Business
Newmark Arranges $360 Million Financing for Self-Storage Portfolio on Behalf of Angelo Gordon and Andover Properties
NEW YORK, Nov. 7, 2022 /PRNewswire/ -- Newmark announces the firm has arranged $360 million in financing for a 50-asset, 3.9 million-square-foot national
About this update from Newmark Group, Inc.
[{"type":"text","content":"NEW YORK, Nov. 7, 2022 /PRNewswire/ -- Newmark announces the firm has arranged $360 million in financing for a 50-asset, 3.9 million-square-foot national self-storage portfolio on behalf of Angelo Gordon and Andover Properties. The portfolio is well-leased and located in strong primary markets and submarkets across the country.\n\n \n \n \n \n \n \n\n \nThe 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.\n\"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.\nRoeschlaub 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.\"\nAngelo Gordon has been investing in commercial real estate since 1993 and has acquired over $40 billion of properties globally. The firm takes a value-added approach through the acquisition of sub-performing real estate properties across a broad range of geographic markets and product types.\nAndover 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.\nAbout Angelo GordonAngelo, Gordon & Co., L.P. (\"Angelo Gordon\") is a privately held alternative investment firm founded in November 1988. The firm currently manages approximately $52 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 600 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.\nAbout NewmarkNewmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (\"Newmark\"), is a world leader in commercial real e...