Zenith IOS and J.P. Morgan Asset Management close $215 million senior secured credit facility

New York, NY Zenith Industrial Outdoor Storage (Zenith) in partnership with institutional investors advised by J.P. Morgan Asset Management, closed 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 lead arranger, supports Zenith’s second programmatic joint venture with J.P. Morgan Asset Management and provides capital to continue expanding the venture’s IOS portfolio.

The initial borrowing base includes 34 industrial outdoor storage (IOS) 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 is expected to support Zenith’s continued acquisition strategy and further expand the firm’s IOS footprint nationwide. This also represents the second recent senior credit facility for Zenith and J.P. Morgan Asset Management provided by KeyBank, following a $130 million financing that closed earlier this year and supported their inaugural programmatic joint venture. 

“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. “The scale and flexibility of this financing will allow us to accelerate acquisitions, deepen our presence in key growth markets, and continue executing on our long-term investment strategy. We are excited to build upon the success of our first joint venture and further strengthen this second programmatic partnership.”

Jessica Lauerhass, who led the lending team on behalf of KeyBank, said, “This transaction represents a natural extension of the successful framework established for Zenith’s first programmatic venture earlier this year. Our familiarity with the platform, combined with our confidence in Zenith’s management team, the sponsorship of J.P. Morgan Asset Management, and the institutionalizing dynamics of the IOS sector, positioned us to provide a scalable capital solution designed to support the venture’s continued growth.”

Zenith also acknowledges Cooper Horowitz for its continued support of the venture’s financing efforts. Justin Horowitz, Ben Knopf, and Josh Tropper of Cooper Horowitz helped to source the financing. 

“KeyBank’s continued commitment to Zenith and J.P. Morgan Asset Management reflects the deepening institutional conviction in the IOS sector,” Horowitz said. “KeyBank moved early to extend its relationship with the platform, underscoring the growing depth of capital and lender confidence in the asset class. Transactions like this continue to demonstrate the maturation of IOS and its emergence as a recognized institutional real estate asset class.”

Zenith Industrial Outdoor Storage is a vertically integrated investment, development and management company focused on the acquisition and operation of institutional-quality industrial outdoor storage assets across the United States. Zenith provides mission-critical real estate solutions to support a wide range of users nationwide.

J.P. Morgan Asset Management, with assets under management of $4.6 trillion as of June 30, 2026, is a global leader in investment management. J.P. Morgan Asset Management’s clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. 

JPMorgan Chase & Co. is a leading financial services firm based in the United States of America (U.S.), with operations worldwide. JPMorganChase had $5 trillion in assets and $375 billion in stockholders’ equity as of June 30, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.