Truist Bank and KeyBank Close $400M Financing Facility for Alterra IOS Industrial Storage Portfolio

Truist Bank Bank and KeyBank have closed a $400 million floating-rate financing facility for Alterra IOS, secured on an equity-pledge basis against a 99-property industrial outdoor storage portfolio spanning 27 states, according to a report published July 10, 2026, by Green Street's Commercial Mortgage Alert.

Truist serves as administrative agent on $225 million of the facility, while KeyBank acts as syndication agent on the remaining $175 million. The deal carries an initial three-year term with at least one extension option. Alterra IOS used a portion of the proceeds to retire existing debt.

Equity-Pledge Structure

The financing is structured as a pledge of Alterra IOS's equity interest in the portfolio rather than individual property-level mortgages. By avoiding property-level underwriting across all 99 assets, the structure reduces the legal and administrative burden that typically accompanies high-volume real estate portfolios.

"A shift toward more scalable, platform-based financing solutions in real estate," said Scott Whittle, Chief Financial Officer of Alterra IOS, as quoted by Green Street.

Portfolio Spans 551 Acres and Nearly 2.1 Million Square Feet

The 99-property portfolio pledged as collateral comprises 551 acres of outdoor storage and nearly 2.1 million square feet of adjacent warehouse space. The properties are located along major transportation corridors across 27 states.

Sources

Green Street — Commercial Mortgage Alert, "Truist, KeyBank complete $400m industrial storage financing deal," July 10, 2026. https://ios.alterraproperty.com/truist-keybank-complete-400m-industrial-storage-financing-deal/