Zenith IOS, J.P. Morgan Asset Management Close on $215M Credit Facility

Zenith Industrial Outdoor Storage, a vertically integrated industrial outdoor storage investment platform, in partnership with institutional investors advised by J.P. Morgan Asset Management, has closed on a $215-million senior secured credit facility with an accordion feature allowing for total commitments up to $500 million. The facility, provided by KeyBank as administrative agent and joint lead arranger, and Truist as joint lLead Arranger, supports Zenith’s second programmatic joint venture with J.P. Morganand provides capital to continue expanding the venture’s IOS portfolio.

The initial borrowing base includes 34 industrial outdoor storage properties totaling approximately 140 usable acres. The portfolio is 99.6% leased and geographically diversified, with approximately 80% of the assets located in high-growth Southeast, South Central, and Southwest markets. The remaining properties are located across the Mountain, Midwest and Northeast regions.

The financing represents the second recent senior credit facility from KeyBank for the Zenith//J.P. Morgan JV, following a $130-million financing that closed earlier this year. “This credit facility marks another significant milestone in our ongoing partnership with J.P. Morgan Asset Management and reflects the continued institutional belief in the IOS sector,” said Ben Atkins, co-founder and CEO of Zenith.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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