TPG Angelo Gordon to Provide Growth Capital for Andover Storage Lending

TPG Angelo Gordon, a diversified credit and real estate investing firm, has announced that it will serve as the exclusive financing partner for Andover Storage Lending (ASL), a recently launched platform that’ll originate nonrecourse financing for self-storage sponsors nationwide. The partnership expands TPG’s relationship with ASL parent company Andover Properties, which operates the Storage King USA brand, according to a press release.

The new partnership combines Andover’s 20-year track record of investing in self-storage facilities with TPG’s $60 billion credit platform and structured credit-investment capabilities to originate structured financing solutions for self-storage owners. TPG has executed more than $100 million of commitments in the last six months. ASL provides bridge and construction financing without requiring third-party management or bank deposits. Financing is available for single assets or portfolios of any size and available for assets across the United States, the release stated.

“As demand for new debt-financing solutions among self-storage facility owners continues to grow, we believe that Andover Storage Lending is uniquely positioned to fill a capital void by ensuring that borrowers receive the financing they require,” said David Busker, head of commercial real estate debt for TPG. “We are excited to deepen our partnership with Andover Properties and aim to deliver frictionless specialty financing to the self-storage industry.”

Since its launch, ASL has originated or committed financing totaling more than $100 million. Closed transactions include three bridge and two construction loans. Each property is or will be a climate-controlled facility in a high-traffic corridor.

“We are thrilled to expand our relationship with TPG Angelo Gordon and are confident that our combined track records and sector expertise will establish Andover Storage Lending as the go-to capital provider for non-recourse bridge and construction financing,” said Brian Cohen, CEO and president of Andover.

TPG 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.

Established in 2003, New-York based Andover focuses on alternative real estate asset classes such as car washes, manufactured housing, RV parks, self-storage and small-bay industrial. It owns and manages 162 storage properties in 18 states.

Source: ABL Advisor, TPG Angelo Gordon to Provide Growth Capital for Andover Storage Lending