Skip to content
The DI Wire
Click Here to Subscribe to Our Free Daily News Updates

JLL Income Property Trust Secures Loan for North Carolina Residential Property

JLL Income Property Trust Secures Loan for North Carolina Residential Property. Alternative investments, apartment community, financial, JLL, loan, finance, invest, investments
JLL Income Property Trust Secures Loan for North Carolina Residential Property. Alternative investments, apartment community, financial, JLL, loan, finance, invest, investments

JLL Income Property Trust, a daily net asset value non-traded real estate investment trust, announced that it originated a $27 million senior, secured floating rate first mortgage loan on what the company describes as an “institutional-quality” residential community in suburban Charlotte, North Carolina.

The loan is secured by a newly constructed residential property that was built between 2022 and 2023. It has an initial three-year term, earns an interest rate of 3.25% above the secured overnight financing rate and is projected to deliver a yield of between 7% to 9%.

As previously reported by The DI Wire, JLL Income Property Trust has recently diversified its traditional private equity holdings with private credit.

“This investment provides JLL Income Property Trust with reliable cash flows, structural downside protection through a preferential senior position to the equity investment in the property and added diversification to our portfolio of core equity and debt investments,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “Given the disruption in traditional real estate lending markets, we continue to see opportunities to make accretive loans on attractive core real estate that add value to our diversified portfolio. In this environment of higher interest rates, the economics of private credit are in favor of investors, and we intend to build a meaningful allocation of first mortgage loans to benefit our stockholders.”

The property is a 104-unit rental townhome community spread across 21 two-story residential buildings. It is located approximately 15 miles northeast of downtown Charlotte. Within a 15-mile radius of the property are several employers, including Atrium Health, Wells Fargo, Bank of America and Honeywell, among others.

As of June 30, 2023, JLL Income Property Trust owned interests in a total of 137 properties and more than 4,400 single-family rental houses located in 27 states.

Click here to visit The DI Wire directory page.