Andover Lending, a platform that seeks to originate non-recourse financing for self storage sponsors nationally, provided a $21 million construction loan to a joint venture between LaTerra Development and Platinum Storage. The loan will fund the redevelopment of a former retail location in Irving, Texas, into a Class-A self storage facility.
Located at 2488 Market Place Blvd. – a prime location immediately adjacent to a Home Depot and a to-be-developed H-E-B supermarket – the195,000-square-foot, multi-story facility will feature climate-controlled units along with drive-up and enclosed RV storage. The facility is highly visible from Interstate-635, which sees daily traffic of over 230,000 vehicles, and is expected to serve residents from Las Colinas, Irving, and surrounding communities.
Established in early 2024, the platform combines Andover Properties’ 20-year track record of investing in self storage facilities with TPG Angelo Gordon’s $60 billion credit platform and deep structured credit investment experience to originate bridge and construction financing for self storage owners. 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, “We are pleased to execute this transaction, which we believe underscores how Andover Lending is working with speed and certainty to deliver much-needed debt financing to self storage facility owners. We believe we are well on our way to becoming a recognized capital provider for the construction of high-quality storage assets by proven sponsors and are excited to have this transaction represent another meaningful step in that direction.”
Zach Harding, Chief Investment Officer of Andover Properties, said, “Projects like Irving, which are well-located and have great potential, align with our commitment to support strong sponsors developing modern, Class A projects. The financing environment for non-recourse self storage construction remains challenged; however, our 20-year track record in the asset class has allowed us to reliably provide flexible lending solutions to self storage developers.”