Newmark has arranged $360 million in financing for a 50-asset, 3.9 million-square-foot national self-storage portfolio on behalf of Angelo Gordon and Andover Properties. The portfolio is well-leased and located in strong primary markets and submarkets across the country.
The Newmark team that closed the debt was led by Vice Chairmen and Co-Heads of Newmark Debt and Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Senior Managing Director Nick Scribani and Vice Chairman Aaron Swerdlin and Senior Managing Director Taucha Hogue of Newmark’s Self-Storage group. Goldman Sachs provided the loan, and the borrowers were represented by SPC LLP.
“Critical to the success of this transaction was the strength of sponsorship between Andover, with its Storage King USA operating platform, and Angelo Gordon, with its deep sector experience and large equity commitment to the portfolio,” said Stolly.
Angelo Gordon has been investing in commercial real estate since 1993 and has acquired over $40 billion of properties globally. The firm takes a value-added approach through the acquisition of sub-performing real estate properties across a broad range of geographic markets and product types.
Andover Properties totals over 12.1 million square feet across 152 facilities in 18 states and operates under the Storage King USA brand.
