Talonvest Capital has arranged a $35 million, five-property financing on behalf of Andover Properties and its JV partner, TPG Angelo Gordon. The transaction includes 2,552 units and 180 parking spaces across New York, Florida, Texas, North Carolina, and Georgia. Totaling 385,635 net rentable s/f (NRSF), the assets are located in high-growth markets supported by strong demographics and long-term fundamentals.
The financing consists of a three-year, non-recourse bridge loan provided by a private, institutional commercial real estate debt fund. The loan was structured with full-term interest-only payments at a fixed interest rate, which was locked at term sheet execution, providing certainty in a volatile interest rate environment. Additional borrower-friendly features included the ability to execute a one-time release of up to two assets and open prepayment at par after month 18.
“Talonvest continues to be a trusted capital markets advisor for Andover,” said Zach Harding, chief investment officer at Andover Properties. “Their expertise, professionalism, and hands-on approach were instrumental not only in delivering a financing solution, but also in aligning the capital structure with our business plan and growth strategy alongside TPG Angelo Gordon.”
Eric Snyder, Tom Sherlock, Kim Bishop, Mason Brusseau, and Lauren Maehler were among the Talonvest team members responsible for this transaction.
