Andover Lending Awards $21 Million Loan for Texas Storage Redevelopment
Deal News | Jan 09, 2025 | TPG
In a strategic move reinforcing its commitment to the expansion of self-storage facilities across the United States, Andover Lending, a prominent platform focused on non-recourse financing for self-storage sponsors, has announced a significant $21 million construction loan. This financing has been granted to a joint venture formed by LaTerra Development and Platinum Storage, marking a pivotal development as a former retail location in Irving, Texas, is set to be transformed into a Class-A self-storage facility. This loan represents an extension of the collaborative efforts between Andover Properties and TPG Angelo Gordon, showcasing their continued growth and strategic investment in the self-storage sector. As part of its ongoing initiative, Andover Lending is proactively exploring additional opportunities in bridge and construction loans for self-storage facilities nationwide, inviting interested parties to reach out for potential financing opportunities.
Sectors
- Financial Services
- Real Estate
- Self Storage
Geography
- United States – Andover Lending is focusing on self-storage financing opportunities nationwide.
- Texas – The specific location for the redevelopment project is Irving, Texas.
Industry
- Financial Services – The article discusses the provision of a construction loan, a financial service related to debt financing.
- Real Estate – The article involves the redevelopment of a retail location into a self-storage facility, a real estate development project.
- Self Storage – The focus of the loan and subsequent development is on the self-storage industry, emphasizing the target audience and type of property.
Financials
- $21 million – The value of the construction loan provided by Andover Lending for the self-storage project in Irving, Texas.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Andover Lending | Lender | Company | A platform that provides non-recourse financing for self-storage projects across the U.S. |
| LaTerra Development | Development Partner | Company | A company engaged in real estate development, partnering in the self-storage project. |
| Platinum Storage | Development Partner | Company | A company that partners with LaTerra Development in the self-storage project. |
| TPG | PE Firm | Company | A private equity firm supporting the financing platform engaged in this transaction. |
| TPG Angelo Gordon | Collaborator | Company | Engaged in structuring and supporting the financing platform for this real estate project. |
| Sarah S. Berman | PR Contact | Person | Point of contact at The Berman Group for Andover Properties. |
| Julia Sottosanti | PR Contact | Person | Media contact representing TPG Angelo Gordon. |