JLL Income Property Trust Secures $650M Credit Facility
The REIT will use the funds to increase the size and quality of its portfolio.
May 28, 2021 | Gail Kalinoski | Commercial Property Executive
JLL Income Property Trust, which in recent months has increased its industrial holdings, has secured a $650 million credit facility to continue its growth and financial flexibility.
The credit facility with a syndicate of eight market-leading real estate lenders, contains a $415 million revolving line of credit and a $235 million term loan with an accordion feature that can boost the facility up to $800 million. It has a three-year term and bears an interest based on LIBOR plus a spread ranging from 1.35 percent to 2.10 percent.
The lenders in the facility are led by JPMorgan Chase Bank N.A., as administrative agent, co-syndication agent, joint lead arranger and joint bookrunner. Also acting as co-syndication agents, joint lead arrangers and joint bookrunners are Bank of America N.A., PNC Capital Markets LLC and Wells Fargo Securities LLC. Other lenders participating are: Fifth Third Bank, National Association; BMO Harris Bank N.A.; Capital One, National Association; and The Bank of New York Mellon.
