SOURCE: JLL Income Property Trust

JLL Income Property Trust

June 09, 2015 09:10 ET

JLL Income Property Trust Closes $75 Million Credit Facility With Bank of America

CHICAGO, IL--(Marketwired - Jun 9, 2015) - JLL Income Property Trust, an institutionally-managed, non-listed, daily valued perpetual life REIT (NASDAQ: ZIPTAX) (NASDAQ: ZIPTMX) (NASDAQ: ZIPIAX) (NASDAQ: ZIPIMX), today announced it closed a revolving line of credit with an accordion feature that allows the facility to increase from $40 million up to $75 million. The credit facility has a two year term with a one year extension option and bears interest based on LIBOR plus a spread ranging from 1.35% to 2.10%. Bank of America, N.A. is lender and administrative agent for the facility and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as lead arranger.

"This expanded credit facility provides us with greater flexibility and agility to pursue our strategic objectives in this very competitive capital markets environment," commented Allan Swaringen, President and CEO of JLL Income Property Trust. "We are also extremely pleased to expand our relationship with Bank of America Merrill Lynch." The new facility will be used to accelerate acquisitions, provide working capital and other general corporate purposes.

JLL Income Property Trust is a non-listed, daily valued perpetual life real estate investment trust (REIT) that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.

For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.

About JLL Income Property Trust (NASDAQ: ZIPTAX) (NASDAQ: ZIPTMX) (NASDAQ: ZIPIAX) (NASDAQ: ZIPIMX)
Jones Lang LaSalle Income Property Trust, Inc. is a non-listed, daily valued perpetual life real estate investment trust (REIT) that owns and manages a diversified portfolio of high quality, income-producing office, retail, industrial and apartment properties located primarily in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.

About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the JLL group and advisor to JLL Income Property Trust, is one of the world's leading global real estate investment managers with nearly 700 employees in 16 countries worldwide and approximately $55 billion of assets under management of private and public property equity and debt investments. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. For more information, visit www.lasalle.com.

Forward Looking Statements
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management's intentions, beliefs, expectations, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements.

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