JLL Income Property Trust Closes $250 Million Credit Facility
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), has secured a $250 million credit facility with a syndicate of six real estate lenders. The credit facility contains an accordion feature that can increase the facility up to a total of $500 million, and has a three-year term with two 12-month extension options, bearing an interest based on LIBOR plus a spread ranging from 1.25 to 2.00 percent.
“We appreciate the recognition by these six major financial institutions of our investment strategy, the size and quality of our portfolio, and our investment performance track record,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “This new facility is an excellent addition to our strategy, and will be used to accelerate acquisitions and increase the financial flexibility of JLL Income Property Trust in pursuit of our investment objectives.”
The six lenders in the credit facility syndicate are led by JPMorgan Chase Bank N.A. as sole bookrunner, joint lead arranger and administrative agent; and include Bank of America N.A. and PNC Bank National Association as co-syndication agents. Merrill Lynch, Pierce, Fenner & Smith Incorporated and PNC Bank National Association will serve as joint lead arrangers. Other lenders participating in the syndicated credit facility include Wells Fargo Bank, Fifth Third Bank, and BMO Harris Bank N.A.
Jones Lang LaSalle Income Property Trust owns and manages a portfolio of office, retail, industrial and apartment properties located primarily in the United States. Since 2012, the company has raised a total of approximately $1.4 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan, according to Summit Investment Research. As of March 31, 2017, it owned interests in 69 properties, of which 68 are located in the U.S. and one is located in Canada.
