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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_ecd_TradingArrByIndTable_terseLabel_en-US" xlink:label="lab_ecd_TradingArrByIndTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trading Arrangements, by Individual</link:label>
    <link:label id="lab_ecd_TradingArrByIndTable_label_en-US" xlink:label="lab_ecd_TradingArrByIndTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangements, by Individual [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TradingArrByIndTable" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TradingArrByIndTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TradingArrByIndTable" xlink:to="lab_ecd_TradingArrByIndTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_019f393c-a590-7c93-a9e9-d86fef50fbb3_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Denominator:</link:label>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TradingArrAxis_terseLabel_en-US" xlink:label="lab_ecd_TradingArrAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trading Arrangement:</link:label>
    <link:label id="lab_ecd_TradingArrAxis_label_en-US" xlink:label="lab_ecd_TradingArrAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TradingArrAxis" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TradingArrAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TradingArrAxis" xlink:to="lab_ecd_TradingArrAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetAcquisitionTable_019f6768-9141-7f6f-84a5-5590afefa4b1_terseLabel_en-US" xlink:label="lab_us-gaap_AssetAcquisitionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Asset Acquisition [Table]</link:label>
    <link:label id="lab_us-gaap_AssetAcquisitionTable_label_en-US" xlink:label="lab_us-gaap_AssetAcquisitionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Acquisition [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetAcquisitionTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetAcquisitionTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionTable" xlink:to="lab_us-gaap_AssetAcquisitionTable" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MaximumMember_019f393c-a590-78fb-af9d-4cf54417533c_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum</link:label>
    <link:label id="lab_srt_MaximumMember_label_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_MaximumMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MaximumMember" xlink:to="lab_srt_MaximumMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_SingleFamilyRentalSegmentMember_019f393c-a590-7007-a30e-964aea156ef1_terseLabel_en-US" xlink:label="lab_ck0001893262_SingleFamilyRentalSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Single-family rental</link:label>
    <link:label id="lab_ck0001893262_SingleFamilyRentalSegmentMember_label_en-US" xlink:label="lab_ck0001893262_SingleFamilyRentalSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Single-Family Rental Segment [Member]</link:label>
    <link:label id="lab_ck0001893262_SingleFamilyRentalSegmentMember_documentation_en-US" xlink:label="lab_ck0001893262_SingleFamilyRentalSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Single-Family Rental Segment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_SingleFamilyRentalSegmentMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_SingleFamilyRentalSegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_SingleFamilyRentalSegmentMember" xlink:to="lab_ck0001893262_SingleFamilyRentalSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_StraightLineRentReceivable_019f393c-a590-71dc-b30c-271faa8c57cf_terseLabel_en-US" xlink:label="lab_ck0001893262_StraightLineRentReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Straight-line rent receivable</link:label>
    <link:label id="lab_ck0001893262_StraightLineRentReceivable_label_en-US" xlink:label="lab_ck0001893262_StraightLineRentReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Straight-line Rent Receivable</link:label>
    <link:label id="lab_ck0001893262_StraightLineRentReceivable_documentation_en-US" xlink:label="lab_ck0001893262_StraightLineRentReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Straight-line rent receivable.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_StraightLineRentReceivable" xlink:href="ck0001893262-20260630.xsd#ck0001893262_StraightLineRentReceivable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_StraightLineRentReceivable" xlink:to="lab_ck0001893262_StraightLineRentReceivable" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RangeMember_019f393c-a505-7d99-8def-b8d42c9ad0bd_terseLabel_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statistical Measurement</link:label>
    <link:label id="lab_srt_RangeMember_label_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_RangeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeMember" xlink:to="lab_srt_RangeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AccruedRedemptions_019f393c-a591-7930-b4d8-495fbb608dc0_terseLabel_en-US" xlink:label="lab_ck0001893262_AccruedRedemptions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redeemable non-controlling interest issued as settlement for performance participation allocation</link:label>
    <link:label id="lab_ck0001893262_AccruedRedemptions_label_en-US" xlink:label="lab_ck0001893262_AccruedRedemptions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued Redemptions</link:label>
    <link:label id="lab_ck0001893262_AccruedRedemptions_documentation_en-US" xlink:label="lab_ck0001893262_AccruedRedemptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accrued redemptions.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AccruedRedemptions" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AccruedRedemptions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AccruedRedemptions" xlink:to="lab_ck0001893262_AccruedRedemptions" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsequentEventMember_019f393c-a591-7b26-b7b0-99c5f8cd7c0c_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Event</link:label>
    <link:label id="lab_us-gaap_SubsequentEventMember_label_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SubsequentEventMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember" xlink:to="lab_us-gaap_SubsequentEventMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_019f393c-a590-731e-bca6-141e3ff1e031_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net (loss) income attributable to JPMREIT stockholders, diluted</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_019f393c-a590-7116-8164-0765b75283fd_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income (loss) attributable to JPMREIT stockholders, diluted</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Diluted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentFiscalYearFocus_019f393c-a505-7b42-ba6c-015239cf6ee5_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:label id="lab_dei_DocumentFiscalYearFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_DocumentFiscalYearFocus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RepurchaseFacilityNet_019f393c-a506-7ecb-b55d-f275a42bb7a7_terseLabel_en-US" xlink:label="lab_ck0001893262_RepurchaseFacilityNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase facility, net</link:label>
    <link:label id="lab_ck0001893262_RepurchaseFacilityNet_label_en-US" xlink:label="lab_ck0001893262_RepurchaseFacilityNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Facility Net</link:label>
    <link:label id="lab_ck0001893262_RepurchaseFacilityNet_documentation_en-US" xlink:label="lab_ck0001893262_RepurchaseFacilityNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Repurchase facility net.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RepurchaseFacilityNet" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RepurchaseFacilityNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RepurchaseFacilityNet" xlink:to="lab_ck0001893262_RepurchaseFacilityNet" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OperatingExpensesDueToAffiliates_019f393c-a590-71cd-a307-05baee535322_terseLabel_en-US" xlink:label="lab_ck0001893262_OperatingExpensesDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating expenses</link:label>
    <link:label id="lab_ck0001893262_OperatingExpensesDueToAffiliates_label_en-US" xlink:label="lab_ck0001893262_OperatingExpensesDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating expenses, due to affiliates</link:label>
    <link:label id="lab_ck0001893262_OperatingExpensesDueToAffiliates_documentation_en-US" xlink:label="lab_ck0001893262_OperatingExpensesDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Operating expenses, due to affiliates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OperatingExpensesDueToAffiliates" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OperatingExpensesDueToAffiliates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OperatingExpensesDueToAffiliates" xlink:to="lab_ck0001893262_OperatingExpensesDueToAffiliates" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtWeightedAverageInterestRate_019f393c-a590-72c0-bc07-678be996b833_terseLabel_en-US" xlink:label="lab_us-gaap_DebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-Average Interest Rate</link:label>
    <link:label id="lab_us-gaap_DebtWeightedAverageInterestRate_label_en-US" xlink:label="lab_us-gaap_DebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt, Weighted Average Interest Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtWeightedAverageInterestRate" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtWeightedAverageInterestRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtWeightedAverageInterestRate" xlink:to="lab_us-gaap_DebtWeightedAverageInterestRate" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDebtMember_019f393c-a590-7fc0-aae2-3173072eabd6_terseLabel_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments in real estate debt</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDebtMember_019f393c-a590-760f-8b83-7805fec3a73f_verboseLabel_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDebtMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Investments in Real Estate Debt (asset)</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDebtMember_label_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments in Real Estate Debt [Member]</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDebtMember_documentation_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investment in real estate debt.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_InvestmentsInRealEstateDebtMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_InvestmentsInRealEstateDebtMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_InvestmentsInRealEstateDebtMember" xlink:to="lab_ck0001893262_InvestmentsInRealEstateDebtMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AdjToCompAmt_terseLabel_en-US" xlink:label="lab_ecd_AdjToCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment to Compensation, Amount</link:label>
    <link:label id="lab_ecd_AdjToCompAmt_label_en-US" xlink:label="lab_ecd_AdjToCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustment to Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AdjToCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AdjToCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AdjToCompAmt" xlink:to="lab_ecd_AdjToCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancialInstrumentAxis_019f393c-a506-71e6-9fe3-fb0ea2d97fc8_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial Instrument [Axis]</link:label>
    <link:label id="lab_us-gaap_FinancialInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instrument [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinancialInstrumentAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentAxis" xlink:to="lab_us-gaap_FinancialInstrumentAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OrganizationAndOfferingExpensesDue_019f393c-a505-729c-b0ad-2b46523416a3_terseLabel_en-US" xlink:label="lab_ck0001893262_OrganizationAndOfferingExpensesDue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Organization and offering expenses due</link:label>
    <link:label id="lab_ck0001893262_OrganizationAndOfferingExpensesDue_label_en-US" xlink:label="lab_ck0001893262_OrganizationAndOfferingExpensesDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Organization and offering expenses due</link:label>
    <link:label id="lab_ck0001893262_OrganizationAndOfferingExpensesDue_documentation_en-US" xlink:label="lab_ck0001893262_OrganizationAndOfferingExpensesDue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Organization and offering expenses due.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OrganizationAndOfferingExpensesDue" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OrganizationAndOfferingExpensesDue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OrganizationAndOfferingExpensesDue" xlink:to="lab_ck0001893262_OrganizationAndOfferingExpensesDue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateLineItems_019f393c-a505-7d0e-82c6-0cf0da32f5dc_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real Estate [Line Items]</link:label>
    <link:label id="lab_us-gaap_RealEstateLineItems_label_en-US" xlink:label="lab_us-gaap_RealEstateLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="lab_us-gaap_RealEstateLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SegmentReportingAbstract_019f393c-a505-7c5f-bae5-461f1c8f67b8_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segment Reporting [Abstract]</link:label>
    <link:label id="lab_us-gaap_SegmentReportingAbstract_label_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SegmentReportingAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingAbstract" xlink:to="lab_us-gaap_SegmentReportingAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RedemptionValueAdjustmentOnMandatorilyRedeemableInstruments_019f393c-a505-71c8-b65b-a098210b7227_terseLabel_en-US" xlink:label="lab_ck0001893262_RedemptionValueAdjustmentOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redemption value adjustment on mandatorily redeemable instruments</link:label>
    <link:label id="lab_ck0001893262_RedemptionValueAdjustmentOnMandatorilyRedeemableInstruments_label_en-US" xlink:label="lab_ck0001893262_RedemptionValueAdjustmentOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redemption Value Adjustment on Mandatorily Redeemable Instruments</link:label>
