunnel, anchored by two high-quality experiential tenants,” said Nir Mor, managing principal and co-founder of Hanover Capital. “Both tenants have made significant capital investments, reinforcing their long-term commitment to the property.” 

HKS Real Estate Advisors’ Daniel Kowalsky negotiated the financing on behalf of Vorea, which was acquired by Domain Companies late last year.

Kowalsky said in a statement that the property’s location provides “a level of visibility that’s hard to replicate” which coupled with “top institutional-grade sponsorship” generates “a highly compelling profile for lenders.”

Vorea Group and Domain Companies did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.