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.

Healthcare Realty Trust sold two Durham area medical office buildings for a combined $20 million. AW Property acquired both properties: the Duke Health Center for $15.2 million and the UNC Family Medicine Center for $5 million.

Healthcare Realty Trust acquired both buildings in 2021, one for $16 million and the other for $5 million.

The Duke Health Center is fully leased. Tenants include Duke Children’s Primary Care and Duke Department of Neurology. The Class-B medical facility, which was built in 1999 and renovated in 2015, has 41,036 square feet of space across two stories.

The other building AW Property Co. bought was the UNC Family Medicine Center at 5704 Fayetteville Road. The UNC Family Medicine Center provides services for newborns to aging adults. The single-story Class-B building, built in 2005, has 11,924 square feet of medical office space and is fully leased.

Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, provided $58.8 million in bridge financing for Solis at Petrosa, a newly constructed 260-unit apartment complex in Bend, Oregon.

Proceeds from the loan will go towards refinancing the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. Lake Oswego-based McBride Capital brokered the transaction for a repeat Dwight client, Pahlisch Commercial.  Proceeds from the loan refinance the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. 

Situated on nearly 10 acres of land, the property consists of eight three-story buildings and one four-story building. Its amenities include a pool, a community lounge equipped with a full kitchen, a fitness room, and a golf simulator room. Solis at Petrosa is located directly opposite Pine Nursery Park, a sprawling 159-acre space offering a variety of recreational facilities such as sports fields, pickleball courts, fishing ponds, trails, and a dog park.

Don’t miss hearing the experts’ take on where the Phoenix & Scottsdale multifamily and single-family-rental markets are headed on the afternoon of Thursday, April 18. Register now to hear first-hand insights and forecasts from the regions CRE leaders in development, investment, ownership, lending, and more at Connect Phoenix Multifamily & Single-Family Build-to-Rent. Register today!