Newmark Arranges $360M Financing For Self-Storage Portfolio

Newmark Group Inc NMRK 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.
It added that the portfolio is well-leased and located in strong primary markets and submarkets across the country.
The team that closed the debt was led by Vice-Chairmen and Co-Heads of Newmark Debt and Structured Finance, Jordan Roeschlaub and Dustin Stolly.
"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.
Goldman Sachs provided the loan, and SPC LLP represented the borrowers.
Angelo Gordon is an investment firm that is interested in real estate. It has acquired over $40 billion of properties globally.
Andover Properties is an owner-operator of self-storage facilities in the United States, with a portfolio totaling over 12.1 million square feet.
Price Action: NMRK shares are trading higher by 1.79% at $7.98 on the last check Monday.