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Citizens Leads $98.7 Million Loan to Houston-based Hanover Company
October 26, 2022
By Citizens
Funds will finance construction of six-story multi-family housing project in Orange County, CA
PROVIDENCE, RI – Citizens announced today 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.”
Citizens is a trusted strategic and financial partner, consistently delivering clear and objective advice. The Citizens approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and their potential.
For more information, please go to the Citizens website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of June 30, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