    <link:label id="lab_ck0001893262_RedemptionValueAdjustmentOnMandatorilyRedeemableInstruments_documentation_en-US" xlink:label="lab_ck0001893262_RedemptionValueAdjustmentOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Redemption value adjustment on mandatorily redeemable instruments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RedemptionValueAdjustmentOnMandatorilyRedeemableInstruments" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RedemptionValueAdjustmentOnMandatorilyRedeemableInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RedemptionValueAdjustmentOnMandatorilyRedeemableInstruments" xlink:to="lab_ck0001893262_RedemptionValueAdjustmentOnMandatorilyRedeemableInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_DistributionsToNonControllingInterests_019f393c-a506-7b97-9c4c-0917447372f6_negatedLabel_en-US" xlink:label="lab_ck0001893262_DistributionsToNonControllingInterests" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Distributions to non-controlling interests</link:label>
    <link:label id="lab_ck0001893262_DistributionsToNonControllingInterests_label_en-US" xlink:label="lab_ck0001893262_DistributionsToNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Distributions to non-controlling interests</link:label>
    <link:label id="lab_ck0001893262_DistributionsToNonControllingInterests_documentation_en-US" xlink:label="lab_ck0001893262_DistributionsToNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Distributions to non-controlling interests.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_DistributionsToNonControllingInterests" xlink:href="ck0001893262-20260630.xsd#ck0001893262_DistributionsToNonControllingInterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_DistributionsToNonControllingInterests" xlink:to="lab_ck0001893262_DistributionsToNonControllingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet_019f393c-a591-7445-ba72-bbcf125399b6_terseLabel_en-US" xlink:label="lab_ck0001893262_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortization of above- and below-market lease intangibles, net</link:label>
    <link:label id="lab_ck0001893262_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet_label_en-US" xlink:label="lab_ck0001893262_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization of above and Below Market Lease Intangibles Net</link:label>
    <link:label id="lab_ck0001893262_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet_documentation_en-US" xlink:label="lab_ck0001893262_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amortization of above- and below-market lease intangibles, net.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet" xlink:to="lab_ck0001893262_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockValue_019f393c-a590-77f4-b325-9d2c4a3a8661_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock</link:label>
    <link:label id="lab_us-gaap_CommonStockValue_label_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, Value, Issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue" xlink:to="lab_us-gaap_CommonStockValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_019f393c-a505-701c-84e6-d2cc88c150f2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of the Mortgage Notes Secured by Properties and Repurchase Facility</link:label>
    <link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Long-Term Debt Instruments [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:to="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AmortizationOfDiscountOnRealEstateRelatedAndOtherSecurities_019fc893-3f0c-73b1-8512-c6e981126e68_negatedTerseLabel_en-US" xlink:label="lab_ck0001893262_AmortizationOfDiscountOnRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Amortization of discount on real estate-related and other securities</link:label>
    <link:label id="lab_ck0001893262_AmortizationOfDiscountOnRealEstateRelatedAndOtherSecurities_label_en-US" xlink:label="lab_ck0001893262_AmortizationOfDiscountOnRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization Of Discount On Real Estate-Related And Other Securities</link:label>
    <link:label id="lab_ck0001893262_AmortizationOfDiscountOnRealEstateRelatedAndOtherSecurities_documentation_en-US" xlink:label="lab_ck0001893262_AmortizationOfDiscountOnRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amortization Of Discount On Real Estate-Related And Other Securities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AmortizationOfDiscountOnRealEstateRelatedAndOtherSecurities" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AmortizationOfDiscountOnRealEstateRelatedAndOtherSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AmortizationOfDiscountOnRealEstateRelatedAndOtherSecurities" xlink:to="lab_ck0001893262_AmortizationOfDiscountOnRealEstateRelatedAndOtherSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PreserveAtPineValleyMember_019f393c-a505-7af0-bd41-6012861c273e_terseLabel_en-US" xlink:label="lab_ck0001893262_PreserveAtPineValleyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preserve at Pine Valley</link:label>
    <link:label id="lab_ck0001893262_PreserveAtPineValleyMember_label_en-US" xlink:label="lab_ck0001893262_PreserveAtPineValleyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preserve At Pine Valley [Member]</link:label>
    <link:label id="lab_ck0001893262_PreserveAtPineValleyMember_documentation_en-US" xlink:label="lab_ck0001893262_PreserveAtPineValleyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Preserve At Pine Valley.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PreserveAtPineValleyMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PreserveAtPineValleyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PreserveAtPineValleyMember" xlink:to="lab_ck0001893262_PreserveAtPineValleyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear_019f393c-a506-7a3e-9ee6-b957f93dc45e_negatedLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">2026 (remaining)</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Lease, Amortization Income, Remainder of Fiscal Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear" xlink:to="lab_us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OriginationOfInvestmentsInRealEstateDebt_019f393c-a590-7940-a45d-ebdded7ee54c_negatedLabel_en-US" xlink:label="lab_ck0001893262_OriginationOfInvestmentsInRealEstateDebt" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Origination of investments in real estate debt</link:label>
    <link:label id="lab_ck0001893262_OriginationOfInvestmentsInRealEstateDebt_label_en-US" xlink:label="lab_ck0001893262_OriginationOfInvestmentsInRealEstateDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Origination of Investments in Real Estate Debt</link:label>
    <link:label id="lab_ck0001893262_OriginationOfInvestmentsInRealEstateDebt_documentation_en-US" xlink:label="lab_ck0001893262_OriginationOfInvestmentsInRealEstateDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Origination of investments in real estate debt.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OriginationOfInvestmentsInRealEstateDebt" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OriginationOfInvestmentsInRealEstateDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OriginationOfInvestmentsInRealEstateDebt" xlink:to="lab_ck0001893262_OriginationOfInvestmentsInRealEstateDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_UnsecuredRevolvingCreditFacility_019f393c-a506-7331-9df4-444db9cfe1d5_terseLabel_en-US" xlink:label="lab_ck0001893262_UnsecuredRevolvingCreditFacility" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unsecured revolving credit facility</link:label>
    <link:label id="lab_ck0001893262_UnsecuredRevolvingCreditFacility_label_en-US" xlink:label="lab_ck0001893262_UnsecuredRevolvingCreditFacility" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Revolving Credit Facility</link:label>
    <link:label id="lab_ck0001893262_UnsecuredRevolvingCreditFacility_documentation_en-US" xlink:label="lab_ck0001893262_UnsecuredRevolvingCreditFacility" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unsecured revolving credit facility.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_UnsecuredRevolvingCreditFacility" xlink:href="ck0001893262-20260630.xsd#ck0001893262_UnsecuredRevolvingCreditFacility"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_UnsecuredRevolvingCreditFacility" xlink:to="lab_ck0001893262_UnsecuredRevolvingCreditFacility" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityExTransitionPeriod_019f393c-a591-7297-bafb-5b45f8361c37_terseLabel_en-US" xlink:label="lab_dei_EntityExTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Ex Transition Period</link:label>
    <link:label id="lab_dei_EntityExTransitionPeriod_label_en-US" xlink:label="lab_dei_EntityExTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Ex Transition Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityExTransitionPeriod" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityExTransitionPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityExTransitionPeriod" xlink:to="lab_dei_EntityExTransitionPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_RestatementDeterminationDate_terseLabel_en-US" xlink:label="lab_ecd_RestatementDeterminationDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restatement Determination Date</link:label>
    <link:label id="lab_ecd_RestatementDeterminationDate_label_en-US" xlink:label="lab_ecd_RestatementDeterminationDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restatement Determination Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_RestatementDeterminationDate" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_RestatementDeterminationDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_RestatementDeterminationDate" xlink:to="lab_ecd_RestatementDeterminationDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_DeferredFinanceCostsNetForMortgageNotes_019f393c-a505-72e0-b30d-b4976ee162f3_negatedLabel_en-US" xlink:label="lab_ck0001893262_DeferredFinanceCostsNetForMortgageNotes" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Deferred financing costs, net</link:label>
    <link:label id="lab_ck0001893262_DeferredFinanceCostsNetForMortgageNotes_label_en-US" xlink:label="lab_ck0001893262_DeferredFinanceCostsNetForMortgageNotes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Finance Costs, Net for Mortgage Notes</link:label>
    <link:label id="lab_ck0001893262_DeferredFinanceCostsNetForMortgageNotes_documentation_en-US" xlink:label="lab_ck0001893262_DeferredFinanceCostsNetForMortgageNotes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred finance costs, net for mortgage notes.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_DeferredFinanceCostsNetForMortgageNotes" xlink:href="ck0001893262-20260630.xsd#ck0001893262_DeferredFinanceCostsNetForMortgageNotes"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_DeferredFinanceCostsNetForMortgageNotes" xlink:to="lab_ck0001893262_DeferredFinanceCostsNetForMortgageNotes" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_MeasurementInputExitCapitalizationRateMember_019f393c-a505-73ee-98aa-b17f8e35e0a8_terseLabel_en-US" xlink:label="lab_ck0001893262_MeasurementInputExitCapitalizationRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exit capitalization rate</link:label>
    <link:label id="lab_ck0001893262_MeasurementInputExitCapitalizationRateMember_label_en-US" xlink:label="lab_ck0001893262_MeasurementInputExitCapitalizationRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input, Exit Capitalization Rate [Member]</link:label>
    <link:label id="lab_ck0001893262_MeasurementInputExitCapitalizationRateMember_documentation_en-US" xlink:label="lab_ck0001893262_MeasurementInputExitCapitalizationRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Measurement Input, Exit Capitalization Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_MeasurementInputExitCapitalizationRateMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_MeasurementInputExitCapitalizationRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_MeasurementInputExitCapitalizationRateMember" xlink:to="lab_ck0001893262_MeasurementInputExitCapitalizationRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_LineOfCreditNumberOfExtensions_019f393c-a591-7a98-8022-38f984a39058_terseLabel_en-US" xlink:label="lab_ck0001893262_LineOfCreditNumberOfExtensions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of extensions</link:label>
    <link:label id="lab_ck0001893262_LineOfCreditNumberOfExtensions_label_en-US" xlink:label="lab_ck0001893262_LineOfCreditNumberOfExtensions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit, Number of Extensions</link:label>
    <link:label id="lab_ck0001893262_LineOfCreditNumberOfExtensions_documentation_en-US" xlink:label="lab_ck0001893262_LineOfCreditNumberOfExtensions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Line of Credit, Number of Extensions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_LineOfCreditNumberOfExtensions" xlink:href="ck0001893262-20260630.xsd#ck0001893262_LineOfCreditNumberOfExtensions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_LineOfCreditNumberOfExtensions" xlink:to="lab_ck0001893262_LineOfCreditNumberOfExtensions" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LeasesAcquiredInPlaceMember_019f393c-a591-737d-a633-a58cc50bbd2d_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesAcquiredInPlaceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">In-Place Lease Intangibles</link:label>
    <link:label id="lab_us-gaap_LeasesAcquiredInPlaceMember_label_en-US" xlink:label="lab_us-gaap_LeasesAcquiredInPlaceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases, Acquired-in-Place [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeasesAcquiredInPlaceMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LeasesAcquiredInPlaceMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeasesAcquiredInPlaceMember" xlink:to="lab_us-gaap_LeasesAcquiredInPlaceMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDistributionsDeclared_019f393c-a506-7ad6-af00-bfb320cfe615_terseLabel_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDistributionsDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distributions declared</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDistributionsDeclared_label_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDistributionsDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Distributions Declared</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDistributionsDeclared_documentation_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDistributionsDeclared" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value measurement with unobservable inputs reconciliation recurring basis liability distributions declared.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDistributionsDeclared" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDistributionsDeclared"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDistributionsDeclared" xlink:to="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDistributionsDeclared" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_019f393c-a591-778c-be89-547f02df1bf8_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_AmendmentFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidatedEntitiesAxis_019f393c-a505-7a84-a2ed-115268951580_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated Entities [Axis]</link:label>
