Alterra IOS, a prominent player in the industrial outdoor storage (IOS) sector that has acquired more than 350 sites nationwide, closed on a $343.6 million loan facility arranged by Truist Financial Corp. and Bank of Montreal. The financing, secured across 64 IOS properties in 22 states, was executed on behalf of Alterra IOS Venture II, a closed-end fund with $524 million of 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 Alterra CFO Scott Whittle. “This commitment underscores institutional lenders’ growing confidence in the underlying fundamentals of the IOS asset class.”
The financing comes on the heels of a $189-million loan originated in the first quarter of 2025 by Blackstone Mortgage Trust, backed by 49 IOS properties totaling approximately 235 usable acres in the firm’s latest venture, Alterra IOS Venture III.
The latest facility, backed by 580 usable acres of IOS properties concentrated in markets including Atlanta, Chicago, Dallas-Fort Worth and Houston, refinanced maturing loans and improved overall borrowing costs across Alterra’s portfolio. Chad Orcutt at JLL Capital Markets represented Alterra in the financing.
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