Andover Lending Provides $21 Million Construction Loan for Texas Self Storage Project

Andover Lending Provides $21 Million Construction Loan for Texas Self Storage Project

Jan.09.2025

Demonstrates continued growth of the Andover Properties and TPG Angelo Gordon platform

NEW YORK - January 9, 2024 - Andover Lending, a platform that seeks to originate non-recourse financing for self storage sponsors nationally, today announced that it has 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.

Located at 2488 Market Place Blvd. - a prime location immediately adjacent to a Home Depot and a to-be-developed H-E-B supermarket - the195,000-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. Financing is available for single assets or portfolios of any size and is available for assets across the U.S.

David Busker, TPG Angelo Gordon's Head of Commercial Real Estate Debt, said, "We are pleased to execute this transaction, which we believe underscores how Andover Lending is working with speed and certainty to deliver much-needed debt financing to self storage facility owners. We believe we are well on our way to becoming a recognized capital provider for the construction of high-quality storage assets by proven sponsors and are excited to have this transaction represent another meaningful step in that direction."

Zach Harding, Chief Investment Officer of Andover Properties, said, "Projects like Irving, which are well-located and have great potential, align with our commitment to support strong sponsors developing modern, Class A projects. The financing environment for non-recourse self storage construction remains challenged; however, our 20-year track record in the asset class has allowed us to reliably provide flexible lending solutions to self storage developers."

Andover Lending is actively quoting bridge and construction loans for self storage facilities across the U.S. Get in touch at: [email protected].

About Andover Properties

Andover Properties is an investment firm specializing in alternative real estate asset classes such as self storage, manufactured housing, RV parks, small bay industrial, and car washes. We are one of the largest private owner-operators of self storage facilities in the U.S. Our portfolio totals over 14 million square feet across 160+ facilities in 19 states and operates under our Storage King USA brand. Founded in 2003 by Brian and William Cohen, Andover is headquartered in New York City, with offices in Miami and San Francisco. For more information, visit Andover Properties.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $239 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.

Contacts

Media

For TPG Angelo Gordon:
Julia Sottosanti
[email protected]

For Andover Properties:
Sarah S. Berman
The Berman Group, Inc.
(212) 450-7300
[email protected]

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