JIPT Originates $100M in Senior Secured Mortgages
It sees significant opportunities in this category.
JLL Income Property Trust has now surpassed $100 million of senior secured floating rate first mortgages with its recent origination of a $48 million loan on an apartment community in Charleston, SC.
The loan has an initial three-year term, earns an interest rate of 3.85% above SOFR – with a floor of 4%, and is projected to deliver a yield of approximately 8 to 9%.
The REIT sees opportunities in this category amid the ongoing market disruption, Allan Swaringen, President, and CEO said in prepared remarks. “Over time we intend to invest a meaningful allocation toward this private debt sector to capitalize on this higher interest rate environment to the benefit of our stockholders.”
The property is a 358-unit apartment community spread across 13 three-story residential buildings.
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