    <link:label id="lab_srt_ConsolidatedEntitiesAxis_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidated Entities [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesAxis" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_ConsolidatedEntitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesAxis" xlink:to="lab_srt_ConsolidatedEntitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfRealEstatePropertiesAcquired_019f393c-a505-7af8-8de2-2e007869fb2f_verboseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfRealEstatePropertiesAcquired" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Number of real estate investments acquired</link:label>
    <link:label id="lab_ck0001893262_NumberOfRealEstatePropertiesAcquired_019f393c-a505-7e2d-afa2-b3f200a9d482_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfRealEstatePropertiesAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Properties</link:label>
    <link:label id="lab_ck0001893262_NumberOfRealEstatePropertiesAcquired_label_en-US" xlink:label="lab_ck0001893262_NumberOfRealEstatePropertiesAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Real Estate Properties Acquired</link:label>
    <link:label id="lab_ck0001893262_NumberOfRealEstatePropertiesAcquired_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfRealEstatePropertiesAcquired" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of real estate properties acquired.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfRealEstatePropertiesAcquired" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfRealEstatePropertiesAcquired"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfRealEstatePropertiesAcquired" xlink:to="lab_ck0001893262_NumberOfRealEstatePropertiesAcquired" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems_019f393c-a505-71fb-abe4-ab05b7b1c0c2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt and Equity Securities, FV-NI [Line Items]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt and Equity Securities, FV-NI [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xlink:to="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_MultifamilySegmentMember_019f393c-a590-7931-b407-1278a9879d72_terseLabel_en-US" xlink:label="lab_ck0001893262_MultifamilySegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Multifamily</link:label>
    <link:label id="lab_ck0001893262_MultifamilySegmentMember_label_en-US" xlink:label="lab_ck0001893262_MultifamilySegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Multifamily Segment [Member]</link:label>
    <link:label id="lab_ck0001893262_MultifamilySegmentMember_documentation_en-US" xlink:label="lab_ck0001893262_MultifamilySegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Multifamily segment.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_MultifamilySegmentMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_MultifamilySegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_MultifamilySegmentMember" xlink:to="lab_ck0001893262_MultifamilySegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_019f393c-a591-740c-b4ee-bd7af5cb402c_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PerformanceParticipationAllocation_019f393c-a506-794a-8148-c5279bce0b78_terseLabel_en-US" xlink:label="lab_ck0001893262_PerformanceParticipationAllocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Performance participation allocation</link:label>
    <link:label id="lab_ck0001893262_PerformanceParticipationAllocation_label_en-US" xlink:label="lab_ck0001893262_PerformanceParticipationAllocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Performance Participation Allocation</link:label>
    <link:label id="lab_ck0001893262_PerformanceParticipationAllocation_documentation_en-US" xlink:label="lab_ck0001893262_PerformanceParticipationAllocation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Performance participation allocation.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PerformanceParticipationAllocation" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PerformanceParticipationAllocation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PerformanceParticipationAllocation" xlink:to="lab_ck0001893262_PerformanceParticipationAllocation" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_019f393c-a505-76be-a981-823c2c6d9354_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Accumulated depreciation</link:label>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate Investment Property, Accumulated Depreciation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NonControllingInterestContributionsToInvestmentInRealEstateNet_019fc89a-4aea-7875-b8a3-9528245b81ef_terseLabel_en-US" xlink:label="lab_ck0001893262_NonControllingInterestContributionsToInvestmentInRealEstateNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-Controlling Interest Contributions To Investment In Real Estate, Net</link:label>
    <link:label id="lab_ck0001893262_NonControllingInterestContributionsToInvestmentInRealEstateNet_label_en-US" xlink:label="lab_ck0001893262_NonControllingInterestContributionsToInvestmentInRealEstateNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-Controlling Interest Contributions To Investment In Real Estate, Net</link:label>
    <link:label id="lab_ck0001893262_NonControllingInterestContributionsToInvestmentInRealEstateNet_documentation_en-US" xlink:label="lab_ck0001893262_NonControllingInterestContributionsToInvestmentInRealEstateNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-Controlling Interest Contributions To Investment In Real Estate, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NonControllingInterestContributionsToInvestmentInRealEstateNet" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NonControllingInterestContributionsToInvestmentInRealEstateNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NonControllingInterestContributionsToInvestmentInRealEstateNet" xlink:to="lab_ck0001893262_NonControllingInterestContributionsToInvestmentInRealEstateNet" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_InPlaceLeaseAndAboveMarketIntangiblePurchasePriceAllocation_019f393c-a590-792d-ae26-47aa13064c69_terseLabel_en-US" xlink:label="lab_ck0001893262_InPlaceLeaseAndAboveMarketIntangiblePurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">In-place lease and above market intangibles</link:label>
    <link:label id="lab_ck0001893262_InPlaceLeaseAndAboveMarketIntangiblePurchasePriceAllocation_label_en-US" xlink:label="lab_ck0001893262_InPlaceLeaseAndAboveMarketIntangiblePurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">InPlace Lease and Above Market Intangible Purchase Price Allocation</link:label>
    <link:label id="lab_ck0001893262_InPlaceLeaseAndAboveMarketIntangiblePurchasePriceAllocation_documentation_en-US" xlink:label="lab_ck0001893262_InPlaceLeaseAndAboveMarketIntangiblePurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">InPlace lease and above market intangible purchase price allocation.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_InPlaceLeaseAndAboveMarketIntangiblePurchasePriceAllocation" xlink:href="ck0001893262-20260630.xsd#ck0001893262_InPlaceLeaseAndAboveMarketIntangiblePurchasePriceAllocation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_InPlaceLeaseAndAboveMarketIntangiblePurchasePriceAllocation" xlink:to="lab_ck0001893262_InPlaceLeaseAndAboveMarketIntangiblePurchasePriceAllocation" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfRealEstateTransactions_019f393c-a591-7721-b7ee-6a0dace696e0_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfRealEstateTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Transactions</link:label>
    <link:label id="lab_ck0001893262_NumberOfRealEstateTransactions_label_en-US" xlink:label="lab_ck0001893262_NumberOfRealEstateTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Real Estate Transactions</link:label>
    <link:label id="lab_ck0001893262_NumberOfRealEstateTransactions_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfRealEstateTransactions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of real estate transactions.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfRealEstateTransactions" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfRealEstateTransactions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfRealEstateTransactions" xlink:to="lab_ck0001893262_NumberOfRealEstateTransactions" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PercentageOfInterestAcquiredInAssetAcquisition_019f393c-a591-7572-9c87-95b66fd6fe4f_terseLabel_en-US" xlink:label="lab_ck0001893262_PercentageOfInterestAcquiredInAssetAcquisition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest acquired percentage</link:label>
    <link:label id="lab_ck0001893262_PercentageOfInterestAcquiredInAssetAcquisition_label_en-US" xlink:label="lab_ck0001893262_PercentageOfInterestAcquiredInAssetAcquisition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of Interest Acquired in Asset Acquisition</link:label>
    <link:label id="lab_ck0001893262_PercentageOfInterestAcquiredInAssetAcquisition_documentation_en-US" xlink:label="lab_ck0001893262_PercentageOfInterestAcquiredInAssetAcquisition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of interest acquired in asset acquisition.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PercentageOfInterestAcquiredInAssetAcquisition" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PercentageOfInterestAcquiredInAssetAcquisition"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PercentageOfInterestAcquiredInAssetAcquisition" xlink:to="lab_ck0001893262_PercentageOfInterestAcquiredInAssetAcquisition" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LeasesAbstract_019f393c-a505-7791-a609-4ec846766b6e_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leases [Abstract]</link:label>
    <link:label id="lab_us-gaap_LeasesAbstract_label_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeasesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LeasesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeasesAbstract" xlink:to="lab_us-gaap_LeasesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsForDepositsOnRealEstateAcquisitions_019f393c-a505-7f6e-a629-d352703e3b0f_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForDepositsOnRealEstateAcquisitions" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Deposits on real estate acquisitions</link:label>
    <link:label id="lab_us-gaap_PaymentsForDepositsOnRealEstateAcquisitions_label_en-US" xlink:label="lab_us-gaap_PaymentsForDepositsOnRealEstateAcquisitions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments for Deposits on Real Estate Acquisitions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForDepositsOnRealEstateAcquisitions" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForDepositsOnRealEstateAcquisitions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForDepositsOnRealEstateAcquisitions" xlink:to="lab_us-gaap_PaymentsForDepositsOnRealEstateAcquisitions" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MeasurementInputCreditSpreadMember_019f393c-a590-79dc-a7be-02a92ff58a7c_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputCreditSpreadMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Market credit spread</link:label>
    <link:label id="lab_us-gaap_MeasurementInputCreditSpreadMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputCreditSpreadMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input, Credit Spread [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputCreditSpreadMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MeasurementInputCreditSpreadMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputCreditSpreadMember" xlink:to="lab_us-gaap_MeasurementInputCreditSpreadMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidatedEntitiesDomain_019f393c-a590-7216-84db-14121b27e3da_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
    <link:label id="lab_srt_ConsolidatedEntitiesDomain_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesDomain" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_ConsolidatedEntitiesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesDomain" xlink:to="lab_srt_ConsolidatedEntitiesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_019f393c-a506-7e77-baaa-000fe650d190_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transactions</link:label>
    <link:label id="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccountsPayableOtherCurrent_019f393c-a591-7fe7-9868-8fd3764351b6_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsPayableOtherCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts payable</link:label>
    <link:label id="lab_us-gaap_AccountsPayableOtherCurrent_label_en-US" xlink:label="lab_us-gaap_AccountsPayableOtherCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts Payable, Other, Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableOtherCurrent" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsPayableOtherCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableOtherCurrent" xlink:to="lab_us-gaap_AccountsPayableOtherCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsToMinorityShareholders_019f393c-a590-7006-a4e0-27e8829444fa_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Distributions to non-controlling interests</link:label>
    <link:label id="lab_us-gaap_PaymentsToMinorityShareholders_019f393c-a590-72ba-abb1-200cf118b685_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments to noncontrolling interests</link:label>
    <link:label id="lab_us-gaap_PaymentsToMinorityShareholders_label_en-US" xlink:label="lab_us-gaap_PaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Noncontrolling Interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToMinorityShareholders" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToMinorityShareholders"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToMinorityShareholders" xlink:to="lab_us-gaap_PaymentsToMinorityShareholders" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AdjToNonPeoNeoCompFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AdjToNonPeoNeoCompFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment to Non-PEO NEO Compensation Footnote</link:label>
    <link:label id="lab_ecd_AdjToNonPeoNeoCompFnTextBlock_label_en-US" xlink:label="lab_ecd_AdjToNonPeoNeoCompFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustment to Non-PEO NEO Compensation Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AdjToNonPeoNeoCompFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AdjToNonPeoNeoCompFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AdjToNonPeoNeoCompFnTextBlock" xlink:to="lab_ecd_AdjToNonPeoNeoCompFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressStateOrProvince_019f393c-a506-741e-9054-846f2e7b76ad_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityAddressStateOrProvince"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeoTotalCompAmt_terseLabel_en-US" xlink:label="lab_ecd_PeoTotalCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PEO Total Compensation Amount</link:label>
