Angelo Gordon, Andover Properties Secure $360M for Self-Storage Portfolio

Angelo Gordon and Andover Properties have secured $360 million in financing for a 50-asset, 3.9 million-square-foot national self-storage portfolio. The portfolio is well-leased and located in strong primary markets and submarkets across the country.

Newmark Group arranged for the financing. The team that closed the debt was led by Vice-Chairmen and Co-Heads of Newmark Debt and Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Senior Managing Director Nick Scribani and Vice Chairman Aaron Swerdlin and Senior Managing Director Taucha Hogue of Newmark’s Self-Storage group. Goldman Sachs provided the loan, and the borrowers were represented by SPC LLP.

Angelo Gordon has invested in commercial real estate since 1993 and has acquired over $40 billion of properties globally. The firm takes a value-added approach through the acquisition of sub-performing real estate properties across a range of geographic markets and product types.

Andover Properties’ current portfolio totals over 12.1 million square feet across 152 facilities in 18 states and operates under the Storage King USA brand.