Philadelphia-based Alterra IOS has secured $189 million in financing from Blackstone Mortgage Trust Inc., marking another major investment in the industrial outdoor storage (IOS) sector. The loan supports Alterra IOS’ cash acquisition of 49 IOS properties across 22 states, totaling 235 usable acres. This investment brings the company’s total lender financing to over $1 billion for its latest fund, which closed in May 2024 with $925 million in commitments—surpassing its initial $750 million goal. IOS properties are strategically located near major transportation hubs, including highways, airports, and ports, providing essential storage space for heavy equipment and industrial tenants.

*Article courtesy of Philadelphia Business Journal

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