Newmark has successfully secured a $315 million loan for TPG Angelo Gordon and Andover Properties, based in New York. The loan will be used to refinance a national portfolio of 43 self-storage assets. Jordan Roeschlaub and Jonathan Firestone, co-presidents of global debt & structured finance, along with vice chairman Nick Scribani and director John Caraviello arranged the financing from Wells Fargo, Goldman Sachs and 3650 REIT.
According to Roeschlaub, this transaction highlights the strong demand for alternative real estate sectors like self-storage in today’s market. As credit investors seek to diversify their portfolios beyond traditional real estate sectors, they are increasingly drawn to assets that offer consistent cash flow potential as well as long-term growth opportunities while remaining resilient against economic shifts.
The portfolio consists of over 21,300 units spanning across 3.1 million rentable square feet under Andover’s Storage King USA brand. It is located in 24 different markets across eleven states. Since its acquisition by Newmark , the portfolio has seen impressive NOI growth exceeding 40%.
