Hanover Company Secures $99M Construction Loan For Multifamily Property In Laguna Niguel, CA
FINANCED
$99,000,000
California
See Similar DealsMultiFamily
Financed 10/28/2022
FINANCED
Hanover Company Secures $99M Construction Loan For Multifamily Property In Laguna Niguel, CA
27912 Forbes Road, Laguna Niguel, California 92677, United States
See Similar DealsMultiFamily
Financed 10/28/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan
The property involved in this closed transaction is a multifamily asset located at 27912 Forbes Road in Laguna Niguel, CA. It consists of 309 units and is owned by Hanover Company, represented by Ben Whitman as the landlord's representative.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $99,000,000
- Date: 10/28/2022
- Market: Laguna Niguel, CA
- Lender: Citizen Financial Group
- Loan Type: Construction Loan
The lender in this transaction is Citizen Financial Group. In addition, Ben Whitman, representing Hanover Company, played a key role in the deal as the landlord's representative.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$99,000,000.00
Monthly NOI$660,000.00
Monthly Debt Service$625,747.34
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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