JLL Income Property Trust, a daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), amended its revolving line of credit increasing its borrowing capacity to $150 million.
The amended credit facility has a 1-year term with a 6-month extension option and bears interest based on LIBOR plus a spread ranging from 1.55 percent to 2.25 percent. Bank of America, N.A. is the lender and administrative agent for the facility and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as lead arranger.
“This expanded credit facility provides us with increased capacity and greater flexibility to pursue our strategic objectives in what continues to be a highly competitive capital markets environment,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “We are also extremely pleased to expand our relationship with Bank of America Merrill Lynch.”
The new facility will be used to accelerate acquisitions, provide working capital and other general corporate purposes.
Earlier this week, The DI Wire reported that the REIT purchased a multifamily property located downtown Saint Paul, Minnesota for approximately $65.5 million.
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 $1.2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan. As of June 30, 2016, it owned interests in 62 properties, of which 61 are located in the U.S. and one is located in Canada.