JLL Income Property Trust Secures Financing for PHX Multifamily
Chicago-based JLL Income Property Trust secured $36 million in financing for Summit at San Marcos, a recently-developed 273-unit apartment community in Chandler. The property is held in a Delaware Statutory Trust (DST) through JLL Exchange, the company’s 1031 “like-kind” exchange platform.
JLL Income Property Trust’s Allan Swaringen says, “Real estate debt is still available on favorable terms for institutional borrowers and core stabilized assets. Quite different than during the Global Financial Crisis time period of 2007 to 2009, real estate debt and equity markets have remained liquid during this pandemic-initiated recession – and we are seeing asset pricing and values hold, and debt spreads compress, making it an opportune time to lock in attractive long-term fixed interest rates.”
The completed financing was for roughly 50% loan-to-value, at an interest rate of 3.28% which is fixed for a term of 10-years.
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