Andover Lending Exceeds $250 Million in Transaction Volume

Andover Lending, a platform that seeks to originate non-recourse financing for sponsors nationally, today announced that it has originated $250 million in bridge and construction loans since launching less than a year ago. The platform combines Andover Properties’ 20-year track record of investing in self storage and other niche sectors with TPG Angelo Gordon’s $70 billion credit platform and deep structured credit investment experience. 

In connection with this milestone, Andover Lending is announcing the expansion of its sponsor universe to include small bay industrial, car wash, and manufactured housing verticals. The platform will continue to offer max-proceeds, non-recourse financing without requiring third-party management or bank deposits. Financing is available for single assets or portfolios of any size and is available for assets across the U.S.

David Busker, TPG Angelo Gordon’s Head of Commercial Real Estate Debt, said, “In a short period, we have proven there is considerable demand for the sector expertise and tailored financing Andover Lending can deliver. We are excited to build upon the momentum we have achieved to date and broaden our reach to sponsors in specialized sectors where Andover Properties has demonstrated a strong track record of owning and operating assets. We look forward to continuing to provide much-needed debt financing to sponsors with the speed and certainty that has characterized this platform to date.”

Brian Cohen, President and CEO of Andover Properties, said, “As local and regional banks remain on the sidelines and private credit funds are focused on making the largest loans to the biggest sponsors, Andover Lending has carved out a niche providing non-recourse bridge and construction financing to proven sponsors. Expanding Andover Lending beyond self storage into other assets classes that we know intimately will allow a wider variety of sponsors to benefit from Andover Lending’s flexible financing solutions.”

Andover Lending is actively quoting bridge and construction loans for properties across the U.S. Get in touch at: lending@andoverprop.com.

About Andover Properties

Andover Properties is an investment firm specializing in alternative real estate asset classes such as self storage, manufactured housing, RV parks, small bay industrial, and car washes. We are one of the largest private owner-operators of self storage facilities in the U.S. Our portfolio totals over 14 million square feet across 160+ facilities in 19 states and operates under our Storage King USA brand. Founded in 2003 by Brian and William Cohen, Andover is headquartered in New York City, with offices in Miami and San Francisco. For more information, visit Andover Properties.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $239 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visitwww.tpg.com.