Bank provides $20 million credit facility to Hanover Family Builders to support three new communities.
ORLANDO, Fla. (Nov. 29, 2018) — American Momentum Bank has closed a $20-million credit facility for Hanover Family Builders, a newly established homebuilder in Central Florida. This financing will help the company expand its footprint in Central Florida with the addition of three new residential communities: Hanover Lakes in St. Cloud, Windsong in Leesburg and Williams Preserve in Davenport.
“We are delighted to have earned the trust of Hanover Family Builders and look forward to being a part of their growth and success in Central Florida,” said Robert Castillo, Senior Vice President at American Momentum Bank. “The Orosz family is arguably one of the most successful names in the industry, and the Orosz brothers have designed this company from inception with scale, capacity and most importantly…integrity.”
Hanover Family Builders, which launched in 2017, is the Orosz family’s third successful homebuilding company spanning two generations in Central Florida. The company was No. 8 on the Orlando Business Journal’s 2018 List of Largest Production and Custom Homebuilders, ranked by 2017 Central Florida total new housing starts.
Hanover Lakes, near Medical City and Orlando International Airport, will be the company’s largest and most unique community to date. Most of the 600 homes are canal-front, allowing private boat docks and direct access to a 3,400-acre lake that’s part of a seven-lake chain. The community celebrated the grand opening of its model center, including three model homes, on Nov. 17 and 18.
Windsong, only 3.4 miles from the Florida Turnpike/U.S. 27 exchange, features a range of 50- to 70-foot lots. Currently, there are approximately 20 lots still available in this community. And Williams Preserve in Polk County offers both townhomes and single-family homes.
“American Momentum has the nimbleness of a community bank with the financial strength of a larger bank, which was attractive to us,” said Steve Orosz, Co-President of Hanover Family Builders. “It makes things easy on us to be able to call one person who can make decisions, rather than be routed through eight different levels of decision-makers before we can move forward, which is what can happen with large banks.”
American Momentum has deep experience in commercial real estate and the homebuilding industry in Florida and Texas.
“It’s wonderful to work with people of great integrity who are also very knowledgeable about this specific industry,” said Orosz. “It makes life easier when you don’t have to educate the bank about what you do and how the industry works.”