Real Estate
Home›Real Estate›Industry›Zenith closes $215M senior secured credit facility wit…
Zenith closes $215M senior secured credit facility with J.P. Morgan backers
The loan, administered by KeyBank, includes an accordion up to $500M and funds expansion of Zenith’s second IOS joint venture.
Zenith Industrial Outdoor Storage has closed on a $215 million senior secured credit facility with an accordion feature that can raise total commitments to $500 million, according to ConnectCRE.
KeyBank will serve as administrative agent and joint lead arranger, with Truist as joint lead arranger. The financing supports Zenith’s second programmatic joint venture with institutional investors advised by J.P. Morgan Asset Management.
The initial borrowing base is backed by 34 industrial outdoor storage properties totaling about 140 usable acres. The portfolio is 99.6% leased, and roughly 80% of assets are in high growth Southeast, South Central, and Southwest markets.
ConnectCRE said the facility represents the second recent KeyBank senior credit line for the Zenith and J.P. Morgan joint venture, following a $130 million financing that closed earlier this year. Zenith co-founder and CEO Ben Atkins said the credit facility reflects institutional belief in the IOS sector and marks another milestone in the partnership.