    <link:label id="lab_ecd_PeoTotalCompAmt_label_en-US" xlink:label="lab_ecd_PeoTotalCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PEO Total Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeoTotalCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PeoTotalCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeoTotalCompAmt" xlink:to="lab_ecd_PeoTotalCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_019f393c-a590-7536-9796-44475b936c78_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, par value per share (usd per share)</link:label>
    <link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockParOrStatedValuePerShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_019f393c-a506-707f-b230-297dbcf1b5b3_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets:</link:label>
    <link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets, Fair Value Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsFairValueDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosureAbstract" xlink:to="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_BuildingAndBuildingImprovementPurchasePriceAllocation_019f393c-a505-775f-a58b-c43435d9e95d_terseLabel_en-US" xlink:label="lab_ck0001893262_BuildingAndBuildingImprovementPurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Building and building improvements</link:label>
    <link:label id="lab_ck0001893262_BuildingAndBuildingImprovementPurchasePriceAllocation_label_en-US" xlink:label="lab_ck0001893262_BuildingAndBuildingImprovementPurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Building and Building Improvement Purchase Price Allocation</link:label>
    <link:label id="lab_ck0001893262_BuildingAndBuildingImprovementPurchasePriceAllocation_documentation_en-US" xlink:label="lab_ck0001893262_BuildingAndBuildingImprovementPurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Building and building improvement purchase price allocation.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_BuildingAndBuildingImprovementPurchasePriceAllocation" xlink:href="ck0001893262-20260630.xsd#ck0001893262_BuildingAndBuildingImprovementPurchasePriceAllocation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_BuildingAndBuildingImprovementPurchasePriceAllocation" xlink:to="lab_ck0001893262_BuildingAndBuildingImprovementPurchasePriceAllocation" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ProceedsFromMortgageNotesAndDebtSecuredByRealEstate_019f393c-a506-7f68-ab8f-9f95d9e4b745_terseLabel_en-US" xlink:label="lab_ck0001893262_ProceedsFromMortgageNotesAndDebtSecuredByRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from mortgage notes and debt secured by real estate</link:label>
    <link:label id="lab_ck0001893262_ProceedsFromMortgageNotesAndDebtSecuredByRealEstate_label_en-US" xlink:label="lab_ck0001893262_ProceedsFromMortgageNotesAndDebtSecuredByRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds From Mortgage Notes and Debt Secured by Real Estate</link:label>
    <link:label id="lab_ck0001893262_ProceedsFromMortgageNotesAndDebtSecuredByRealEstate_documentation_en-US" xlink:label="lab_ck0001893262_ProceedsFromMortgageNotesAndDebtSecuredByRealEstate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds from mortgage notes and debt secured by real estate.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ProceedsFromMortgageNotesAndDebtSecuredByRealEstate" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ProceedsFromMortgageNotesAndDebtSecuredByRealEstate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ProceedsFromMortgageNotesAndDebtSecuredByRealEstate" xlink:to="lab_ck0001893262_ProceedsFromMortgageNotesAndDebtSecuredByRealEstate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_019f393c-a591-7573-883d-75c7f59a34c0_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets, net</link:label>
    <link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Excluding Goodwill, after Accumulated Amortization</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeNotionalAmount_019f393c-a590-7075-a576-54295e331768_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notional Amount</link:label>
    <link:label id="lab_us-gaap_DerivativeNotionalAmount_label_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Notional Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNotionalAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeNotionalAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNotionalAmount" xlink:to="lab_us-gaap_DerivativeNotionalAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_019f393c-a505-70f0-a0d4-7b1d65208365_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-average shares of common stock outstanding - basic (in shares)</link:label>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_OutstandingAggtErrCompAmt_terseLabel_en-US" xlink:label="lab_ecd_OutstandingAggtErrCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Outstanding Aggregate Erroneous Compensation Amount</link:label>
    <link:label id="lab_ecd_OutstandingAggtErrCompAmt_label_en-US" xlink:label="lab_ecd_OutstandingAggtErrCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Outstanding Aggregate Erroneous Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_OutstandingAggtErrCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_OutstandingAggtErrCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_OutstandingAggtErrCompAmt" xlink:to="lab_ecd_OutstandingAggtErrCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember_019f393c-a590-7398-9f6e-3b3bda90744e_terseLabel_en-US" xlink:label="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collaborative Arrangement and Arrangement Other than Collaborative</link:label>
    <link:label id="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember_label_en-US" xlink:label="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collaborative Arrangement and Arrangement Other than Collaborative [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:to="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NumberOfReportableSegments_019f393c-a590-76ee-a22a-d04aaead2084_terseLabel_en-US" xlink:label="lab_us-gaap_NumberOfReportableSegments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of reportable segments</link:label>
    <link:label id="lab_us-gaap_NumberOfReportableSegments_label_en-US" xlink:label="lab_us-gaap_NumberOfReportableSegments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Reportable Segments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NumberOfReportableSegments" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NumberOfReportableSegments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfReportableSegments" xlink:to="lab_us-gaap_NumberOfReportableSegments" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_DebtInstrumentDiscountNet_019f393c-a590-72bb-b129-cb77f5b1986c_negatedLabel_en-US" xlink:label="lab_ck0001893262_DebtInstrumentDiscountNet" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Mortgage discount, net</link:label>
    <link:label id="lab_ck0001893262_DebtInstrumentDiscountNet_label_en-US" xlink:label="lab_ck0001893262_DebtInstrumentDiscountNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument Discount, Net</link:label>
    <link:label id="lab_ck0001893262_DebtInstrumentDiscountNet_documentation_en-US" xlink:label="lab_ck0001893262_DebtInstrumentDiscountNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt instrument discount net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_DebtInstrumentDiscountNet" xlink:href="ck0001893262-20260630.xsd#ck0001893262_DebtInstrumentDiscountNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_DebtInstrumentDiscountNet" xlink:to="lab_ck0001893262_DebtInstrumentDiscountNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAtCost_019f393c-a506-7a79-a688-c89361b71d8c_totalLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAtCost_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate Investment Property, at Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyAtCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:to="lab_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock_019f393c-a505-7fab-9f99-0a8198f47dbf_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Fair Value of Derivative Financial Instruments</link:label>
    <link:label id="lab_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Derivative Assets at Fair Value [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_019f393c-a590-7272-a47a-11153fb1cdff_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PartnersCapitalAccountUnitsSaleOfUnits_019f393c-a506-710f-aa31-67e1cb47e23d_terseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitsSaleOfUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of operating partnership units (in units/shares)</link:label>
    <link:label id="lab_us-gaap_PartnersCapitalAccountUnitsSaleOfUnits_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitsSaleOfUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Partners' Capital Account, Units, Sale of Units</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PartnersCapitalAccountUnitsSaleOfUnits" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PartnersCapitalAccountUnitsSaleOfUnits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAccountUnitsSaleOfUnits" xlink:to="lab_us-gaap_PartnersCapitalAccountUnitsSaleOfUnits" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetAcquisitionConsiderationTransferred_019f6768-9141-7de1-965f-c3571088d763_terseLabel_en-US" xlink:label="lab_us-gaap_AssetAcquisitionConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase Price</link:label>
    <link:label id="lab_us-gaap_AssetAcquisitionConsiderationTransferred_label_en-US" xlink:label="lab_us-gaap_AssetAcquisitionConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Acquisition, Consideration Transferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetAcquisitionConsiderationTransferred" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetAcquisitionConsiderationTransferred"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionConsiderationTransferred" xlink:to="lab_us-gaap_AssetAcquisitionConsiderationTransferred" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LandAndLandImprovements_019f393c-a505-7e5c-90a2-99cb7f38be7a_terseLabel_en-US" xlink:label="lab_us-gaap_LandAndLandImprovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Land and land improvements</link:label>
    <link:label id="lab_us-gaap_LandAndLandImprovements_label_en-US" xlink:label="lab_us-gaap_LandAndLandImprovements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Land and Land Improvements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LandAndLandImprovements" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LandAndLandImprovements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LandAndLandImprovements" xlink:to="lab_us-gaap_LandAndLandImprovements" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionMonthly_019f393c-a505-7aee-bd54-01f9f0dc4511_terseLabel_en-US" xlink:label="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionMonthly" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share repurchase plan, monthly</link:label>
    <link:label id="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionMonthly_label_en-US" xlink:label="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionMonthly" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of Repurchase Plan Restriction Monthly</link:label>
    <link:label id="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionMonthly_documentation_en-US" xlink:label="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionMonthly" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of repurchase plan restriction monthly.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PercentageOfRepurchasePlanRestrictionMonthly" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PercentageOfRepurchasePlanRestrictionMonthly"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PercentageOfRepurchasePlanRestrictionMonthly" xlink:to="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionMonthly" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_019f393c-a590-7483-b762-c6ee0d167b01_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
    <link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StatementOfFinancialPositionAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentInformationLineItems_019f393c-a590-71e6-bded-b1faccac0348_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:label id="lab_dei_DocumentInformationLineItems_label_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationLineItems" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_DocumentInformationLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationLineItems" xlink:to="lab_dei_DocumentInformationLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardTmgMnpiDiscTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AwardTmgMnpiDiscTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Timing MNPI Disclosure</link:label>
    <link:label id="lab_ecd_AwardTmgMnpiDiscTextBlock_label_en-US" xlink:label="lab_ecd_AwardTmgMnpiDiscTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Timing MNPI Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardTmgMnpiDiscTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardTmgMnpiDiscTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardTmgMnpiDiscTextBlock" xlink:to="lab_ecd_AwardTmgMnpiDiscTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_019f393c-a591-7e33-a66a-602088efada1_terseLabel_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basis of Presentation</link:label>
    <link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basis of Accounting, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementClassOfStockAxis_019f393c-a505-73b0-ac64-fd45d53dd166_terseLabel_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class of Stock</link:label>
    <link:label id="lab_us-gaap_StatementClassOfStockAxis_label_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementClassOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StatementClassOfStockAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNet_019f393c-a506-7a05-ba1c-1c672bddb1ba_totalLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Intangible assets, net</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNet_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, after Accumulated Amortization</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeerGroupTotalShareholderRtnAmt_terseLabel_en-US" xlink:label="lab_ecd_PeerGroupTotalShareholderRtnAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Peer Group Total Shareholder Return Amount</link:label>
