Truist Bank Supplies $100M Refi for IOS Portfolio
By Andrew Coen October 21, 2025 3:06 pm
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A joint venture between Triten Real Estate Partners and TPG Angelo Gordon has sealed a $100 million loan to refinance a portfolio of industrial outdoor storage properties, Commercial Observer has learned.
Truist Bank provided the loan backing the sponsorship’s 19-asset IOS portfolio spread across Texas, Missouri, Florida, Georgia, Maryland, Pennsylvania and California.
Cooper Horowitz negotiated the financing with a team led by Justin Horowitz.
Triten principal Zach Dobin said the portfolio — which includes assets in the markets of San Antonio, Dallas, Miami, Kansas City and Baltimore — are well positioned in a supply-constrained sector that faces many zoning hurdles. Dobin noted that IOS has proven resilient in the last three years as transportation users have encountered market headwinds by attracting more construction and infrastructure tenants.
“One concern about IOS from the beginning has always been how broad is the user base and how deep is that pool of users? Luckily a pool of user demand from the construction side has backfilled the lack of demand from the transportation side,” Dobin said.
Horowitz has facilitated past deals for Triten, including a $150 million refi from BMO for 29 IOS assets closed in June. He said the latest transaction generated large-scale lender interest with 10 term sheets including banks and life insurance companies despite facing uncertainties going to market soon after President Donald Trump’s April 2 “Liberation Day” tariff announcement.
“The IOS space is institutionalized to a different magnitude at this point,” Horowitz said. “You have world-class sponsorship here with Triten as an operator and TPG Angelo Gordon as the equity partner, and they’ve done a really good job aggregating their portfolio.”
Doug Sears, managing director, real estate corporate banking at Truist, said in a statement the deal “reflects Truist’s commitment to supporting high-quality sponsors in dynamic sectors.”
Representatives for TPG Angelo Gordon did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
