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Angelo Gordon, Andover Properties Score $360M Self-Storage Refi
Newmark arranged $360 million in financing for a 50-asset, 3.9-million-square-foot national self-storage portfolio on behalf of Angelo Gordon and Andover Properties. The portfolio is well-leased and located in strong primary markets and submarkets nationwide.
The Newmark team that closed the debt was led by co-heads of Newmark Debt and Structured Finance Jordan Roeschlaub and Dustin Stolly, along with senior managing director Nick Scribani and vice chairman Aaron Swerdlin and senior managing director Taucha Hogue of Newmark’s self-storage group. Goldman Sachs provided the loan.
“Critical to the success of this transaction was the strength of sponsorship between Andover, with its Storage King USA operating platform, and Angelo Gordon, with its deep sector experience and large equity commitment to the portfolio,” said Stolly.
Roeschlaub added, “The sponsorship’s ability to drive cash flow growth by institutionalizing mom-and-pop assets speaks to the strength of their operations and ability to execute on the business plan.”
- ◦Financing
