JLL Income Property Trust closes senior secured real estate loan on Charlotte rental community
JLL Income Property Trust announced that it originated a $27 million senior, secured floating-rate first-mortgage loan on an institutional-quality residential community in suburban Charlotte, N.C.
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 percent above SOFR (the Secured Overnight Financing Rate) and is projected to deliver a yield of between 7 percent and 9 percent.
The property is a 104-unit rental townhome community spread across 21 two-story residential buildings. The property is located approximately 15 miles northeast of downtown Charlotte. Within a 15-mile radius of the property are several of the region’s largest employers, including Atrium Health, Wells Fargo, Bank of America and Honeywell, among others.