Chicago & Midwest + Downtown + Finance | May 28, 2021

JLL IPT Lines Up $650M Facility to Support Growth

JLL Income Property Trust has secured a $650-million credit facility with a syndicate of eight market-leading real estate lenders. The credit facility contains a $415-million revolving line of credit and a $235-million term loan with an accordion feature that can increase the facility up to a total of $800 million.

“This expanded facility supports our growth ambitions and intent to modestly increase leverage at the beginning of this new economic cycle,” said JLL IPT CEO Allan Swaringen. “It also facilitates accelerating acquisitions and increases our financial flexibility.”

JPMorgan Chase Bank is the syndicate’s administrative agent, co-syndication Agent, joint lead arranger and joint bookrunner. The syndicate also includes Bank of America, PNC Capital Markets and Wells Fargo Securities as co-syndication agents, joint lead arrangers and joint bookrunners. Other lenders participating in the credit facility include Fifth Third Bank, BMO Harris Bank, Capital One and The Bank of New York Mellon.

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JLL IPT’s Swaringen

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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