Hanover Co. secures construction loan for resi project in booming Warner Center

Bank of America was the lender for the planned 394-unit complex
By Natalie Hoberman |
Research by Haru Coryne
April 19, 2019 02:00PM

Bank of America CEO Bryan Moynihan and Murry Bowden, Founder & Chairman of Hanover Co., with 6636 Variel Avenue (Credit: Google Maps)

A little less than a year after filing plans with the city, Hanover Company has secured the funds to build its sprawling residential project in the Warner Center.

The real estate investment firm secured a $94 million construction loan from Bank of America, records show.

The multifamily project, set to rise at 6636 Variel Avenue, will include 394 units, according to a planning filing from last June. But project details have yet to be released.

A representative for the Houston-based firm did not respond to requests for comment.

Hanover is building one of three projects on the block, in the booming Warner Center.

Evolution Strategic Partners, a developer based in West Los Angeles, filed plans to build a 271-unit apartment building at the site of a former aircraft component warehouse at 6606 N. Variel Avenue. Meanwhile, Antonio Reyes has proposed a new, mixed-use complex at 6330 N. Variel Avenue.

Multifamily construction isn’t the only real estate activity on the upswing in the Warner Center.

Earlier this month, Douglas Emmett filed plans to build a three-story office complex in its Warner Center office campus, which spans 360,000 square feet. The campus sits near the center of the Warner Center area, an 1,100-acre zone that L.A. wants to turn into a walkable downtown.