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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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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