    <link:label id="lab_ecd_PeerGroupTotalShareholderRtnAmt_label_en-US" xlink:label="lab_ecd_PeerGroupTotalShareholderRtnAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Peer Group Total Shareholder Return Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeerGroupTotalShareholderRtnAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PeerGroupTotalShareholderRtnAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeerGroupTotalShareholderRtnAmt" xlink:to="lab_ecd_PeerGroupTotalShareholderRtnAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour_019f393c-a590-777d-b54d-ccea168590f5_terseLabel_en-US" xlink:label="lab_ck0001893262_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_ck0001893262_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour_label_en-US" xlink:label="lab_ck0001893262_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finite-Lived Intangible Asset, Expected Amortization, after Year Four</link:label>
    <link:label id="lab_ck0001893262_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour_documentation_en-US" xlink:label="lab_ck0001893262_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Finite-lived intangible asset, expected amortization, after year four.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour" xlink:to="lab_ck0001893262_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RealizedGainLossOnFinancialInstruments_019f393c-a505-7097-ade5-d38173077dae_negatedLabel_en-US" xlink:label="lab_ck0001893262_RealizedGainLossOnFinancialInstruments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Realized gain on financial instruments</link:label>
    <link:label id="lab_ck0001893262_RealizedGainLossOnFinancialInstruments_label_en-US" xlink:label="lab_ck0001893262_RealizedGainLossOnFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Realized Gain (Loss) on Financial Instruments</link:label>
    <link:label id="lab_ck0001893262_RealizedGainLossOnFinancialInstruments_documentation_en-US" xlink:label="lab_ck0001893262_RealizedGainLossOnFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Realized gain (loss) on financial instruments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RealizedGainLossOnFinancialInstruments" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RealizedGainLossOnFinancialInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RealizedGainLossOnFinancialInstruments" xlink:to="lab_ck0001893262_RealizedGainLossOnFinancialInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019f393c-a590-7cc8-a7bf-e2ec521d2fa8_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net (loss) income attributable to JPMREIT stockholders, basic</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019f393c-a590-75ef-9c51-81a7a3a93fed_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income (loss) attributable to JPMREIT stockholders, basic</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_UnrealizedGainLossOnFinancialInstruments_019f393c-a505-7f61-bb64-8913be28a978_negatedLabel_en-US" xlink:label="lab_ck0001893262_UnrealizedGainLossOnFinancialInstruments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Unrealized gain on financial instruments</link:label>
    <link:label id="lab_ck0001893262_UnrealizedGainLossOnFinancialInstruments_label_en-US" xlink:label="lab_ck0001893262_UnrealizedGainLossOnFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unrealized Gain (Loss) on Financial Instruments</link:label>
    <link:label id="lab_ck0001893262_UnrealizedGainLossOnFinancialInstruments_documentation_en-US" xlink:label="lab_ck0001893262_UnrealizedGainLossOnFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unrealized gain (loss) on financial instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_UnrealizedGainLossOnFinancialInstruments" xlink:href="ck0001893262-20260630.xsd#ck0001893262_UnrealizedGainLossOnFinancialInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_UnrealizedGainLossOnFinancialInstruments" xlink:to="lab_ck0001893262_UnrealizedGainLossOnFinancialInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseAbstract_019f393c-a590-7843-87a9-f6eb2a2570de_terseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Below-market Lease Intangibles</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseAbstract_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Lease [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseAbstract" xlink:to="lab_us-gaap_BelowMarketLeaseAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CapitalUnitClassDomain_019f393c-a505-79de-81c6-ea8db85b9a2e_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalUnitClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital Unit, Class</link:label>
    <link:label id="lab_us-gaap_CapitalUnitClassDomain_label_en-US" xlink:label="lab_us-gaap_CapitalUnitClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital Unit, Class [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalUnitClassDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CapitalUnitClassDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalUnitClassDomain" xlink:to="lab_us-gaap_CapitalUnitClassDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsShares_019f393c-a590-7a49-a027-eebcf4e38719_terseLabel_en-US" xlink:label="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares repurchased</link:label>
    <link:label id="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsShares_label_en-US" xlink:label="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchases of Mandatorily Redeemable Instruments, Shares</link:label>
    <link:label id="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsShares_documentation_en-US" xlink:label="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Repurchases of mandatorily redeemable instruments, shares.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsShares" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsShares" xlink:to="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsShares" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019f393c-a591-7e49-9771-7a78be93a629_negatedLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Total accumulated amortization</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, Accumulated Amortization</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueInputsLevel2Member_019f393c-a505-795e-a685-3452d9bdf2b0_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 2</link:label>
    <link:label id="lab_us-gaap_FairValueInputsLevel2Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel2Member" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueInputsLevel2Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_us-gaap_FairValueInputsLevel2Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TotalShareholderRtnVsPeerGroupTextBlock_terseLabel_en-US" xlink:label="lab_ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total Shareholder Return Vs Peer Group</link:label>
    <link:label id="lab_ecd_TotalShareholderRtnVsPeerGroupTextBlock_label_en-US" xlink:label="lab_ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Shareholder Return Vs Peer Group [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TotalShareholderRtnVsPeerGroupTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:to="lab_ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_019f393c-a505-7399-8c30-4cf27506e250_verboseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Maximum facility size</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_019f393c-a505-712d-b95b-1d9f9c7e06f4_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum Facility Size</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Maximum Borrowing Capacity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_NonRule10b51ArrTrmntdFlag_terseLabel_en-US" xlink:label="lab_ecd_NonRule10b51ArrTrmntdFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-Rule 10b5-1 Arrangement Terminated</link:label>
    <link:label id="lab_ecd_NonRule10b51ArrTrmntdFlag_label_en-US" xlink:label="lab_ecd_NonRule10b51ArrTrmntdFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-Rule 10b5-1 Arrangement Terminated [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NonRule10b51ArrTrmntdFlag" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_NonRule10b51ArrTrmntdFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NonRule10b51ArrTrmntdFlag" xlink:to="lab_ecd_NonRule10b51ArrTrmntdFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_019f393c-a506-7ec7-a734-65edee7f9630_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2029</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, Year Three</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_TradingSecuritiesWeightedAverageCouponRate_019f393c-a505-7e48-84e1-18779a58ebeb_terseLabel_en-US" xlink:label="lab_ck0001893262_TradingSecuritiesWeightedAverageCouponRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-Average Coupon</link:label>
    <link:label id="lab_ck0001893262_TradingSecuritiesWeightedAverageCouponRate_label_en-US" xlink:label="lab_ck0001893262_TradingSecuritiesWeightedAverageCouponRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Securities Weighted Average Coupon Rate</link:label>
    <link:label id="lab_ck0001893262_TradingSecuritiesWeightedAverageCouponRate_documentation_en-US" xlink:label="lab_ck0001893262_TradingSecuritiesWeightedAverageCouponRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trading securities weighted average coupon rate.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_TradingSecuritiesWeightedAverageCouponRate" xlink:href="ck0001893262-20260630.xsd#ck0001893262_TradingSecuritiesWeightedAverageCouponRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_TradingSecuritiesWeightedAverageCouponRate" xlink:to="lab_ck0001893262_TradingSecuritiesWeightedAverageCouponRate" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContributionsFromNon-ControllingInterest_019f393c-a505-74ed-946c-925bd34fcc9c_negatedLabel_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContributionsFromNon-ControllingInterest" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Contributions from non-controlling interests</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContributionsFromNon-ControllingInterest_label_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContributionsFromNon-ControllingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Acquisition Recognized Identifiable Assets Acquired and Liabilities Assumed Contributions from Non-Controlling Interest</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContributionsFromNon-ControllingInterest_documentation_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContributionsFromNon-ControllingInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset acquisition recognized identifiable assets acquired and liabilities assumed contributions from non-controlling interest.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContributionsFromNon-ControllingInterest" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContributionsFromNon-ControllingInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContributionsFromNon-ControllingInterest" xlink:to="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContributionsFromNon-ControllingInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_019f393c-a506-791f-84bb-27fc2ab2ce85_terseLabel_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name of Property [Axis]</link:label>
    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_label_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Name of Property [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:to="lab_srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RetailSegmentMember_019f393c-a506-79d5-89db-f947e0287ac0_verboseLabel_en-US" xlink:label="lab_ck0001893262_RetailSegmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Retail</link:label>
    <link:label id="lab_ck0001893262_RetailSegmentMember_label_en-US" xlink:label="lab_ck0001893262_RetailSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retail Segment [Member]</link:label>
    <link:label id="lab_ck0001893262_RetailSegmentMember_documentation_en-US" xlink:label="lab_ck0001893262_RetailSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Retail Segment.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RetailSegmentMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RetailSegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RetailSegmentMember" xlink:to="lab_ck0001893262_RetailSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsequentEventTypeAxis_019f393c-a590-7452-a7c8-f19bd1e5ee39_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Axis]</link:label>
    <link:label id="lab_us-gaap_SubsequentEventTypeAxis_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SubsequentEventTypeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeAxis" xlink:to="lab_us-gaap_SubsequentEventTypeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentTable_019f393c-a590-709e-af2e-6026fe5b8eb2_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Long-Term Debt Instruments [Table]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentTable_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Long-Term Debt Instruments [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentTable" xlink:to="lab_us-gaap_DebtInstrumentTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour_019f393c-a590-7419-9f2c-81bf2448c52c_negatedLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">2030</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Lease, Amortization Income, Year Four</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour" xlink:to="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_019f393c-a590-7676-a14f-40c49ebe6c72_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Recent Accounting Pronouncements</link:label>
    <link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid_019fc899-b695-731c-9412-816dcdee1a5d_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital Expenditures Incurred but Not yet Paid</link:label>
    <link:label id="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid_label_en-US" xlink:label="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital Expenditures Incurred but Not yet Paid</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid"/>
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    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_019f393c-a505-7ef8-ab23-e09d03b8dd47_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Total Assets and Financial Results by Segment</link:label>
    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncontrollingInterestMember_019f393c-a591-7dd6-bd5b-c00f8a8fc08f_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-Controlling Interests</link:label>
