Home Alts News JLL Income Property Trust Expands and Extends Credit Facility

JLL Income Property Trust Expands and Extends Credit Facility

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), has closed on the expansion and extension of a $400 million credit facility.

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), has closed on the expansion and extension of a $400 million credit facility. The increased credit facility revolver and term loans have been extended by one year, and the revolver capability has been increased from $200 million to $300 million with the addition of a new lender, US Bank.

The expanded and extended credit facility contains an accordion feature that can increase the facility up to a total of $650 million, bearing interest based on LIBOR plus a spread ranging from 1.25 percent to 2.00 percent.

“We continue to appreciate the support of our bank group and their recognition 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. “The addition of US Bank, and the expansion and extension of our credit facility provides additional flexibility to reduce borrowing costs, make strategic acquisitions and further deliver on our investment strategy.”

US Bank joins the original credit facility which was closed with a syndicate of six market-leading real estate lenders 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 and Merrill Lynch, Pierce, Fenner & Smith Incorporated and PNC Bank National Association 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.

As of the third quarter 2018, Jones Lang LaSalle Income Property Trust owned and managed a $2.3 billion portfolio of 54 office, retail, industrial and apartment properties located primarily in the United States, according to Summit Investment Research. Since 2012, the company has raised a total of approximately $1.6 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.

Click here to visit The DI Wire directory page.