JLL Income Property Trust, a daily net asset value real estate investment trust, has secured a $650 million credit facility with a syndicate of eight real estate lenders.
The credit facility contains a $415 million revolving line of credit and a $235 million term loan with an accordion feature that can increase the facility up to a total of $800 million. It has a three-year term, bearing an interest based on LIBOR plus a spread ranging from 1.35 percent to 2.10 percent.
“This expanded facility supports our growth ambitions and intent to modestly increase leverage at the beginning of this new economic cycle. It also facilitates accelerating acquisitions and increases our financial flexibility,” said Allan Swaringen, president and chief executive officer.
The eight lenders in the credit facility syndicate are led by JPMorgan Chase Bank N.A. as administrative agent, co-syndication agent, joint lead arranger and joint bookrunner and includes Bank of America N.A., PNC Capital Markets LLC, and Wells Fargo Securities LLC, as co-syndication agents, joint lead arrangers and joint bookrunners.
Other lenders participating in the syndicated credit facility include Fifth Third Bank, National Association; BMO Harris Bank N.A. Capital One, National Association.; and The Bank of New York Mellon.
In other company news, the REIT recently completed financing for Southeast Phoenix Distribution Center, a 474,000-square-foot distribution center located in Phoenix, Arizona.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), which owns and manages a portfolio of multifamily, industrial, office and grocery-anchored retail properties located in the United States, has more than $3.6 billion in portfolio assets and 86 properties. The REIT has raised $2.1 billion in investor equity as of April 2021.