Andover Properties LLC (Storage King USA) purchased a $42 million portfolio of loans for self-storage properties in the Metro Philadelphia and New Jersey markets. Nicholas Malagisi, national director of self storage for Sperry Van Ness International, participated in the sale. Andover President Brian Cohen closed the purchase of the loans within 45 days in an all-cash transaction.
Andover, a developer and owner/operator of self-storage facilities in the Metro New York area, partnered in the transaction with Angelo, Gordon & Co., a privately held alternative-investment advisor with approximately $19 billion under management across various disciplines.
Andover is actively pursuing other opportunities to purchase debt/equity in the self-storage market.