Jones Lang LaSalle Income Property Trust Inc. landed a $250 million credit facility with a group of six real estate lenders.
The credit facility includes an accordion feature allowing an increase up to a total of $500 million, as well as a three-year term with two 12-month extension options, and it carries interest based on the London Interbank Offered Rate plus a spread between 1.25% and 2.00%.
JPMorgan Chase Bank NA serves as the sole book runner, joint lead arranger and administrative agent. Bank of America NA and PNC Bank NA serve as co-syndication agents and Merrill Lynch Pierce Fenner & Smith Inc. and PNC Bank are the joint lead arrangers.
Other lenders participating in the syndicated credit facility include Wells Fargo Bank, Fifth Third Bank and BMO Harris Bank NA.