JLL Income Property Trust recently closed a credit facility with Bank of America providing access to up to $75 million. Sponsored by Jones Lang Lasalle, JLL Income Property Trust is a non-listed, daily valued perpetual life REIT.
The revolving line of credit has an accordion feature, which allows it to increase from $40 million to $75 million. Bank of America is the lender and administrative agent, while Merrill Lynch, Pierce, Fenner & Smith Incorporated served as lead arranger. The credit facility, which has a two year term, also has a one year extension option and has an interest rate based on LIBOR with a spread ranging from 1.35% to 2.10%.
“This expanded credit facility provides us with greater flexibility and agility to pursue our strategic objectives in this very competitive capital markets environment,” commented President and CEO of JLL Income Property Trust, Allan Swaringen. “We are also extremely pleased to expand our relationship with Bank of America Merrill Lynch,” he added.
JLL Income Property Trust will use the credit facility for acquisitions, to provide working capital, and for general corporate purposes.
The company focuses on commercial real estate and last month acquired a grocery-anchored shopping center in Illinois and an apartment complex in Texas. The $2.7 billion offering has four share classes, ZIPTAX, ZIPTMX, ZIPIAX, and ZIPIMX, which are listed on NASDAQ.