August 2023: Triten Real Estate Partners and Angelo Gordon, with the assistance of their capital advisor, Patterson Real Estate Advisory Group, closed on a $100 million guidance facility to acquire industrial outdoor storage (IOS) assets across the United States. Patterson arranged the guidance facility with Axos Bank.
Triten and Angelo Gordon invested in their first IOS project together in December 2020 and have since invested in over 30 projects across the country. The partnership focuses on industrial properties, including LTL truck terminals, freight facilities, trailer and storage yards, and low-coverage industrial facilities. The Axos guidance facility will finance Triten’s & Angelo Gordon’s second portfolio. The seed portfolio for the Axos facility consisted of five assets across the United States at closing, with further plans to aggregate a scaled institutional portfolio.
The guidance facility is structured to allow for the acquisition of both stabilized and non-stabilized assets. The facility structure enables non-stabilized assets the potential to achieve enhanced terms upon successful execution of property level business plans.
“This facility provides Triten with a huge strategic advantage among competitors as we look to identify value in underperforming IOS deals,” said Brent Ozenbaugh, Chief Operating Officer for Triten Real Estate Partners. “With the facility allowing us to execute our business plan before loan covenants kick in, our plan is to use this to acquire non-stabilized deals and deals with below market rent.”
Patterson’s Sr. Managing Director, Bill Mealor, said of the transaction, “Executing in the current capital environment requires a creative approach to lending and a strong sponsorship. This transaction had all the right ingredients. We are fortunate to have worked with an esteemed sponsorship in Triten and Angelo Gordon, and Axos tailored a creative solution to fit the unique needs of a complicated transaction”.
ABOUT TRITEN REAL ESTATE PARTNERS
Founded in 2011, Triten Real Estate Partners is a full-service and vertically integrated real estate investment and development company based out of Houston, Texas with offices covering the nation in Dallas, Los Angeles, and Baltimore. Triten focuses on changing trends within the supply chain logistics industry that drive demand on trucking, warehouses, and industrial space. Since the company's inception, Triten has built or bought nearly 50 supply chain assets that encompass nearly 500 acres of property and have an aggregated market value of over $450 million. Over the same period, Triten has also purchased and developed over 3 million square feet of traditional industrial product. Triten's supply chain assets include truck parking, sorting facilities, equipment storage, container storage, fleet parking, and infill "last mile" delivery. For more information, visit www.tritenre.com and www.tritenios.com.
ABOUT ANGELO, GORDON & CO., L.P.
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a leading alternative investment firm founded in November 1988. The firm currently manages approximately $73 billion* with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com/.
*Angelo Gordon’s (the "firm") currently stated AUM of approximately $73 billion as of December 31, 2022 reflects fund-level asset-related leverage. Prior to May 15, 2023, the firm calculated its AUM as net assets under management excluding leverage, which resulted in firm AUM of approximately $53 billion as of December 31, 2022. The difference reflects a change in the firm’s AUM calculation methodology and not any material change to the firm’s investment advisory business. For a description of the factors the firm considers when calculating AUM, please see the disclosure linked here.
ABOUT AXOS BANK
Axos Financial, Inc. is the holding company for Axos Bank, Axos Clearing LLC and Axos Invest, Inc. Axos Bank is a nationwide bank, with approximately $20.3 billion in assets as of June 30, 2023. Axos Financial, Inc., through Axos Bank, provides consumer and business banking products through its low-cost distribution channels and affinity partners. Axos Clearing LLC (including its business division AAS), with approximately $34.8 billion of assets under custody and/or administration as of June 30, 2023, and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents, and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.’s common stock is listed on the NYSE under the symbol “AX” and is a component of the Russell 2000® Index, the S&P SmallCap 600® Index, the KBW Nasdaq Financial Technology Index, and the Travillian Tech-Forward Bank Index. For more information on Axos Financial, Inc., visit investors.axosfinancial.com.
ABOUT PATTERSON
Patterson Real Estate Advisory Group is a capital placement and real estate finance advisory firm that represents owners, developers and investors seeking capital to leverage commercial real estate opportunities. Patterson arranges construction, bridge, mezzanine and permanent financing while also coordinating equity and joint venture formations along with general finance advisory work. The primary focus is helping clients across different property types access investors at a variety of different levels of the capital stack, matching the specific need with the appropriate capital provider. Patterson has office locations in Atlanta, Charleston, Charlotte, Dallas, Nashville, and Tampa. For more information, please contact Suzanne Holman at 404-504-6682 / sholman@pattersonreag.com or go to www. pattersonreag.com.