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Alterra IOS Secures $343.6M Financing for 64 IOS Properties
Alterra IOS, a major player in the industrial outdoor storage (IOS) sector with more than 350 sites acquired nationwide, has closed on a $343.6 million loan facility. The financing was arranged by Truist Financial Corp. and the Bank of Montreal and is secured across 64 IOS properties spanning 22 states.
The loan was executed on behalf of Alterra IOS Venture II, a closed-end fund with $524 million in equity commitments.
“This transaction highlights the value of Alterra’s continued partnership with Truist and Bank of Montreal, both of which worked closely with us to address our needs and objectives from a lending perspective,” said Scott Whittle, CFO of Alterra. “This commitment underscores institutional lenders’ growing confidence in the underlying fundamentals of the IOS asset class.”
This latest transaction follows a $189 million loan originated in the first quarter of 2025 by Blackstone Mortgage Trust. That earlier financing was backed by 49 IOS properties totaling approximately 235 usable acres under the firm’s Alterra IOS Venture III.
The newly secured facility is backed by 580 usable acres of IOS properties, with key concentrations in markets such as Atlanta, Chicago, Dallas-Fort Worth, and Houston. The proceeds were used to refinance maturing loans and enhance borrowing costs across Alterra’s broader portfolio. Chad Orcutt of JLL Capital Markets represented Alterra in the financing.
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