Angelo Gordon and Andover Properties Land $360M Financing for Self-Storage Portfolio
Angelo Gordon and Andover Properties have secured $360 million financing for a self-storage portfolio.
Goldman Sachs (GS) provided the loan. Newmark (NMRK) brokered the deal with a team led by Jordan Roeschlaub and Dustin Stolly, along with Nick Scribani, Aaron Swerdlin and Taucha Hogue.
“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,” Stolly said in prepared remarks.
“We believe the fact that we were able to complete this financing in today’s volatile market environment speaks to the strength of our self-storage portfolio and partnership with Andover Properties,” Scott Glassberg, director of U.S. Real Estate at Angelo Gordon, said. “In our view, the outlook for the self-storage sector in the U.S. remains positive, and we believe the fragmented nature of the asset class continues to present opportunities for our value-add strategy.”
“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,” Roeschlaub added.
Emily Fu can be reached at efu@commercialobserver.com.
