WASHINGTON (dpa-AFX) - Alterra IOS has closed a $343.6 million loan facility arranged by Truist Financial Corp. (TFC) and Bank of Montreal.
The financing, secured across 64 industrial outdoor storage - IOS properties in 22 states, was executed on behalf of Alterra IOS Venture II, which holds $524 million in equity commitments.
Alterra CFO Scott Whittle said the deal reflects the strong relationship with Truist and BMO, adding that it signals growing institutional confidence in IOS fundamentals.
BMO's U.S. Commercial Real Estate Head Kim Liautaud noted that Alterra's nationwide IOS strategy aligns with long-term growth trends and praised the firm's differentiated platform. Truist's Nadia Mahmoud echoed the sentiment, highlighting the firm's commitment to supporting vertically integrated logistics operators and crediting Alterra's value creation strategy.
This latest financing follows a $189 million loan from Blackstone Mortgage Trust earlier this year, supporting 49 properties under Alterra IOS Venture III. In total, Alterra has secured more than $1.5 billion in institutional financing and raised $1.45 billion in equity for its funds.
The newly closed facility, backed by 580 usable acres of IOS in key metros like Atlanta, Chicago, Dallas-Fort Worth, and Houston, refinanced maturing loans and reduced overall borrowing costs. JLL Capital Markets' Chad Orcutt represented Alterra in the deal.
Alterra remains the largest owner of IOS properties in the U.S., with over 350 sites in 37 states. In November, it sold 51 IOS assets to Peakstone Realty Trust for $490 million. Its vertically integrated model focuses on infill logistics hubs near major infrastructure to serve industrial tenants requiring outdoor storage solutions.
TFC currently trades at $44.23 or 0.32% lower on the NYSE.
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