Hanover Looking North for Growth

Moses has 20 years of structured finance experience. He spent the past five years with publicly held CapitalSource Finance as director of its real estate structured finance group. Moses tells GlobeSt.com he ran the company's origination business in the Western US and left shortly after the company went public. Prior to CapitalSource, Moses was a principal and senior vice president for Bank of America, where he held a number of executive positions within the real estate group.

"CapitalSource was a great place and a good story, and I was very successful," he says. "I've been doing more on the lender side and Hanover is an opportunity to be a principal with a fund manager and boost their presence in the region. Hanover's parent company has a strong presence in Northern California but Hanover has not done much business up here."

Hanover chief executive Michael Lowinger says Moses "was a key contributor to the successful startup of CapitalSource's real estate finance group" and that his experience and background will help Hanover's long term goals of "regional and national expansion."

Hanover Financial provides joint venture capital and mezzanine financing for real estate investments throughout the Western US. Working with real estate investors and operators, Hanover has acquired over $1 billion of commercial real estate since its formation in 1999.

Moses says most of Hanover's transactions are value-add multifamily investments. Its preferred deal size is between $2 million to $15 million in terms of the equity requirement. Hanover typically provides 90% of the equity and had a local developer running the show as the operating partner.