    <link:label id="lab_us-gaap_NoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncontrolling Interest [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NoncontrollingInterestMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestMember" xlink:to="lab_us-gaap_NoncontrollingInterestMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CreditFacilityMember_019f393c-a505-7a5e-802f-de184f6db71f_terseLabel_en-US" xlink:label="lab_ck0001893262_CreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit Facility</link:label>
    <link:label id="lab_ck0001893262_CreditFacilityMember_label_en-US" xlink:label="lab_ck0001893262_CreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facility [Member]</link:label>
    <link:label id="lab_ck0001893262_CreditFacilityMember_documentation_en-US" xlink:label="lab_ck0001893262_CreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Credit Facility [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CreditFacilityMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CreditFacilityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CreditFacilityMember" xlink:to="lab_ck0001893262_CreditFacilityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree_019f393c-a505-7609-9792-14ac0fd4dc38_negatedLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">2029</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Lease, Amortization Income, Year Three</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearThree"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree" xlink:to="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AmortizationOfFinancingCosts_019f393c-a506-766b-a3d4-b708a7d93423_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfFinancingCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortization of deferred financing costs</link:label>
    <link:label id="lab_us-gaap_AmortizationOfFinancingCosts_label_en-US" xlink:label="lab_us-gaap_AmortizationOfFinancingCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization of Debt Issuance Costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AmortizationOfFinancingCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfFinancingCosts" xlink:to="lab_us-gaap_AmortizationOfFinancingCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_MaximumCapitalCommitments_019f393c-a590-729d-8f32-a355cd6e9f94_terseLabel_en-US" xlink:label="lab_ck0001893262_MaximumCapitalCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum capital commitments</link:label>
    <link:label id="lab_ck0001893262_MaximumCapitalCommitments_label_en-US" xlink:label="lab_ck0001893262_MaximumCapitalCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum Capital Commitments</link:label>
    <link:label id="lab_ck0001893262_MaximumCapitalCommitments_documentation_en-US" xlink:label="lab_ck0001893262_MaximumCapitalCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maximum capital commitments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_MaximumCapitalCommitments" xlink:href="ck0001893262-20260630.xsd#ck0001893262_MaximumCapitalCommitments"/>
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    <link:label id="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_019f393c-a506-7eb1-8c4a-291540202613_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party</link:label>
    <link:label id="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related and Nonrelated Parties [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
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    <link:label id="lab_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_019f393c-a505-7e56-a605-92316cf939ba_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Components of Accounts Payable, Accrued Expenses and Other Liabilities</link:label>
    <link:label id="lab_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Accrued Liabilities [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_019f393c-a590-755c-86e7-fbdb9b7214bc_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation</link:label>
    <link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"/>
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_019f393c-a505-700b-a231-b4064960d001_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distribution reinvestment</link:label>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Dividend Reinvestment Plan</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan"/>
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    <link:label id="lab_us-gaap_LongTermDebt_019f393c-a590-7460-a770-fa655a0c540a_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying Value</link:label>
    <link:label id="lab_us-gaap_LongTermDebt_019f393c-a590-77d7-afa5-8d1d97f30596_totalLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total future principal payments</link:label>
    <link:label id="lab_us-gaap_LongTermDebt_label_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Term Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebt"/>
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    <link:label id="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_019f393c-a590-7006-bb06-e5db04336edb_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Supplemental disclosure of non-cash investing and financing activities:</link:label>
    <link:label id="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</link:label>
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    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_DocumentPeriodEndDate"/>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_019f393c-a590-72d1-aeb2-6f605bb28d36_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash used in investing activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Provided by (Used in) Investing Activity, Including Discontinued Operation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
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    <link:label id="lab_ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember_terseLabel_en-US" xlink:label="lab_ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Awards Adjustments, Excluding Value Reported in Compensation Table</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember"/>
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    <link:label id="lab_us-gaap_DebtSecuritiesTradingAndEquitySecuritiesFvNiCost_019f393c-a590-7f8f-b277-914af9861386_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesTradingAndEquitySecuritiesFvNiCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost Basis</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesTradingAndEquitySecuritiesFvNiCost_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesTradingAndEquitySecuritiesFvNiCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Trading, and Equity Securities, FV-NI, Cost</link:label>
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    <link:label id="lab_ck0001893262_FinancingReceivableTerm_label_en-US" xlink:label="lab_ck0001893262_FinancingReceivableTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable Term</link:label>
    <link:label id="lab_ck0001893262_FinancingReceivableTerm_documentation_en-US" xlink:label="lab_ck0001893262_FinancingReceivableTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financing Receivable Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FinancingReceivableTerm" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FinancingReceivableTerm"/>
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    <link:label id="lab_us-gaap_PreferredStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock, Shares Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PreferredStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesOutstanding" xlink:to="lab_us-gaap_PreferredStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarningsPerShareBasicAbstract_019f393c-a506-77aa-8ca0-b9a7c48c2978_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic Net (Loss) Income per Share Attributable to JPMREIT Stockholders</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareBasicAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Basic [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasicAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EarningsPerShareBasicAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAbstract" xlink:to="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock_019f393c-a505-746e-85fc-06e106f8edea_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capitalization</link:label>
    <link:label id="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonStockAndPreferredStockParOrStatedValuePerShare_019f393c-a505-779e-903c-1db6c6ec3668_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonStockAndPreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Par Value (usd per share)</link:label>
    <link:label id="lab_ck0001893262_CommonStockAndPreferredStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_ck0001893262_CommonStockAndPreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock and Preferred Stock, Par or Stated Value Per Share</link:label>
    <link:label id="lab_ck0001893262_CommonStockAndPreferredStockParOrStatedValuePerShare_documentation_en-US" xlink:label="lab_ck0001893262_CommonStockAndPreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common stock and preferred stock, par or stated value per share.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonStockAndPreferredStockParOrStatedValuePerShare" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonStockAndPreferredStockParOrStatedValuePerShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonStockAndPreferredStockParOrStatedValuePerShare" xlink:to="lab_ck0001893262_CommonStockAndPreferredStockParOrStatedValuePerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentTerm_019f393c-a506-765f-920a-5718510d8b21_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Term of line of credit</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentTerm_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentTerm" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentTerm" xlink:to="lab_us-gaap_DebtInstrumentTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromMinorityShareholders_019f393c-a505-7719-8026-bb07006e9496_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contributions from non-controlling interests</link:label>
    <link:label id="lab_us-gaap_ProceedsFromMinorityShareholders_label_en-US" xlink:label="lab_us-gaap_ProceedsFromMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Noncontrolling Interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromMinorityShareholders" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromMinorityShareholders"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromMinorityShareholders" xlink:to="lab_us-gaap_ProceedsFromMinorityShareholders" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfOwnedSingleFamilyRentalProperties_019f393c-a590-7c0c-838b-c6a936fa0a63_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfOwnedSingleFamilyRentalProperties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of owned single family rental properties</link:label>
    <link:label id="lab_ck0001893262_NumberOfOwnedSingleFamilyRentalProperties_label_en-US" xlink:label="lab_ck0001893262_NumberOfOwnedSingleFamilyRentalProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Owned Single Family Rental Properties</link:label>
    <link:label id="lab_ck0001893262_NumberOfOwnedSingleFamilyRentalProperties_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfOwnedSingleFamilyRentalProperties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of Owned Single Family Rental Properties</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfOwnedSingleFamilyRentalProperties" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfOwnedSingleFamilyRentalProperties"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfOwnedSingleFamilyRentalProperties" xlink:to="lab_ck0001893262_NumberOfOwnedSingleFamilyRentalProperties" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_StockholderServicingFees_019f393c-a505-7758-86d7-fbaf68ff9b47_terseLabel_en-US" xlink:label="lab_ck0001893262_StockholderServicingFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stockholder servicing fees</link:label>
    <link:label id="lab_ck0001893262_StockholderServicingFees_label_en-US" xlink:label="lab_ck0001893262_StockholderServicingFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stockholder Servicing Fees</link:label>
    <link:label id="lab_ck0001893262_StockholderServicingFees_documentation_en-US" xlink:label="lab_ck0001893262_StockholderServicingFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Stockholder servicing fees.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_StockholderServicingFees" xlink:href="ck0001893262-20260630.xsd#ck0001893262_StockholderServicingFees"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_StockholderServicingFees" xlink:to="lab_ck0001893262_StockholderServicingFees" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_019f393c-a590-770a-8c18-749a9c27ea48_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leases</link:label>
    <link:label id="lab_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessor, Operating Leases [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeasesOfLessorDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:to="lab_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ValuationTechniqueAxis_019f393c-a505-7b77-97e6-d69246f74f87_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Valuation Approach and Technique [Axis]</link:label>
    <link:label id="lab_us-gaap_ValuationTechniqueAxis_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Approach and Technique [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ValuationTechniqueAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueAxis" xlink:to="lab_us-gaap_ValuationTechniqueAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RetailCenterMember_019fc8cf-afbf-7868-96aa-f871ca78df3e_terseLabel_en-US" xlink:label="lab_ck0001893262_RetailCenterMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retail Center</link:label>
    <link:label id="lab_ck0001893262_RetailCenterMember_label_en-US" xlink:label="lab_ck0001893262_RetailCenterMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retail Center [Member]</link:label>
    <link:label id="lab_ck0001893262_RetailCenterMember_documentation_en-US" xlink:label="lab_ck0001893262_RetailCenterMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Retail Center</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RetailCenterMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RetailCenterMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RetailCenterMember" xlink:to="lab_ck0001893262_RetailCenterMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ClassDISAndTUnitsOfOperatingPartnershipMember_019f393c-a590-76c5-9748-a39cdbee7564_terseLabel_en-US" xlink:label="lab_ck0001893262_ClassDISAndTUnitsOfOperatingPartnershipMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class D, I, S and T Units of Operating Partnership</link:label>
