Zenith Industrial Outdoor Storage, a vertically integrated industrial outdoor storage investment platform, in partnership with institutional investors advised by J.P. Morgan Asset Management, has closed on 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 lLead Arranger, supports Zenith’s second programmatic joint venture with J.P. Morganand provides capital to continue expanding the venture’s IOS portfolio.

The initial borrowing base includes 34 industrial outdoor storage properties totaling approximately 140 usable acres. The portfolio is 99.6% leased and geographically diversified, with approximately 80% 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 represents the second recent senior credit facility from KeyBank for the Zenith//J.P. Morgan JV, following a $130-million financing that closed earlier this year. “This credit facility marks another significant milestone in our ongoing partnership with J.P. Morgan Asset Management and reflects the continued institutional belief in the IOS sector,” said Ben Atkins, co-founder and CEO of Zenith.

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