Truck Terminal & IOS Financing$10M and up · Bridge, CMBS, Life Company, Construction

Two different products, depending on the asset. A stabilized truck terminal or cross dock leased on a long triple net basis to a credit tenant finances as CMBS or life company permanent debt, roughly 5.75% to 7.0% fixed for 10 years, non recourse, 65% to 75% LTV. A transitional or lease up infill IOS lot (truck parking, container yard, laydown yard) in a supply constrained port market finances as non recourse bridge, floating over SOFR, 60% to 70% LTV, 12 to 36 months, with an exit to permanent debt at stabilization. Class A ground up IOS uses non recourse senior construction debt up to roughly 85% loan to cost.

If the yard is stabilized and carries a long lease to a credit tenant, CMBS or life company permanent debt is the cheaper money (roughly 5.75% to 7.0% fixed, 10 years, non recourse) but it requires the lease and a stabilized DSCR of about 1.25x. If the asset is being acquired, leased up, repositioned, or built, bridge or construction debt comes first (roughly 9.0% to 10.75% all in on bridge in 2026), priced 250 to 400 basis points wider, because the lender is underwriting a business plan rather than in place credit. The common path is bridge for the transition, then a refinance into permanent debt once the terminal is stabilized and leased.

Infill and port market IOS bridge in 2026 runs about 60% to 70% senior LTV, floating at SOFR plus 300 to 595 basis points, all in roughly 9.0% to 10.75%, on 12 to 36 month interest only terms. Class A ground up IOS construction goes up to roughly 85% of cost. Stabilized credit tenant terminal permanent debt runs 65% to 75% LTV at roughly 5.75% to 7.0% fixed for 10 years with a required DSCR near 1.25x. IOS and single purpose truck parking typically price a few points lower on LTV than a fully enclosed warehouse because the exit market is tighter.

The number one killer is zoning: unentitled or grandfathered only IOS use, or a municipal ban on new outdoor storage. Other common disqualifiers are a short or month to month lease, a single weak no name tenant with no credit, environmental hair from legacy fuel or truck maintenance contamination, a tertiary market with no logistics demand driver, raw dirt with no paving or improvements underwritten as usable yard, parking income that is undocumented or cash, and a first time sponsor with thin equity. Deals below roughly $5M fall out of the institutional desks entirely.

A stabilized terminal or cross dock with a real, long triple net lease (five years or more of weighted average lease term with annual rent bumps) to an investment grade tenant or a major national logistics carrier, in an infill or port logistics corridor with entitled, legally conforming IOS zoning, a paved and improved yard, a stabilized DSCR near 1.25x or better, and an experienced, well capitalized sponsor. On strong tenant credit, permanent lenders can underwrite close to full occupancy value.

Both. Industrial outdoor storage is a financeable asset class in its own right: truck parking, container and chassis yards, laydown yards, and trailer storage, with or without a building. The value is in the entitled land, the paving and site improvements, and the lease. Cross dock and single tenant truck terminals with structures finance on the same logic, with the building and tenant credit adding underwriting support.

Both. Multi tenant truck parking and depot lots, with several operators or owner lessors sharing the yard, are financeable through a value add bridge to permanent structure. Bridge capital funds the improvements that stabilize the lot (paving, drainage, fencing, lighting, security, gate and weigh systems, and electric heavy truck charging), then the deal refinances into CMBS or life company permanent debt once leases are signed and income is documented. You do not need a single credit tenant to fund the asset, though stronger tenancy always improves the terms.

Yes, and it is one of the clearest value add stories in the asset class right now. Bridge capital funds the site work that raises a lot to institutional quality (paving, drainage, fencing, lighting, security, gate and weigh systems) and the installation of electric heavy truck charging for Tesla Semi and other electric Class 8 fleets. As freight electrifies and ports push toward zero emission drayage, charging equipped depots draw stronger demand and rents. Once the lot is stabilized on signed leases and documented income, it refinances into CMBS or life company permanent debt at the lower long term rate. This is a real financing structure available through our capital network.

The institutional lane starts at roughly $10M and runs up through $100M plus portfolios. There is an owner user SBA 504 lane from about $5M for operators buying the terminal or truck service facility their own business occupies. Below roughly $5M, and speculative dirt with no lease or entitlement, generally is not placeable at the desks that fund this asset.

At $10M and up, most institutional IOS and truck terminal bridge is non recourse with standard bad boy carve outs for experienced, capitalized sponsors. Lease up, repositioning, and construction deals often carry partial recourse (a completion or performance guarantee) that burns off at stabilization. Stabilized credit tenant terminal permanent debt through CMBS or institutional portfolio lenders is non recourse.