Truist, KeyBank Complete $400M Industrial Storage Financing Deal
Alterra IOS has secured a $400 million financing facility secured on an equity pledge basis.
Truist and KeyBank closed the floating-rate facility this week, with Truist serving as administrative agent on $225 million and KeyBank as syndication agent on the remaining $175 million. The deal carries an initial three-year term with at least one extension option, and Alterra used a portion of the proceeds to retire existing debt.
A shift toward more scalable, platform-based financing solutions in real estate.Scott Whittle, Chief Financial Officer, Alterra IOS (via Green Street)
The structure is notable: rather than mortgaging the assets themselves, the debt is backed by Alterra’s equity interest in a 99-property portfolio spanning 27 states — 551 acres of outdoor storage and nearly 2.1 million square feet of adjacent warehouse space along major transportation corridors. By avoiding property-level underwriting of the pool, the approach reduces legal and administrative burden for high-volume portfolios like IOS.
