NEW YORK CITY — Newmark has arranged a $360 million refinancing for a portfolio of 50 self-storage facilities totaling 3.9 million square feet of net rentable space.
A partnership between two New York-based firms, Andover Properties and Angelo Gordon, owns the properties, which are located in various primary markets across the country.
Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Aaron Swerdlin and Taucha Hogue of Newmark arranged the loan, specific terms of which were not disclosed, through Goldman Sachs.
Andover Properties, perhaps best known for its Storage King USA brand, currently owns and operates a self-storage portfolio that totals more than 12.1 million square feet across 152 facilities in 18 states. Angelo Gordon is a global alternative investment firm that was founded in 1988 and currently has approximately $52 billion in assets under management.
In describing the deal, Newmark’s debt placement team cites the profiles of the sponsors as integral to closing the transaction.
“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,” says Stolly.
“The sponsorship’s ability to drive cash flow growth by institutionalizing mom-and-pop assets speaks to the strength of their operations and ability to execute on the business plan,” adds Roeschlaub.
— Taylor Williams