    <link:label id="lab_ck0001893262_ClassDISAndTUnitsOfOperatingPartnershipMember_label_en-US" xlink:label="lab_ck0001893262_ClassDISAndTUnitsOfOperatingPartnershipMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class D, I, S and T Units of Operating Partnership [Member]</link:label>
    <link:label id="lab_ck0001893262_ClassDISAndTUnitsOfOperatingPartnershipMember_documentation_en-US" xlink:label="lab_ck0001893262_ClassDISAndTUnitsOfOperatingPartnershipMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Class D, I, S and T Units of operating partnership.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ClassDISAndTUnitsOfOperatingPartnershipMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ClassDISAndTUnitsOfOperatingPartnershipMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ClassDISAndTUnitsOfOperatingPartnershipMember" xlink:to="lab_ck0001893262_ClassDISAndTUnitsOfOperatingPartnershipMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LiabilitiesFairValueDisclosure_019f393c-a506-71d5-9283-3e5c43464cf8_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_LiabilitiesFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure" xlink:to="lab_us-gaap_LiabilitiesFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityShellCompany_019f393c-a590-73bd-915f-7e74a87526ba_terseLabel_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Shell Company</link:label>
    <link:label id="lab_dei_EntityShellCompany_label_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Shell Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityShellCompany" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityShellCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityShellCompany" xlink:to="lab_dei_EntityShellCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidationItemsDomain_019f393c-a505-797f-936d-b355b39f9eab_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidation Items [Domain]</link:label>
    <link:label id="lab_srt_ConsolidationItemsDomain_label_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation Items [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationItemsDomain" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_ConsolidationItemsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsDomain" xlink:to="lab_srt_ConsolidationItemsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OfficeSegmentMember_019f678e-6e6c-7bd5-81ab-eb24ecca8a0b_terseLabel_en-US" xlink:label="lab_ck0001893262_OfficeSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Office</link:label>
    <link:label id="lab_ck0001893262_OfficeSegmentMember_label_en-US" xlink:label="lab_ck0001893262_OfficeSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Office Segment [Member]</link:label>
    <link:label id="lab_ck0001893262_OfficeSegmentMember_documentation_en-US" xlink:label="lab_ck0001893262_OfficeSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Office Segment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OfficeSegmentMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OfficeSegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OfficeSegmentMember" xlink:to="lab_ck0001893262_OfficeSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestReceivableAndOtherAssets_019f393c-a506-7d0e-866f-5773be44e9d6_terseLabel_en-US" xlink:label="lab_us-gaap_InterestReceivableAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest receivable</link:label>
    <link:label id="lab_us-gaap_InterestReceivableAndOtherAssets_label_en-US" xlink:label="lab_us-gaap_InterestReceivableAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Receivable and Other Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestReceivableAndOtherAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestReceivableAndOtherAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestReceivableAndOtherAssets" xlink:to="lab_us-gaap_InterestReceivableAndOtherAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MortgagesMember_019f393c-a505-7f31-b00b-454c880e6396_terseLabel_en-US" xlink:label="lab_us-gaap_MortgagesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mortgage Notes</link:label>
    <link:label id="lab_us-gaap_MortgagesMember_label_en-US" xlink:label="lab_us-gaap_MortgagesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgages [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgagesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MortgagesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgagesMember" xlink:to="lab_us-gaap_MortgagesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentTextBlock_019f393c-a505-7789-92ba-22c48ac24a93_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Estimated Useful Lives of Assets</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, Plant, and Equipment [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_LongTermDebtByMaturityLineItems_019f393c-a506-7f03-8a47-67fa6598a861_terseLabel_en-US" xlink:label="lab_ck0001893262_LongTermDebtByMaturityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long Term Debt By Maturity [Line Items]</link:label>
    <link:label id="lab_ck0001893262_LongTermDebtByMaturityLineItems_label_en-US" xlink:label="lab_ck0001893262_LongTermDebtByMaturityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long Term Debt By Maturity [Line Items]</link:label>
    <link:label id="lab_ck0001893262_LongTermDebtByMaturityLineItems_documentation_en-US" xlink:label="lab_ck0001893262_LongTermDebtByMaturityLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Long term debt by maturity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_LongTermDebtByMaturityLineItems" xlink:href="ck0001893262-20260630.xsd#ck0001893262_LongTermDebtByMaturityLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_LongTermDebtByMaturityLineItems" xlink:to="lab_ck0001893262_LongTermDebtByMaturityLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock_019f393c-a506-7d59-8763-b451bd35510e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Investments in Real Estate, Net</link:label>
    <link:label id="lab_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Real Estate Properties [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RepurchaseAgreementsMember_019f393c-a590-737f-91bd-7036a384d37b_terseLabel_en-US" xlink:label="lab_us-gaap_RepurchaseAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase Facility</link:label>
    <link:label id="lab_us-gaap_RepurchaseAgreementsMember_label_en-US" xlink:label="lab_us-gaap_RepurchaseAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreements [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepurchaseAgreementsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RepurchaseAgreementsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepurchaseAgreementsMember" xlink:to="lab_us-gaap_RepurchaseAgreementsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_MortgageNotesMember_019f393c-a590-75e4-9c8c-ddb9bcbd2b6b_terseLabel_en-US" xlink:label="lab_ck0001893262_MortgageNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mortgage notes</link:label>
    <link:label id="lab_ck0001893262_MortgageNotesMember_label_en-US" xlink:label="lab_ck0001893262_MortgageNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Notes [Member]</link:label>
    <link:label id="lab_ck0001893262_MortgageNotesMember_documentation_en-US" xlink:label="lab_ck0001893262_MortgageNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage notes.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_MortgageNotesMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_MortgageNotesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_MortgageNotesMember" xlink:to="lab_ck0001893262_MortgageNotesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarningsPerShareTextBlock_019f393c-a590-7ad7-bf8b-3a7c9fdd02a9_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Earnings Per Share</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EarningsPerShareTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareTextBlock" xlink:to="lab_us-gaap_EarningsPerShareTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AccruedDistributionsToStockholdersAndNonControllingInterests_019f393c-a506-72ce-8244-ef404abb662f_terseLabel_en-US" xlink:label="lab_ck0001893262_AccruedDistributionsToStockholdersAndNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued distributions</link:label>
    <link:label id="lab_ck0001893262_AccruedDistributionsToStockholdersAndNonControllingInterests_label_en-US" xlink:label="lab_ck0001893262_AccruedDistributionsToStockholdersAndNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued Distributions To Stockholders And Non Controlling Interests</link:label>
    <link:label id="lab_ck0001893262_AccruedDistributionsToStockholdersAndNonControllingInterests_documentation_en-US" xlink:label="lab_ck0001893262_AccruedDistributionsToStockholdersAndNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accrued distributions to stockholders and non controlling interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AccruedDistributionsToStockholdersAndNonControllingInterests" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AccruedDistributionsToStockholdersAndNonControllingInterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AccruedDistributionsToStockholdersAndNonControllingInterests" xlink:to="lab_ck0001893262_AccruedDistributionsToStockholdersAndNonControllingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_OutstandingRecoveryIndName_terseLabel_en-US" xlink:label="lab_ecd_OutstandingRecoveryIndName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name</link:label>
    <link:label id="lab_ecd_OutstandingRecoveryIndName_label_en-US" xlink:label="lab_ecd_OutstandingRecoveryIndName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Outstanding Recovery, Individual Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_OutstandingRecoveryIndName" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_OutstandingRecoveryIndName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_OutstandingRecoveryIndName" xlink:to="lab_ecd_OutstandingRecoveryIndName" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarningsPerShareAbstract_019f393c-a506-7801-8476-15471af747a4_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Earnings Per Share [Abstract]</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EarningsPerShareAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareAbstract" xlink:to="lab_us-gaap_EarningsPerShareAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardTmgHowMnpiCnsdrdTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AwardTmgHowMnpiCnsdrdTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Timing, How MNPI Considered</link:label>
    <link:label id="lab_ecd_AwardTmgHowMnpiCnsdrdTextBlock_label_en-US" xlink:label="lab_ecd_AwardTmgHowMnpiCnsdrdTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Timing, How MNPI Considered [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardTmgHowMnpiCnsdrdTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardTmgHowMnpiCnsdrdTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardTmgHowMnpiCnsdrdTextBlock" xlink:to="lab_ecd_AwardTmgHowMnpiCnsdrdTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentFiscalPeriodFocus_019f393c-a505-78f3-85cf-da004ffe7bac_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Fiscal Period Focus</link:label>
    <link:label id="lab_dei_DocumentFiscalPeriodFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Period Focus</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_DocumentFiscalPeriodFocus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeerGroupIssuersFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_PeerGroupIssuersFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Peer Group Issuers, Footnote</link:label>
    <link:label id="lab_ecd_PeerGroupIssuersFnTextBlock_label_en-US" xlink:label="lab_ecd_PeerGroupIssuersFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Peer Group Issuers, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeerGroupIssuersFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PeerGroupIssuersFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeerGroupIssuersFnTextBlock" xlink:to="lab_ecd_PeerGroupIssuersFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable_019f393c-a505-72ca-b34e-df7b8652b578_terseLabel_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redeemable Noncontrolling Interest [Table]</link:label>
    <link:label id="lab_us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable_label_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redeemable Noncontrolling Interest [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable" xlink:to="lab_us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateDebtTableTextBlock_019f393c-a590-7952-8201-b109bf30c339_terseLabel_en-US" xlink:label="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Amounts Recognized for Investments in Real Estate Debt</link:label>
    <link:label id="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateDebtTableTextBlock_label_en-US" xlink:label="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Recognized From Investments In Real Estate Debt [Table Text Block]</link:label>
    <link:label id="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateDebtTableTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income recognized from investments in real estate debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateDebtTableTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateDebtTableTextBlock"/>
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    <link:label id="lab_us-gaap_TradingSecurities_019f393c-a590-7e10-984d-23c01ece304e_terseLabel_en-US" xlink:label="lab_us-gaap_TradingSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value</link:label>
    <link:label id="lab_us-gaap_TradingSecurities_label_en-US" xlink:label="lab_us-gaap_TradingSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Trading, and Equity Securities, FV-NI</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingSecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TradingSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingSecurities" xlink:to="lab_us-gaap_TradingSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_Liabilities_019f393c-a506-70d4-846f-3cc96f8f9120_totalLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities</link:label>
    <link:label id="lab_us-gaap_Liabilities_019f393c-a506-724c-b056-5b3cc3f8aafa_terseLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total liabilities</link:label>
    <link:label id="lab_us-gaap_Liabilities_label_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities" xlink:to="lab_us-gaap_Liabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonStockValueAuthorized_019f393c-a590-7b9b-a097-6e25ede54e83_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonStockValueAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, shares authorized, amount</link:label>
