Self-Storage Developer LaTerra JV inks $21M construction loan from Andover Properties for Irving retail-to-self storage conversion

1/15/2025

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Connect CRE

• Subcategory: Capital Markets: Debt, Industrial: Storage

• Tag: Adaptive Reuse | Closing | Conversion | New Construction

• Additional Filters-Subcategory: Capital Markets: Debt-Construction Loan, Industrial: Multi-Story, Industrial: Self Storage

• Additional Filters-Tags: Conversion: Retail-to-Industrial, Conversion: Retail-to-Self Storage

• Company: Andover Properties

Andover Lending 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. It used to be a Fry’s Electronics store.

LaTerra Development

Bryan Miranda | Managing Director, Self Storage

[email protected]

310-552-0065

Andover Properties

Zachary Harding | CIO

[email protected]

212-813-0141