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Alternative Assets  + Real Estate  |  May 30, 2025
Hanover Co. Closes $125M Fund to Transform Distressed Properties into Multifamily, Industrial Assets 
Joe Palmisano
By: Joe Palmisano

Hanover Co. Closes $125M Fund to Transform Distressed Properties into Multifamily, Industrial Assets 

Hanover Company has closed its Hanover Opportunities Fund (HOF) with $125 million in capital commitments, targeting the acquisition and redevelopment of underutilized commercial assets into multifamily and industrial projects across the U.S. 

The fund focuses on early-stage opportunities, including vacant buildings and distressed office properties. It has already secured an industrial site in York, Pennsylvania, and two multifamily development parcels in San Jose, California. 

HOF’s strategy emphasizes quick-close, all-cash deals—even without existing entitlements—allowing Hanover to offer liquidity to sellers facing market constraints. The fund is actively sourcing deals in key regions, including the Sun Belt, West Coast, Northeast, and Mid-Atlantic. 

Led by CEO Brandt Bowden and Managing Director Drew Willson, Hanover is positioning HOF to meet the rising demand for pre-development risk capital in a real estate landscape shaped by shifting demographics and tightened financing conditions. 

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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