Zenith IOS Closes $130M Senior Secured Credit Facility for Programmatic JV with J.P. Morgan

The financing supports the parties' inaugural programmatic joint venture and is intended to back a portfolio strategy centered on IOS properties across multiple U.S. regions.

Published on Feb. 25, 2026

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Zenith Industrial Outdoor Storage, a Brooklyn-based platform focused on industrial outdoor storage (IOS) assets, has closed on a $130 million senior secured credit facility in partnership with institutional investors advised by J.P. Morgan Asset Management. The credit facility will support the parties' inaugural programmatic joint venture and a portfolio strategy centered on IOS properties across the U.S.

Why it matters

The transaction highlights continued lender engagement with the IOS segment, particularly for portfolios that are both highly leased and diversified by region. The Zenith and J.P. Morgan Asset Management venture has secured a sizeable capital commitment from a major bank lender and a dedicated financing framework to support its programmatic investment strategy in the industrial outdoor storage space.

The details

The credit facility was provided by KeyBank, with Cooper Horowitz arranging the transaction. The initial borrowing base for the facility is comprised of 14 industrial outdoor storage properties totaling approximately 130 usable acres, which are 98% leased. The assets are geographically diversified, with roughly 70% of the properties located in high-growth markets in the Southeast and the remainder distributed across the Mountain, Midwest and West Coast regions.

  • The financing closed on February 25, 2026.

The players

Zenith Industrial Outdoor Storage

A Brooklyn-based platform focused on industrial outdoor storage (IOS) assets.

J.P. Morgan Asset Management

An institutional investor that is advising on the programmatic joint venture with Zenith.

KeyBank

The lender that provided the $130 million senior secured credit facility.

Cooper Horowitz

The firm that arranged the financing transaction.

Vinh Thai

A Zenith executive who led the effort on the borrower side.

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What they’re saying

“Zenith co-founder and CEO Ben Atkins noted the firm's appreciation for KeyBank's confidence in the IOS portfolio and cited the collaborative approach among all participants in achieving what he characterized as a disciplined and efficient execution.”

— Ben Atkins, Co-founder and CEO, Zenith Industrial Outdoor Storage (cremarketbeat.com)

What’s next

The joint venture between Zenith and J.P. Morgan Asset Management plans to use the $130 million credit facility to continue expanding its portfolio of industrial outdoor storage properties across the United States.

The takeaway

This transaction demonstrates the growing investor interest and lender engagement in the industrial outdoor storage (IOS) real estate segment, particularly for well-leased and geographically diversified portfolios. The Zenith and J.P. Morgan Asset Management venture has secured a sizable capital commitment to support its programmatic investment strategy in this specialized asset class.