Alterra IOS has closed a $150 million loan facility from funds managed by Blue Owl Capital.

The initial funding of the facility was collateralized by 21 properties in 12 states. Subsequent fundings of the loan commitment will support acquisitions for Alterra IOS Venture III, a closed-end fund with $925 million in equity commitments. The deal represents Blue Owl’s first financing in the IOS space.

“As institutional recognition of the industrial outdoor storage sector accelerates, transactions like this highlight the confidence lenders have in the long-term performance of the asset class,” says Scott Whittle, CFO and chief compliance officer at Alterra IOS. “We are excited to complete our first financing with Blue Owl, whose thoughtful and collaborative approach compliments the strength of our platform as we continue scaling nationwide.”

“Our investment in Alterra reflects Blue Owl’s focus on working with market-leading operators in high-growth, resi