Alterra IOS Secures $343 Million Loan Commitment from Truist, Bank of Montreal
PHILADELPHIA, July 16, 2025 (GLOBE NEWSWIRE) -- Alterra IOS ("Alterra"), a prominent player in the industrial outdoor storage (IOS) sector that has acquired over 350 sites nationwide, announced the successful closing of a $343.6 million loan facility arranged by Truist Financial Corp. (NYSE:TFC) and Bank of Montreal (NYSE:BMO). 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 IOS Chief Financial Officer Scott Whittle. "This commitment underscores institutional lenders' growing confidence in the underlying fundamentals of the IOS asset class."
"Alterra's strategic aggregation of IOS locations aligns with our view of the long-term growth drivers supporting this asset class," said Kim Liautaud, Head, U.S. Commercial Real Estate, BMO. "We believe Alterra has built a differentiated platform well-positioned to meet the enduring demand for IOS assets. We are pleased to expand our relationship with a proven operator in this space."
"This investment represents a continuation of our commitment to supporting high-performing, vertically integrated owner-operators in the logistics and industrial space," said Nadia Mahmoud, Managing Director, Real Estate Corporate & Investment Banking, Truist Financial Corp. "Alterra has demonstrated a clear and differentiated approach to value creation in the IOS sector, and we are pleased to deepen our relationship with their platform."
The recent financing comes on the heels of a $189 million loan originated in Q1 2025 by Blackstone Mortgage Trust (NYSE:BXMT), which was backed by 49 IOS properties totaling approximately 235 usable acres in the firm's latest venture, Alterra IOS Venture III. Alterra has now raised more than $1.5 billion in institutional financing across its various ventures, complementing $1.45 billion in equity raised for its closed-end funds, Alterra IOS Venture II ($524 million) and Venture III ($925 million).
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.
Alterra is the nation's largest owner of industrial outdoor storage space, having acquired more than 350 properties in 37 states across the U.S. In November, the firm announced the successful sale of an institutional-grade portfolio of 51 IOS assets to Peakstone Realty Trust (NYSE:PKST) for $490 million. As a vertically integrated investor, developer and operator of IOS, Alterra is uniquely positioned to serve companies in search of national connectivity to store equipment, machinery, vehicle fleets, shipping containers, building materials, retail inventory and more. Alterra's investment strategy focuses on acquiring prime IOS locations within dense, infill logistics and transportation gateways, ensuring proximity to critical infrastructure and end-users.
About Alterra IOS
Alterra's industrial real estate platform, Alterra IOS, is dedicated to providing real estate solutions through property acquisition, development, management & leasing for tenants in the heavy industrial & outdoor storage space. Focused on low-building coverage sites with large, stabilized yard space to accommodate an array of uses such as vehicle, material, and equipment storage, Alterra brings an institutional comprehension of the municipal & logistical complexities in securing mission-critical real estate for the often-overlooked sectors of the U.S. industrial landscape. Over the past six years, Alterra IOS has created tenant relationships in the transportation & logistics, vehicle storage, equipment rental, and building materials industries through the acquisition or development of over 350 properties across 37 states as of Q2 2025. The dedicated team of investment, development, construction, and asset management professionals provide tenants the resources to grow and improve their businesses through site selection, development, and/or sale-leaseback transactions.
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Truist is a top-10 commercial bank with total assets of $536 billion as of March 31, 2025. Truist Bank, Member FDIC. Learn more at Truist.com.
About BMO Financial Group
BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
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