Andover Properties has announced the launch of Andover Storage Lending, a program to originate non-recourse financing for self-storage sponsors nationally. Andover Storage Lending will provide bridge and construction financing for up to 90% of value without requiring third-party management or bank deposits.
The program’s originated its first loan origination to Madison Capital | Go Store It to refinance a Class A self-storage facility located in Richmond, Va. Several other loans in negotiation are expected to close in Q2.
Brian Cohen, President and CEO of Andover Properties, said, “Our Storage Lending program marks the continued growth of Andover Properties. We are excited to leverage our 20-year track record and storage sector expertise to thoughtfully deploy capital on behalf of our investors.”
“We are pleased to have closed our bridge loan with the Andover team in a quick and smooth transaction,” added Evan Stephens, Chief Investment Officer of Go Store It. “It makes a world of difference when your counterparty is deeply familiar with the asset class. We were able to secure attractive terms relative to alternatives in the market and hope to work with Andover on future transactions.”
Zach Harding, Chief Investment Officer of Andover Properties, said, “We are thrilled to have Madison Capital | Go Store It as our first borrower,” said Zach Harding, Chief Investment Officer of Andover Properties. “As local and regional banks continue to pull back from real estate financing, we look forward to partnering with more self-storage owners as their go-to capital provider for non-recourse bridge or construction financing.”
Andover Storage Lending is actively quoting bridge and construction loans for self storage facilities across the U.S. Learn more at lending@andoverprop.com.
Andover Properties is an investment firm that owns, operates, and develops commercial property throughout the United States, with a focus on alternative real estate asset classes such as self storage, self storage lending, 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 United States. Our current storage portfolio totals over 13.5 million rentable square feet across 162 facilities in 18 states and operates under our Storage King USA brand (https://www.storagekingusa.com). Andover was founded in 2003 by Brian and William Cohen, and is headquartered in New York City with offices in Miami and San Francisco. For more information please visit our website: https://www.andoverprop.com/.
