JLL Income Property Trust, a daily net asset value real estate investment trust, has completed financing for a recently developed 273-unit apartment community in the Phoenix suburb of Chandler, Arizona. The financing was for $36 million, or approximately 50 percent loan-to-value, at an interest rate of 3.28 percent for a fixed for a term of 10 years.
The property is held in a Delaware statutory trust (DST) through JLL Exchange, JLL Income Property Trust’s 1031 “like-kind” exchange platform that allows investors to defer taxable gains from the sale of appreciated real estate.
“Real estate debt is still available on favorable terms for institutional borrowers and core stabilized assets,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “Quite different than during the global financial crisis time period of 2007 to 2009, real estate debt and equity markets have remained liquid during this pandemic-initiated recession – and we are seeing asset pricing and values hold, and debt spreads compress, making it an opportune time to lock in attractive long-term fixed interest rates.”
In other company news, JLL Income Property Trust recently sold an industrial warehouse located in the Los Angeles submarket of Valencia, California for $5.6 million.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a $3.1 billion portfolio of 78 properties, including apartment, industrial, office and retail assets located in the United States. The REIT has raised approximately $1.8 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.