JLL Income Property Trust (JLLIPT) has secured a $1 billion credit facility with a syndicate of 10 market-leading real estate lenders. The credit facility contains a $600 million revolving line of credit and a $400 million term loan and JLLIPT can increase the facility up to a total of $1.3 billion. It has a two-year term, plus three one-year extension options and bears an interest rate based on secured overnight financing rate (SOFR), plus a spread ranging from 1.2 percent to 1.95 percent.
“We appreciate the recognition by these 10 major financial institutions of our investment strategy, the growth and quality of our portfolio, and our performance track record,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “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.”
The lenders in this credit facility syndicate are led by JPMorgan Chase Bank,
