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Zenith Industrial Outdoor Storage, a Brooklyn-based platform focused on industrial outdoor storage (IOS) assets, has closed on a $130 million senior secured credit facility in partnership with institutional investors advised by J.P. Morgan Asset Management. The financing supports the parties’ inaugural programmatic joint venture and is intended to back a portfolio strategy centered on IOS properties across multiple U.S. regions.
The credit facility was provided by KeyBank, with Cooper Horowitz arranging the transaction. The initial borrowing base for the facility is comprised of 14 industrial outdoor storage properties totaling approximately 130 usable acres. According to the parties, the portfolio is 98% leased, reflecting a high level of in-place occupancy at closing. The assets are geographically diversified, with roughly 70% of the properties located in high-growth markets in the Southeast and the remainder distributed across the Mountain, Midwest and West Coast regions.
On the borrower side, the effort was led by Zenith executives Vinh Thai and Max Rodenborn, working alongside the J.P. Morgan Asset Management team. KeyBank’s lending team was led by Jessica Lauerhass. Cooper Horowitz professionals Justin Horowitz, Ben Knopf and Josh Tropper were responsible for arranging the financing, coordinating among the lender, the Zenith-led borrower group and the institutional investors advised by J.P. Morgan Asset Management.
Zenith co-founder and CEO Ben Atkins noted the firm’s appreciation for KeyBank’s confidence in the IOS portfolio and cited the collaborative approach among all participants in achieving what he characterized as a disciplined and efficient execution. While detailed loan terms were not disclosed, the structure as a senior secured credit facility tied to a defined borrowing base suggests a focus on scaling the joint venture’s industrial outdoor storage holdings through a committed capital solution.
The transaction highlights continued lender engagement with the IOS segment, particularly for portfolios that are both highly leased and diversified by region. By anchoring the initial facility to 14 properties totaling about 130 usable acres and benefiting from a 98% leased rate, the Zenith and J.P. Morgan Asset Management venture has secured a sizeable capital commitment from a major bank lender and a dedicated financing framework to support its programmatic investment strategy in the industrial outdoor storage space.
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