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Citizens Leads $98.7MM Loan to Houston-based Hanover Company

October 27, 2022, 07:51 AM
Filed Under: Real Estate

Citizens announced that its Commercial Real Estate Finance team led a $98.7 million loan to Houston-based Hanover Company for the construction of a six-story, 309-unit multi-family project in Laguna Niguel, Calif. Citizens is Joint Lead Arranger and Administrative Agent.

Hanover Company is a private real estate company specializing in the development and management of multi-family residential properties nationwide. Founded nearly four decades ago, Hanover's completed projects total nearly 75,137 units across the country and more than $20.7 billion in project capitalization, including $2.8 billion currently under construction. U.S. markets include Atlanta, Austin, Boston, Charlotte, Dallas, Denver, Florida, Houston, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco, and Washington, D.C.

Citizens has provided construction financing for seven Hanover multi-family projects since 2015, including properties in Philadelphia, Denver, Oakland, San Francisco and two in Houston.

“Citizens’ bankers have become our trusted financial and strategic partners by providing great ideas and seamless deal execution,” said Ben Whitman, vice president, Hanover Company. “The Citizens team is solutions-oriented and has deep knowledge of the industry.”

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