Updated Oct 28, 2024
Hanover Company Secures $99M Construction Loan For Multifamily Property In Laguna Niguel, CA
27912 Forbes Road, Laguna Niguel, California 92677, United States
$99,000,000
Units
309
Asset Type
MultiFamily
Closing
Oct 27, 2022
About this deal
AI
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.
Players
Laguna Niguel MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93