Alterra IOS (“Alterra”), a prominent player in the industrial outdoor storage provider Alterra IOS which has acquired more than 350 sites across the United States has announced the successful close of a US $343.6 million loan facility arranged by Trust Financial Corp (NYSE: TFC) and Bank of Montreal (NYSE: BMO).
The financing for 64 IOS properties in 22 states was executed on behalf of Alterra IOS Venture II, a closed-end Fund with US $524 million of equity commitments, and follows approval of a US $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 US $1.5 billion in institutional financing across its various ventures, complementing US $1.45 billion in equity finance raised for the group's closed-end funds, Alterra IOS Venture II (US $524 million) and Venture III (US $925 million).
Alterra IOS Chief Financial Officer Scott Whittle tells FM Magazine, “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."
“Alterra’s strategic aggregation of IOS locations aligns with our view of the long-term growth drivers supporting this asset class,” adds 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.”
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.
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.
Chad Orcutt at JLL Capital Markets represented Alterra in the financing.
Alterra 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.
In November, the firm announced the successful sale of an institutional-grade portfolio of 51 IOS assets to Peakstone Realty Trust (NYSE: PKST) for US $490 million.
As a vertically integrated investor, developer and operator of IOS, the group says it 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 BMO Financial Group
BMO Financial Group is the seventh largest bank in North America by assets, with total assets of US $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.
