Zenith Industrial Outdoor Storage, in partnership with institutional investors advised by J.P. Morgan Asset Management, has closed 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 Lead Arranger, supports Zenith’s second programmatic joint venture with J.P. Morgan Asset Management and provides capital to continue expanding the venture’s IOS portfolio.
The initial borrowing base includes 34 industrial outdoor storage (IOS) properties totaling approximately 140 usable acres. The portfolio is 99.6 percent leased and geographically diversified, with approximately 80 percent 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 is expected to support Zenith’s
