Lonicera Partners signs $150M loan with PNC for 314-unit rental in Downtown Brooklyn

Lonicera Partners through the entity Hanover Tower Owner LLC as borrower signed a loan with lender PNC Bank through the entity Pnc Bank, National Association valued at $150 million for the 314-unit residential elevator building (D6) at 15 Hanover Place in Downtown Brooklyn, Brooklyn.
The deal closed on June 16, 2026 and was recorded on June 23, 2026. The prior lender was Santander Bank which held debt that had an original loan amount of $134 million. The property has 281,511 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $532 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Lonicera Partners was Jamie Anthony . The signatory for PNC Bank was Heather Finnegan .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Lucian Cohen, head officer and Wilson Acosta, agent. The business entities are Rose Property Mgmt Grp Llc and Hanover Tower Owner Llc. The 281,511-square-foot property generated revenue of $13.2 million or $47 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 314 residential units in Downtown Brooklyn has 281,511 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 170 feet deep with a total lot size of 20,350 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $42.8 million. PNC Bank on June 16, 2026 bought a loan with an original principal of $134 million from Santander Bank signed by Samuel Torgueman , secured by 15 Hanover Place, when owned by Lonicera Partners . The property has 292 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,875 in ECB penalties, two housing violations, $6,050 in OATH penalties, and one housing litigation in the last year.

Development

On the lot, there is one active new building construction project, B00588594, for a 314-unit, 244,085 square-foot R-2 building. The project was submitted by Lonicera Partners and filed by John Evans with plans filed September 21, 2021 and permitted December 26, 2022.

The block

On this tax block, PincusCo has identified the owners of seven of the 16 commercial properties representing 518,988 square feet of the 619,724 square feet. The largest owner is Jenel Management , followed by Midas Hospitality and then Jj Operating.
On the tax block, there were five new building construction projects totaling 829,921 square feet. The largest is a 327-unit, 333,041 square-foot business (B) building submitted by Jenel Real Estate and filed by Samuel Dushey with plans filed April 20, 2016 and permitted December 14, 2017. The second largest is a 314-unit, 244,085 square-foot residential (R-2) building submitted by Lonicera Partners and filed by John Evans with plans filed September 21, 2021 and permitted December 26, 2022.

The majority, or 60 percent of the 619,724 square feet of built space are elevator buildings, with mixed-use buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Lonicera Partners owned at least 18 commercial properties with 793 residential units in New York City with 288,075 square feet and a PincusCo-determined asset value of $586.6 million. The portfolio has $400.3 million in debt, with top three lenders as Santander Bank, City National Bank , and Santander Bank respectively. Within the portfolio, the bulk, or 49 percent of the 288,075 square feet of built space are elevator properties, with development properties next occupying 13 percent of the space. The bulk, or 91 percent of the built space, is in Brooklyn, with Manhattan next at 6 percent of the space.

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