JLL Income Property Trust Lines Up $1B Credit Facility
JLL Income Property Trust has secured a $1 billion credit facility with a syndicate of ten real estate lenders, adding balance sheet flexibility as it positions for what it sees as the early phase of a market recovery.
The facility includes a $600 million revolving line of credit and a $400 million term loan, with the option to upsize to $1.3 billion. It carries a two-year term with three one-year extension options and bears interest at SOFR plus 1.20%–1.95%.
“This new facility supports our growth plans and increases our flexibility to invest at an opportune time early in what we believe to be a recovery cycle,” said Allan Swaringen, president and CEO of JLL Income Property Trust.
The lending group is led by JPMorgan Chase Bank, N.A. as administrative agent, with JPMorgan, Bank of America, Capital One, PNC Capital Markets and Wells Fargo Securities serving as co-syndication agents, joint lead arrangers and joint bookrunners. Additional lenders include BMO, Fifth Third, Regions Bank, TD Bank and The Bank of New York Mellon.
JLL Income Property Trust is an institutionally managed, daily NAV REIT with approximately $6.9 billion in portfolio equity and debt investments.