Andover Lending Surpasses $250 Million in Self-Storage Loans Since Launch, Expands Service to Other Niche BusinessesAndover Lending Surpasses $250 Million in Self-Storage Loans Since Launch, Expands Service to Other Niche Businesses
January 23, 2025

Andover Lending, the financial division established last year by self-storage operator Andover Properties LLC, has surpassed $250 million in bridge and construction loan transactions since launching in May. The company is also expanding its service to other niche businesses including car washes, manufactured housing and small-bay industrial, according to a press release.
Originating nonrecourse financing for self-storage investors nationwide, Andover Lending leverages two decades of experience amassed by Andover Properties as well as $70 billion credit platform and knowledge in structured credit provided by TPG Angelo Gordon. Its borrowers can secure financing for single assets or portfolios nationwide without requiring third-party management or bank deposits, the release stated.
“As local and regional banks remain on the sidelines and private credit funds are focused on making the largest loans to the biggest sponsors, Andover Lending has carved out a niche providing nonrecourse bridge and construction financing to proven sponsors,” said Brian Cohen, CEO and president of Andover Properties. “Expanding Andover Lending beyond self-storage into other asset classes that we know intimately will allow a wider variety of sponsors to benefit from [its] flexible financing solutions.”
“In a short period, we’ve proven there’s considerable demand for the sector expertise and tailored financing Andover Lending can deliver,” said David Busker, head of commercial real estate debt for TPG Angelo Gordon. “We’re excited to build upon the momentum we’ve achieved to date and broaden our reach to sponsors in specialized sectors where Andover Properties has demonstrated a strong track record of owning and operating assets. We look forward to continuing to provide much-needed debt financing to sponsors with the speed and certainty that has characterized this platform to date.”
Established in 2003, New-York based Andover Properties operates the Storage King USA self-storage brand, with 168 properties in 19 states. It also focuses on alternative real estate asset classes such as car washes, manufactured housing, RV parks and small-bay industrial.
Founded in San Francisco in 1992, TPG is a global alternative-asset investment management firm with $239 billion of assets under management. It has investment and operational teams around the world.
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