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.
“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,” David Busker, head of commercial real estate debt for TPG Angelo, said. “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.”
“Projects like Irving, which are well-located and have great potential, align with our commitment to support strong sponsors developing modern, Class A projects,” Zach Harding, chief investment officer of Andover Properties, said. “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.”
