Stonemont and Cerberus Close $672M Refi in Record IOS Deal
Stonemont Financial Group and Cerberus Capital Management have closed on a $672 million refinancing for an industrial outdoor storage portfolio. This, according to an announcement by Realterm, which was one of the originators on the deal, marks the largest financing ever issued in the IOS sector.
Starwood Property Trust Inc. teamed up with Realterm on the origination.
The financing covers 78 properties across 830 acres of land in 33 markets. The exact regions were not listed.
Realterm said that the move comes as borrowers are continuing to search for lenders with a track record, particularly in the logistics and industrial sectors. Also, Realterm holds more than $14 billion of assets under management, with multiple IOS properties in its U.S. portfolio.
Starwood manages a $32 million portfolio across its debt and equity investments.
"Our ability to underwrite large, complex portfolios at scale and deliver certainty of close is what makes us the partner of choice for sophisticated borrowers, and we look forward to continuing to deploy capital into compelling opportunities across the market," Dennis Schuh, global head of real Estate lending at Starwood Capital Group, said in a statement.
The IOS sector, like cold storage and the high-bay manufacturing segments in industrial, has rents tracking well above market averages in almost every case thanks to their different but more favorable supply/demand dynamics compared with generic big-box distribution. That's the finding from CompStak's Q1 2026 Industrial Deals report.
In IOS during the first quarter, Brenntag Pacific — the chemical distribution arm of Brenntag had a standout renewal of 467,844 square feet over a 65-month term. This came out 34.1% above the market's average of $5.99 per square foot for outdoor storage leases.
Source: GlobeSt/ALM