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CushWake Advises on $134M Construction Loan for Lonicera Project in Brooklyn
Cushman & Wakefield served as exclusive advisor to Lonicera Partners in procuring $134,000,000 in construction financing for 15 Hanover Pl., 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 Lonicera.
“15 Hanover Pl. 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 Pl. will be a 34-story tower totaling 295,000 square feet. The asset will feature 314 apartments, including 95 affordable units, and more than 9,000 square feet of commercial space.
- ◦Development
- ◦Financing

