Alterra IOS Lands $100M Revolving Credit Facility From BMO

The momentum behind the industrial outdoor storage (IOS) sector shows no sign of abating, and a recently closed deal underscores the traction nationwide. 

Alterra IOS just closed a $100 million revolving credit facility with Bank of Montreal (BMO), Commercial Observer can first report. Alterra has already acquired more than 400 IOS sites across the country, and the funding will give the Philadelphia-based firm the ability to continue expanding. 

The new facility — essentially a commercial line of credit that allows speedy, streamlined capital deployment when attractive acquisition opportunities are identified — is backed by 27 of Alterra’s IOS properties, spread across 17 states.

“As the institutionalization of the industrial outdoor storage sector continues to scale, it requires financing solutions that can move as quickly as the assets themselves, and this facility does exactly that,” Scott Whittle, chief financial officer at Alterra IOS, said. “We value BMO’s ongoing partnership and willingness to design a tailored structure that supports our acquisition strategy and the continued expansion of our national footprint.”

The facility represents just the latest transaction between Alterra and BMO. In July, Alterra secured another $343 million facility from Truist Financial and BMO, PERE Credit reported at the time. 

“Our most recent investment with Alterra is a continuation of our strong existing relationship and was designed to fit the specific needs of their fast-growing platform,” Kim Liautaud, head of  real estate and infrastructure at BMO Commercial Bank, said in a statement. “We’re proud to back Alterra’s next stage of growth with a financing approach that fits the evolution of this asset class.”

Alterra, a pioneer in the IOS space, has been one of the most active players in the niche asset class over the past 12 months. The Philly-based company has raised more than $1.6 billion in financing for its expansion activities, and in October it swiveled some heads when it closed a $150 million loan facility from Blue Owl Capital to support future acquisitions within Alterra IOS Venture III, a closed-end fund that had $925 million in equity commitments at the time. As of December 2025, the firm’s portfolio comprised 400 IOS properties across 37 states. 

Cathy Cunningham can be reached ccunningham@commercialobserver.com.