TPG: $21 Million Construction Loan Boosts Texas Self Storage Project
Deal News | Jan 09, 2025 | TPG
Andover Lending, a platform focused on originating non-recourse financing for self storage sponsors across the United States, has announced a $21 million construction loan for the redevelopment of a former retail location in Irving, Texas, into a Class-A self storage facility. This venture is a joint collaboration between LaTerra Development and Platinum Storage under the guidance of TPG Angelo Gordon. Andover Lending continues to actively seek opportunities for financing bridge and construction loans in the self storage sector nationwide, demonstrating the continued growth of the Andover Properties and TPG Angelo Gordon platform.
Sectors
- Real Estate
- Finance
Geography
- United States – The transaction is taking place in Irving, Texas, which is part of the United States.
Industry
- Real Estate – The project involves the development of a self storage facility, which is part of the real estate sector.
- Finance – Andover Lending is involved in providing a construction loan, which places this activity within the finance and lending industry.
Financials
- $21 Million – The amount of the construction loan provided by Andover Lending for the project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Andover Lending | Lender | Company | A platform for originating non-recourse financing for self storage sponsors. |
| TPG Angelo Gordon | PE Firm | Company | A private equity firm involved in the joint venture and growth strategy for the self storage project. |
| LaTerra Development | Developer | Company | Engaged in redevelopment of retail location to self storage. |
| Platinum Storage | Co-Developer | Company | Partnered in the self storage redevelopment project. |