Cushman & Wakefield arranges $134m construction financing

New York, NY Cushman & Wakefield served as the exclusive advisor to Lonicera Partners in the procurement of $134 million in construction financing for 15 Hanover Place, a mixed-income multifamily development in Brooklyn. The loan was provided by Santander and City National Bank.

A Cushman & Wakefield equity, debt & structured finance team of Gideon Gil, Zachary Kraft and Sebastian Sanchez represented the borrower in the transaction.

“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,” said Gil. “The property is positioned to benefit from its best-in-class sponsorship and location in one of Brooklyn’s most desirable neighborhoods.”

Upon completion, 15 Hanover Place will be a 34-story tower totaling 295,000 s/f. The asset will feature 314 apartments, including 95 affordable units and over 9,000 s/f of commercial space.

The property is located within walking distance to a variety of retail, dining and entertainment options including the Brooklyn Academy of Music, Barclays Center, Fulton Mall and Dekalb Market at City Point. The asset is transit-oriented with nearby subway options including the B, Q and R trains at Dekalb Ave.Station and the A, C and G trains at Hoyt-Schermerhorn Station.