Self-Storage Operator Andover Properties and TPG Angelo Gordon Secure $315M to Refinance 43 Storage King USA Facilities

Andover Properties, which operates the Storage King USA brand, in partnership with real estate investing firm TPG Angelo Gordon, has secured $315 million in refinancing for a 43-facility self-storage portfolio. The properties are in 24 markets across 11 states, comprising 3.1 million rentable square feet in 21,300 units, according to a press release.

The transaction was arranged by Jordan Roeschlaub and Jonathan Firestone, co-presidents; Nick Scribani, vice chairman; and John Caraviello, director of Newmark Group Inc., a New York City-based commercial real estate investment company.

“This transaction highlights the market’s continued appetite for well-performing, alternative real estate sectors such as self-storage,” Roeschlaub said. “In today’s competitive landscape, credit investors are increasingly looking to diversify their portfolios beyond traditional real estate sectors with assets that demonstrate durable cash flow, long-term growth and resilience to macroeconomic shifts.”

In July, TPG Angelo Gordon became the exclusive financing partner for Andover Storage Lending (ASL), a recently launched platform that originates nonrecourse financing for self-storage sponsors nationwide.

TPG Angelo Gordon is a global alternative-investment manager founded in 1988 by John Angelo and Michael Gordon. It focuses on credit, real estate, private equity and multi-strategy investments. It’s an investing platform within TPG Inc., a private-equity firm previously known as Texas Pacific Group and TPG Capital.

Related:Financing Success: How to Make an Outstanding Self-Storage Loan Request

Established in 2003, New-York based Andover focuses on alternative real estate asset classes such as car washes, manufactured housing, RV parks, self-storage facilities and small-bay industrial. It owns and manages 168 Storage King USA properties in 19 states.

With more than 170 offices worldwide, Newmark completed $1.7 trillion in transactions in 2022 and 2023.

Sources:
Multi-Housing News, Andover, Angelo Gordon Land $315M for Self Storage Portfolio
Newmark, Newmark Arranges $315 Million Refinancing for National Self-Storage Portfolio