JLL Income Property Trust, an institutionally managed daily NAV real estate investment trust with more than $3.6 billion in portfolio assets and 86 properties, secured a $650 million credit facility with a syndicate of eight 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. The facility has a three-year term and bears interest based on LIBOR plus a spread ranging from 1.35% to 2.1%.

“We appreciate the recognition by these eight major financial institutions of our investment strategy, the growth and quality of our portfolio and our investment performance track record,” Allan Swaringen, president and CEO of JLL Income Property Trust, said. “This expanded facility supports our growth ambitions and intent to modestly increase leverage at the beginning of this new economic cycle. It also facilitates accelerating acquisitions and increases our financial flexibility.”

JPMorgan Chase Bank led the eight lenders in the credit facility syndicate as administrative agent, co-syndication agent, joint lead arranger and joint bookrunner. Bank of America, PNC Capital Markets and Wells Fargo Securities served as co-syndication agents, joint lead arrangers and joint bookrunners. Fifth Third Bank, BMO Harris Bank, Capital One and the Bank of New York Mellon also participated in the facility.