Real assets investor and Starwood Property Trust have provided a $672m (€579.3m) loan to refinance an industrial outdoor storage (IOS) portfolio across 33 US markets owned by Stonemont Financial and Cerberus Capital Management.

The pair co-originated the debt package for the 78-property portfolio, covering 830 acres of land, marking the largest IOS financing of its kind.

Eastdil Secured Savills arranged the transaction.

Paul Sisson, head of credit at Realterm, said: “This financing marks a significant milestone for our credit platform and underscores our ability to execute sophisticated solutions that drive industry-making deals.

“Borrowers are continuing to seek lenders with a deep understanding of the industrial real estate and logistics sectors. A transaction of this scale is the ultimate validation of our track record and niche expertise.�

Jeffrey DiModica, president of Starwood Property Trust, said: “Transactions like this one reflect the breadth and depth of Starwood’s commercial real estate lending platform.�

Dennis Schuh, global head of real estate lending, Starwood Capital, said: “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.�

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