Income Property Trust Secures $1B Credit Facility

Fresh Liquidity for Growth

JLL Income Property Trust has secured a $1B unsecured credit facility from a syndicate of 10 banks, including JPMorgan Chase, Bank of America, and Wells Fargo, reports Bisnow. The facility, composed of a $600M revolving line and a $400M term loan, can expand to $1.3B if needed. This capital positions the Income Property Trust as an active buyer as commercial real estate sectors begin to recover.

Strategic Shifts and Sector Focus

Income Property Trust, a nontraded REIT, will use the new credit to target growth opportunities in healthcare, retail, and industrial real estate. Recent acquisitions include a 53KSF medical facility near Boston for $32M and a 133KSF healthcare property in Tampa for $21M. JLL IPT’s healthcare holdings currently represent about 10% of its $6.9B portfolio, but CEO Allan Swaringen expects this share to increase, focusing on medical office and life sciences properties in high-density areas, as improving office fundamentals in key markets signal a broader recovery in leasing demand.

Portfolio Balancing and Asset Sales

While the REIT is increasing emphasis on healthcare and retail—such as purchasing a 115KSF, 100% leased grocery-anchored center in Alabama—it is selectively reducing multifamily exposure. Recent sales include apartment communities in Virginia for $144.5M and San Diego for $91M, recycling capital towards other asset classes. Swaringen noted that strong retail locations and industrial sites, especially last-mile logistics centers, will remain priorities as the trust deploys the new credit line to capitalize on sector momentum.