TPG to Provide Growth Capital for Andover Storage Lending

TPG Angelo Gordon, TPG’s credit and real estate investing platform, announced it will be the exclusive financing partner of Andover Storage Lending, a newly launched platform that seeks to originate non-recourse financing for self-storage sponsors across the country, expanding TPG Angelo Gordon’s relationship with Andover Properties, a national owner and operator of storage properties.

Andover Storage Lending offers bridge and construction financing without requiring third-party management or bank deposits. Financing is accessible for single properties or portfolios of any size, as well as assets located throughout the U.S.

The platform combines Andover Properties’ 20-year history of investing in self-storage facilities with TPG Angelo Gordon’s $60 billion credit platform and structured credit investment capabilities to provide structured financing solutions to self-storage owners.

“As demand for new debt financing solutions among self-storage facility owners continues to grow, we believe that Andover Storage Lending is uniquely positioned to fill a capital void by ensuring that borrowers receive the financing they require,” said David Busker, TPG Angelo Gordon’s head of commercial real estate debt.

Since its inception early this year, Andover Storage Lending has originated or committed to loans worth more than $100 million. Three bridge loans and two construction loans have been successfully closed.