Andover Storage Lending Provides Construction Financing For Two Horizon Storage Group Projects

NEW YORK – July 29, 2024 – Andover Properties, a real estate investment firm focused on alternative asset classes, is pleased to announce the continued growth of its Andover Storage Lending program with the recent origination of two construction loans for Horizon Storage Group. These projects, located in Middleburg and Palm Coast, Florida, represent Andover Storage Lending’s ability to provide flexible financing solutions for the construction of high-quality self storage assets by proven sponsors.

The Middleburg construction loan will fund the development of a Class A, 126,000 square foot self storage facility located at 1572 Baxley Rd, Middleburg, FL, 32068. The multi-story facility will feature climate-controlled units along with drive-up and covered RV storage. The Middleburg facility will benefit from a prime location which sees over 37,000 vehicles per day and boasts a robust commercial presence with national retailers such as Walmart, Home Depot, Chick-fil-A, and Lowe’s Home Improvement.

The Palm Coast construction loan will fund the development of a Class A, 99,000 square foot facility located at 11100 US-1, Palm Coast, FL, 32137. The single-story facility will offer climate-controlled units, drive-up storage, covered RV storage, and open parking units. With over 10,000 home planned or under construction in its trade area, the Palm Coast facility is well-positioned to meet the area’s growing demand for storage solutions.

Launched earlier this year, Andover Storage Lending provides non-recourse bridge and construction financing for self storage sponsors nationally. The program offers financing for up to 90% of value without requiring third-party management or bank deposits. 

You can read more about Andover Storage Lending here, or get in touch at: lending@andoverprop.com.

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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 13.5 million rentable square feet across 162 facilities in 18 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.

Contact:

Sarah S. Berman

The Berman Group, Inc.

(212) 450-7300

sberman@bermangrp.com