Alterra IOS has closed a $343.6 million loan facility arranged by Truist Financial Corp. and Bank of Montreal. The financing, secured across 64 IOS properties in 22 states, was executed on behalf of Alterra IOS Venture II, a closed-end Fund with $524 million of equity commitments. 

“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,” said Alterra IOS Chief Financial Officer Scott Whittle. “This commitment underscores institutional lenders’ growing confidence in the underlying fundamentals of the IOS asset class.”  

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. JLL’s Chad Orcutt represented Alterra in the financing. The recent financing comes on the heels of a $189 million loan originated by Blackstone Mortgage Trust.