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.