Heitman Supplies $65M Bridge Loan on Sun Belt Self-Storage Portfolio

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A joint venture between Andover Properties and Angelo Gordon has landed $65 million of bridge financing for a seven-asset self-storage portfolio across the Sun Belt region, Commercial Observer has learned.

The lender was not provided by the JV, but sources told CO it was real estate investment firm Heitman that provided the nonrecourse loan. Proceeds from the debt package cover first-time financing and partial refinancing. 

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The portfolio totals more than 597,000 square feet across 3,963 units in Florida, North Carolina and Texas. It includes a property operated by Storage King USA in Margate, Fla., in South Florida’s Broward County. 

Talonvest Capitals Jim Davies arranged the transaction.

Brian Cohen, president and CEO of Andover Properties, described Talanvest as “a trusted” and “integral partner” in its business with a strong track record of “securing favorable terms for our deals.”

Officials at Heitman did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com