Citizens, a financial institution with $226.7 billion in assets headquartered in Providence, R.I., has led a $98.7 million loan to Hanover Company for the construction of a six-story, 309-unit multifamily project in Laguna Niguel, Calif.
Hanover Company is a Houston-based private real estate company focused on the development and management of multifamily residential properties. The company’s completed projects total nearly 75, 137 units across the U.S. and more than $20.7 billion in project capitalization. Citizens has provided construction financing for seven Hanover multifamily projects since 2015.
“Citizens’ bankers have become our trusted financial and strategic partners by providing great ideas and seamless deal execution,” comments Ben Whitman, vice president of Hanover Company. “The Citizens team is solutions-oriented and has deep knowledge of the industry.”
Citizens acted as joint arranger and administrative agent in this transaction.