Alterra Secures $343.6 Mln Loan for IOS Expansion Across 22 States

Alterra IOS has secured a $343.6 million loan facility from Truist Financial Corp. and Bank of Montreal to expand its industrial outdoor storage (IOS) properties across 22 states. The financing reflects growing institutional confidence in IOS fundamentals and supports Alterra's nationwide strategy. This is the second major loan secured by Alterra this year, following a $189 million loan from Blackstone Mortgage Trust in February.

Alterra IOS, a prominent player in the industrial outdoor storage (IOS) sector, has secured a $343.6 million loan facility from Truist Financial Corp. and Bank of Montreal. The financing, executed on behalf of Alterra IOS Venture II, a closed-end fund with $524 million in equity commitments, will support the expansion of IOS properties across 22 states [1].

This loan facility is the second major financing arrangement for Alterra this year, following a $189 million loan from Blackstone Mortgage Trust in February. The new financing underscores growing institutional confidence in the IOS asset class and supports Alterra's nationwide strategy [1].

The loan facility will be used to finance 64 IOS properties, with 580 usable acres concentrated in markets such as Atlanta, Chicago, Dallas-Fort Worth, and Houston. The financing will also refinance maturing loans and improve overall borrowing costs across Alterra’s portfolio [1].

Alterra IOS Chief Financial Officer Scott Whittle highlighted the value of the company's partnership with Truist and Bank of Montreal, stating, “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. This commitment confirms institutional lenders’ growing confidence in the underlying fundamentals of the IOS asset class” [1].

Kim Liautaud, Head of U.S. Commercial Real Estate at BMO, added, “Alterra’s strategic aggregation of IOS locations aligns with our view of the long-term growth drivers supporting this asset class. 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” [1].

Nadia Mahmoud, Managing Director of Real Estate Corporate & Investment Banking at Truist Financial Corp., noted, “This investment represents a continuation of our commitment to supporting high-performing, vertically integrated owner-operators in the logistics and industrial space. 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” [1].

Alterra IOS is the largest owner of industrial outdoor storage space in the country, having acquired more than 350 properties in 37 states across the U.S. The company's investment strategy focuses on acquiring prime IOS locations within dense, infill logistics and transportation gateways, ensuring proximity to critical infrastructure and end-users [1].

References:
[1] https://fmindustry.com/2025/07/16/alterra-ios-secures-new-us-343m-loan-commitment/
[2] https://www.globenewswire.com/news-release/2025/07/16/3116530/0/en/Alterra-IOS-Secures-343-Million-Loan-Commitment-from-Truist-Bank-of-Montreal.html