Newmark Arranges $360 Million Financing for Self-Storage Portfolio on Behalf of Angelo Gordon and Andover Properties
Newmark has arranged $360 million in financing for a 50-asset, 3.9 million-square-foot self-storage portfolio on behalf of Angelo Gordon and Andover Properties. The portfolio is well-leased, located in primary markets across the U.S. Key executives involved include Jordan Roeschlaub and Dustin Stolly. Goldman Sachs provided the loan, emphasizing the partnership's capability in driving cash flow growth. Angelo Gordon has managed $52 billion in investments, focused on value-added strategies.
- Secured significant financing of $360 million for a well-leased self-storage portfolio.
- Strong partnership between Angelo Gordon and Andover Properties enhances operational efficiency.
- Angelo Gordon's extensive experience with over $52 billion managed aids in portfolio management.
- None.
NEW YORK, Nov. 7, 2022 /PRNewswire/ -- Newmark announces the firm has arranged
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.
Roeschlaub added, "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."
Angelo Gordon has been investing in commercial real estate since 1993 and has acquired over
Andover Properties is one of the largest owner-operators of self-storage facilities in the United States. The current portfolio totals over 12.1 million square feet across 152 facilities in 18 states and operates under the Storage King USA brand.
About Angelo Gordon
Angelo, Gordon & Co., L.P. ("Angelo Gordon") is a privately held alternative investment firm founded in November 1988. The firm currently manages approximately
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately
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