Andover Lending provided a $21 million construction loan to a joint venture between LaTerra Development and Platinum Storage. The loan will fund the redevelopment of a former retail location in Irving, Texas, into a Class-A self-storage facility. It used to be a Fry’s Electronics store (photo).

Located at 2488 Market Place Blvd., immediately adjacent to a Home Depot and a to-be-developed H-E-B supermarket, the 195,000-square-foot, multi-story facility will feature climate-controlled units along with drive-up and enclosed RV storage. The facility is highly visible from Interstate-635, which sees daily traffic of over 230,000 vehicles, and is expected to serve residents from Las Colinas, Irving, and surrounding communities. 

Established in early 2024, the platform combines Andover Properties’ 20-year track record of investing in self-storage facilities with TPG Angelo Gordon’s $60 billion credit platform and deep structured credit investment experience to originate bridge and construction financing for self-storage owners.