Citizen Leads $99M Loan for Laguna Niguel Apartment Complex

Rhode Island-based Citizen Financial Group has led a $99 million loan to Houston-based Hanover Company for the construction of a six-story, 309-unit apartment complex in Laguna Niguel, CA. Citizens is Joint Lead Arranger and Administrative Agent.

This isn’t the first time Citizens has worked with Hanover, as the company has provided construction financing for seven Hanover multifamily projects since 2015, including properties in Oakland and Denver.

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

The project, located at 27912 Forbes Road, will be comprised of studio, one- and two-bedroom units and will take 22-months to build. The property is situated just off Interstate 5 and Highway 73, and provides easy access to Metro Link, Downtown Laguna Niguel and the Pacific Ocean via Crown Valley Parkway.