PHILADELPHIA – (Realty News Report) – Alterra IOS, a real estate investment firm with a growing Texas portfolio, has closed a $400 million refinancing led by Truist Financial Corp. and KeyBank.
The financing, the latest in a string of funding transactions, is secured by a national portfolio of 99 industrial outdoor storage properties. The properties total 551 usable acres and nearly 2.1 million SF of warehouse space in core markets across California, Florida, Georgia, North Carolina, and Texas.
Truist provided $225 million, while KeyBank committed $175 million. The funding uses an equity pledge framework rather than traditional asset level mortgages.
“This transaction reflects a shift toward more scalable, platform-based financing solutions in real estate,” said Scott Whittle, Chief Financial Officer at Alterra IOS. “For portfolios like IOS, which consist of a high volume of assets, traditional mortgage structures can be time- and cost-intensive. An equity pledge structure allows us to operate more efficiently by reducing legal and administrative burden, accelerating execution and preserving flexibility as we continue to grow the platform.”
“As IOS portfolios have grown and matured, lenders have developed greater comfort underwriting diversified portfolios rather than individual assets,” said Kate Mooney, Alterra Senior Associate, Capital Markets.
In other financing deals, Alterra IOS recently closed on a $244 million loan from Blackstone Real Estate Debt Strategies. The company previously announced $103 million in acquisition financing from PGIM and a $100 million revolving credit facility from Bank of Montreal.
“Industrial outdoor storage has emerged as one of the most compelling segments within industrial real estate,” said Nadia Mahmoud, Managing Director, Real Estate Corporate Banking at Truist. “As the landscape continues to evolve, we’re seeing increasing demand for financing solutions that can match the scale and complexity of this asset class. We’re proud to deliver the flexibility and expertise that clients need to capitalize on this growing market.”
Alterra IOS, a Philadelphia-based investor, developer, and operator of industrial outdoor storage assets, has acquired more than 495 industrial outside storage properties nationwide. The company recently acquired six industrial outdoor storage properties in the San Antonio metropolitan area.
July 14, 2026, Realty News Report Copyright 2026
Feature image: Alterra IOS courtesy photo.
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File: Industrial Firm Closes $400M Refinancing
Industrial Firm Closes $400M Refinancing