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TPG Angelo Gordon, Andover Refi Storage Holdings for $315M
Newmark arranged a $315-million loan on behalf of New York-based TPG Angelo Gordon and Andover Properties to refinance a national 43-asset self-storage portfolio. Co-presidents of global debt & structured finance Jordan Roeschlaub and Jonathan Firestone, vice chairman Nick Scribani and director John Caraviello arranged the financing from Wells Fargo, Goldman Sachs and 3650 Capital.
“This transaction highlights the market’s continued appetite for well-performing alternative real estate sectors such as self-storage,” said Roeschlaub. “In today’s competitive landscape, credit investors are increasingly looking to diversify their portfolios beyond traditional real estate sectors with assets that demonstrate durable cash flow, long-term growth and resilience to macroeconomic shifts.”
The portfolio totals more than 21,300 units across 3.1 million rentable square feet and is branded under Andover’s wholly owned self-storage platform, Storage King USA. It spans 24 different markets across 11 states. Since acquisition, the portfolio has experienced outstanding NOI growth exceeding 40%, according to Newmark.
- ◦Financing
