Recently my work computer switched from a Windows box to a MacBook Pro, which reminded me of this feature in iTerm (I had been using this feature on Console2 on Windows): The Quake Terminal controlled by Alt + `.

In iTerm preferences:

1. Under Keys, select Hotkey
2. Press to *Create a Dedicated Hotkey Window…`
3. Set the Hotkey to Opt + `
4. Configure it to only “Animate showing and hiding”

After that iTerm creates a Hotkey Window profile that is assigned to the iTerm pane that drops from top of the screen each time.

To make this work well with multiple screens, select the Hotkey Window profile, and under the Window tab, pick “Screen with Cursor” for the Screen picker.