Angelo Gordon JV Lands $360M Loan
Newmark arranged the funding for a self storage portfolio totaling 3.9 million square feet.
Image courtesy of Paul Brennan via pixabay
Angelo Gordon and Co. and Andover Properties have secured $360 million in financing for a self storage portfolio. Consisting of 50 properties, the national portfolio total 3.9 million square feet.
Goldman Sachs provided the financing. SPC LLP represented Angelo Gordon and Andover Properties while Newmark arranged the loan.
Located in both primary and tertiary markets, the assets are well leased.
Vice-Chairmen & Co-Heads of Newmark Debt and Structured Finance Dustin Stolly and Jordan Roeschlaub led the Newmark team, along with Nick Scribani, senior managing director, Aaron Swerdlin, vice chairman, and Taucha Hogue, senior managing director of Newmark’s self storage group.
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Andover Properties is one of the nation’s largest owner-operators of self storage spaces with 152 facilities across 18 states. Last month it bought a 47,020-square-foot facility in Colorado Springs, Colo., for $4.6 million. The company also acquired a 500-unit, 79,600-square-foot facility in White Marsh, Md., in the same month.
In general, the self storage sector is slowing. Year-over-year rent growth is the slowest rate of street rate growth since July 2020. Seasonality plays a factor as well, with lowering rates month-over-month continuing on the same trend in September.
