NEW
YORK, Aug. 28, 2024 /PRNewswire/ -- J.P. Morgan
Real Estate Income Trust, Inc. (JPMREIT) announced today the
closing of a $62.4 million mortgage
loan to an affiliate of NYC-based private real estate firm Raith
Capital Partners to finance the acquisition of Satori West Ashley,
a 297-unit multifamily property located in Charleston, SC. This represents
JPMREIT's second real estate debt investment. Upon closing,
this transaction grows JPMREIT's portfolio allocation to
income-focused real estate debt to approximately
18%.*
Built in 2023, Satori West Ashley is a Class-A, mid-rise
multifamily property on John's Island within the West Ashley
submarket of Charleston. The
property features high-end unit finishes and an extensive amenity
package, including a clubhouse with a saltwater pool, grill areas,
a fitness center, and a movie theater. The community is adjacent to
a Publix supermarket and major thoroughfares, providing convenient
access to employment centers in North
Charleston and Charleston's
central business district.
JPMREIT's ability to invest in real estate debt enables JPMREIT
to pursue attractive opportunities that should generate strong
relative risk-adjusted returns in varying market environments. This
transaction delivers an attractive yield supported by a
high-quality asset in a top market.
"We continue to have high conviction in the multifamily sector,
especially in markets with expected population growth and a waning
construction pipeline," said Doug
Schwartz, Co-President of JPMREIT. "This transaction
demonstrates our ability to invest across the capital structure to
deliver attractive returns to our stockholders."
For more information about this investment and other JPMREIT
properties, please visit the Resources page on its website.
Notes: *As of June 30,
2024, including proforma close of deal. Asset Allocation is
measured as the asset value (based on fair value) of each
investment category (real estate investments, real estate debt
investments and real estate-related securities) divided by the
total asset value of all investment categories, including the value
of any third-party interests in consolidated properties.
About JPMREIT
JPMREIT leverages J.P. Morgan Asset Management's more than 60
years of real estate investment experience and invests in
stabilized, income-producing assets and development positioned to
benefit from the way people live, work and consume in the new
economy. JPMREIT is externally advised and sponsored by J.P. Morgan
Investment Management Inc.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of
$3.3 trillion, as of June 30, 2024, is a global leader in investment
management. J.P. Morgan Asset Management's clients include
institutions, retail investors and high net worth individuals in
every major market throughout the world. J.P. Morgan Asset
Management offers global investment management in equities, fixed
income, real estate, hedge funds, private equity and liquidity. For
more information: www.jpmorganassetmanagement.com. J.P. Morgan
Asset Management is the marketing name for the asset management
businesses of JPMorgan Chase & Co., and its affiliates
worldwide.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial
services firm based in the United States
of America ("U.S."), with operations worldwide. JPMorgan
Chase had $4.1 trillion in assets and
$341 billion in stockholders' equity
as of June 30, 2024. The Firm is a
leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction
processing and asset management. Under the J.P. Morgan and Chase
brands, the Firm serves millions of customers in the U.S., and many
of the world's most prominent corporate, institutional and
government clients globally. Information about JPMorgan Chase &
Co. is available at www.jpmorganchase.com.
Forward-Looking Statements. This press release contains
forward-looking statements about the business of JPMREIT. These
forward-looking statements can be identified by the use of
forward-looking terminology such as "expect," "continue," "may,"
"will," "should," "anticipate," "intend" or other similar words or
the negatives thereof. These may include statements about plans,
objectives, intentions and expectations with respect to JPMREIT's
real estate investments and expected real estate acquisitions. Such
forward-looking statements are inherently uncertain and there are
or may be important factors that could cause actual outcomes or
results to differ materially from those indicated in such
statements. We believe these factors include but are not limited to
those described under the section entitled "Risk Factors" in
JPMREIT's annual report for the most recent fiscal year, and any
such updated factors included in JPMREIT's periodic filings with
the SEC, which are accessible on the SEC's website at www.sec.gov.
These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are
included in JPMREIT's public filings. Except as otherwise required
by federal securities laws, JPMREIT undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future developments or
otherwise.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy securities.
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SOURCE J.P. Morgan Asset Management