Alterra IOS has acquired over 300 sites nationwide, today announced the closing of $189 million in financing from Blackstone Mortgage Trust Inc.

Justin Horowitz of Cooper Horowitz worked with Alterra IOS Venture III to market and source the financing. The funding was secured for assets acquired in Alterra’s latest venture. Alterra has now secured over $1 billion in lender financing for the fund, which closed in May 2024 at $925 million in total commitments, exceeding the original fundraising goal of $750 million and reaching its hard cap.

The funding from Blackstone Mortgage Trust backs 49 IOS sites across 22 states, totaling approximately 235 usable acres. This financing comes on the heels of several significant transactions for Alterra in 2024, including the sale of an institutional-grade portfolio of 51 IOS assets to Peakstone Realty Trust in November for $490 million.

“We are thrilled to close our first financing with the Blackstone team and to add another leading institution to a growing list of capital providers supporting our IOS platform,” said Scott Whittle, Chief Financial Officer for Alterra IOS.