Catalyst Secures $281M in Financing for IOS Portfolio
Catalyst Investment Partner has secured $281 million in separate financings for Catalyst IOS Fund II, backed by Blackstone Real Estate Debt Strategies and institutional investors advised by J.P. Morgan Asset Management.
The J.P. Morgan Asset Management financing marks its first loan secured by a fully dedicated industrial outdoor storage portfolio. The debt package is supported by 77 properties across 12 high-barrier-to-entry IOS markets, including Northern New Jersey, Miami and Washington, D.C.
The portfolio is leased to tenants spanning equipment rental, infrastructure and e-commerce, reflecting steady demand for flexible infill industrial space in constrained urban markets.
“Our early entry into the IOS sector, deep market knowledge, and proprietary data has enabled us to identify a deep opportunity set of small, flexible, low-coverage IOS properties that are situated in dense urban areas where the supply of IOS is fixed or declining, creating irreplaceable assets for occupiers and investors,” said Max Heiden, co-founder and partner at Catalyst.
The financing comes after Catalyst closed its third IOS-focused discretionary fund in February 2026. That vehicle was oversubscribed at $400 million in commitments and moved from first to final close in seven months.
Catalyst said its IOS platform now includes more than 150 properties in high-barrier-to-entry infill markets and is on pace to reach 250 sites in 2027. The firm said assets under management now exceed $1 billion.
Justin Horowitz at Cooper-Horowitz arranged the financing. Rothman Law and Levenfeld Pearlstein served as legal counsel to Catalyst.