    <link:label id="lab_ck0001893262_CommonStockValueAuthorized_label_en-US" xlink:label="lab_ck0001893262_CommonStockValueAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock Value Authorized</link:label>
    <link:label id="lab_ck0001893262_CommonStockValueAuthorized_documentation_en-US" xlink:label="lab_ck0001893262_CommonStockValueAuthorized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common stock value authorized.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonStockValueAuthorized" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonStockValueAuthorized"/>
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    <link:label id="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_019f393c-a506-7694-91a4-50e1e716cb96_terseLabel_en-US" xlink:label="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real estate taxes payable</link:label>
    <link:label id="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrual for Taxes Other than Income Taxes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent"/>
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    <link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_019f393c-a591-7ad9-be35-91bbc6e78600_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate</link:label>
    <link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input, Discount Rate [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputDiscountRateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MeasurementInputDiscountRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputDiscountRateMember" xlink:to="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Interest Rate Derivatives [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember_terseLabel_en-US" xlink:label="lab_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year</link:label>
    <link:label id="lab_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember_label_en-US" xlink:label="lab_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember" xlink:to="lab_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PnsnAdjsPrrSvcCstMember_terseLabel_en-US" xlink:label="lab_ecd_PnsnAdjsPrrSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pension Adjustments Prior Service Cost</link:label>
    <link:label id="lab_ecd_PnsnAdjsPrrSvcCstMember_label_en-US" xlink:label="lab_ecd_PnsnAdjsPrrSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pension Adjustments Prior Service Cost [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PnsnAdjsPrrSvcCstMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PnsnAdjsPrrSvcCstMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PnsnAdjsPrrSvcCstMember" xlink:to="lab_ecd_PnsnAdjsPrrSvcCstMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AmountReimbursedToAdviser_019f393c-a506-7b6a-bfee-f3a2a812cfa8_terseLabel_en-US" xlink:label="lab_ck0001893262_AmountReimbursedToAdviser" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount reimbursed to adviser</link:label>
    <link:label id="lab_ck0001893262_AmountReimbursedToAdviser_label_en-US" xlink:label="lab_ck0001893262_AmountReimbursedToAdviser" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amount Reimbursed to Adviser</link:label>
    <link:label id="lab_ck0001893262_AmountReimbursedToAdviser_documentation_en-US" xlink:label="lab_ck0001893262_AmountReimbursedToAdviser" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount reimbursed to adviser.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AmountReimbursedToAdviser" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AmountReimbursedToAdviser"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AmountReimbursedToAdviser" xlink:to="lab_ck0001893262_AmountReimbursedToAdviser" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_CoSelectedMeasureName_terseLabel_en-US" xlink:label="lab_ecd_CoSelectedMeasureName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Company Selected Measure Name</link:label>
    <link:label id="lab_ecd_CoSelectedMeasureName_label_en-US" xlink:label="lab_ecd_CoSelectedMeasureName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Company Selected Measure Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_CoSelectedMeasureName" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_CoSelectedMeasureName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_CoSelectedMeasureName" xlink:to="lab_ecd_CoSelectedMeasureName" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SaleOfStockNameOfTransactionDomain_019f393c-a590-7a05-9360-bbc51d8992ad_terseLabel_en-US" xlink:label="lab_us-gaap_SaleOfStockNameOfTransactionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of Stock</link:label>
    <link:label id="lab_us-gaap_SaleOfStockNameOfTransactionDomain_label_en-US" xlink:label="lab_us-gaap_SaleOfStockNameOfTransactionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SaleOfStockNameOfTransactionDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain" xlink:to="lab_us-gaap_SaleOfStockNameOfTransactionDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_TradingSecuritiesDebtFundedAmount_019f393c-a506-7daf-9a23-5dbfa56dfe44_terseLabel_en-US" xlink:label="lab_ck0001893262_TradingSecuritiesDebtFundedAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt funded amount</link:label>
    <link:label id="lab_ck0001893262_TradingSecuritiesDebtFundedAmount_label_en-US" xlink:label="lab_ck0001893262_TradingSecuritiesDebtFundedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Securities Debt Funded Amount</link:label>
    <link:label id="lab_ck0001893262_TradingSecuritiesDebtFundedAmount_documentation_en-US" xlink:label="lab_ck0001893262_TradingSecuritiesDebtFundedAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trading securities debt funded amount.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_TradingSecuritiesDebtFundedAmount" xlink:href="ck0001893262-20260630.xsd#ck0001893262_TradingSecuritiesDebtFundedAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_TradingSecuritiesDebtFundedAmount" xlink:to="lab_ck0001893262_TradingSecuritiesDebtFundedAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_LandAndLandImprovementPurchasePriceAllocation_019f393c-a506-7693-b000-e7c3aa0e2bd9_terseLabel_en-US" xlink:label="lab_ck0001893262_LandAndLandImprovementPurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Land and land improvements</link:label>
    <link:label id="lab_ck0001893262_LandAndLandImprovementPurchasePriceAllocation_label_en-US" xlink:label="lab_ck0001893262_LandAndLandImprovementPurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Land and Land Improvement Purchase Price Allocation</link:label>
    <link:label id="lab_ck0001893262_LandAndLandImprovementPurchasePriceAllocation_documentation_en-US" xlink:label="lab_ck0001893262_LandAndLandImprovementPurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Land and land improvement purchase price allocation.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_LandAndLandImprovementPurchasePriceAllocation" xlink:href="ck0001893262-20260630.xsd#ck0001893262_LandAndLandImprovementPurchasePriceAllocation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_LandAndLandImprovementPurchasePriceAllocation" xlink:to="lab_ck0001893262_LandAndLandImprovementPurchasePriceAllocation" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_DistributionReinvestmentPlanMember_019f393c-a591-7bf9-9292-f6029897ce30_terseLabel_en-US" xlink:label="lab_ck0001893262_DistributionReinvestmentPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distribution Reinvestment Plan</link:label>
    <link:label id="lab_ck0001893262_DistributionReinvestmentPlanMember_label_en-US" xlink:label="lab_ck0001893262_DistributionReinvestmentPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Distribution Reinvestment Plan [Member]</link:label>
    <link:label id="lab_ck0001893262_DistributionReinvestmentPlanMember_documentation_en-US" xlink:label="lab_ck0001893262_DistributionReinvestmentPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Distribution reinvestment plan.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_DistributionReinvestmentPlanMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_DistributionReinvestmentPlanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_DistributionReinvestmentPlanMember" xlink:to="lab_ck0001893262_DistributionReinvestmentPlanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_019f393c-a505-75e3-8822-813185bc0bc9_netLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Principal Balance Outstanding</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_019f393c-a505-7358-9fc8-f05d055366ab_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase Facility</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_019f393c-a505-71ab-934e-c3dd585a494c_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Credit Facility</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount" xlink:to="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AnnualHurdlePercentage_019f393c-a505-7545-854d-3f0778fa9d5d_terseLabel_en-US" xlink:label="lab_ck0001893262_AnnualHurdlePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual hurdle percentage</link:label>
    <link:label id="lab_ck0001893262_AnnualHurdlePercentage_label_en-US" xlink:label="lab_ck0001893262_AnnualHurdlePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Hurdle Percentage</link:label>
    <link:label id="lab_ck0001893262_AnnualHurdlePercentage_documentation_en-US" xlink:label="lab_ck0001893262_AnnualHurdlePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Annual hurdle percentage.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AnnualHurdlePercentage" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AnnualHurdlePercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AnnualHurdlePercentage" xlink:to="lab_ck0001893262_AnnualHurdlePercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_Straight-LineRentAmortization_019f393c-a590-7f5d-8db8-72a950a08b07_negatedLabel_en-US" xlink:label="lab_ck0001893262_Straight-LineRentAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Straight-line rent amortization</link:label>
    <link:label id="lab_ck0001893262_Straight-LineRentAmortization_label_en-US" xlink:label="lab_ck0001893262_Straight-LineRentAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Straight-line rent amortization</link:label>
    <link:label id="lab_ck0001893262_Straight-LineRentAmortization_documentation_en-US" xlink:label="lab_ck0001893262_Straight-LineRentAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Straight-line rent amortization.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_Straight-LineRentAmortization" xlink:href="ck0001893262-20260630.xsd#ck0001893262_Straight-LineRentAmortization"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_Straight-LineRentAmortization" xlink:to="lab_ck0001893262_Straight-LineRentAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_019f393c-a505-7999-85b9-4e1b74b75fb5_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Asset Class [Domain]</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Class [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CreditFacilityDomain_019f393c-a505-7988-9e66-bbd5c2ad87cd_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit Facility [Domain]</link:label>
    <link:label id="lab_us-gaap_CreditFacilityDomain_label_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facility [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditFacilityDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CreditFacilityDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityDomain" xlink:to="lab_us-gaap_CreditFacilityDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DepreciationAndAmortization_019f393c-a505-788b-a160-6c8cb3b24b69_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
    <link:label id="lab_us-gaap_DepreciationAndAmortization_019f393c-a505-776b-ae77-69b2fdc5a453_negatedLabel_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
    <link:label id="lab_us-gaap_DepreciationAndAmortization_label_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepreciationAndAmortization"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationAndAmortization" xlink:to="lab_us-gaap_DepreciationAndAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RelatedPartyTransactionsAbstract_019f393c-a590-76df-b77e-3c56f224c440_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
    <link:label id="lab_us-gaap_RelatedPartyTransactionsAbstract_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RelatedPartyTransactionsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract" xlink:to="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_019f393c-a505-736c-a4da-6896d7a4a5db_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from operating activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Provided by (Used in) Operating Activity, Including Discontinued Operation [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonClassDMember_019f393c-a505-75e2-87ce-1aaa8f2a7c25_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassDMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock Class D</link:label>
    <link:label id="lab_ck0001893262_CommonClassDMember_019f393c-a505-7a39-9c1b-7c7344b0f106_verboseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassDMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Class D Shares</link:label>
    <link:label id="lab_ck0001893262_CommonClassDMember_019f393c-a505-7c26-abec-de78c4260b5c_netLabel_en-US" xlink:label="lab_ck0001893262_CommonClassDMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Class D</link:label>
    <link:label id="lab_ck0001893262_CommonClassDMember_label_en-US" xlink:label="lab_ck0001893262_CommonClassDMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Class D [Member]</link:label>
    <link:label id="lab_ck0001893262_CommonClassDMember_documentation_en-US" xlink:label="lab_ck0001893262_CommonClassDMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common class D.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonClassDMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonClassDMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonClassDMember" xlink:to="lab_ck0001893262_CommonClassDMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommercialMortgageLoanMember_019f393c-a590-74b3-8ec1-78a830130f6f_verboseLabel_en-US" xlink:label="lab_ck0001893262_CommercialMortgageLoanMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Commercial Mortgage Loans</link:label>
    <link:label id="lab_ck0001893262_CommercialMortgageLoanMember_019f393c-a590-7a32-8728-2775224ed2c0_terseLabel_en-US" xlink:label="lab_ck0001893262_CommercialMortgageLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commercial Mortgage Loan</link:label>
    <link:label id="lab_ck0001893262_CommercialMortgageLoanMember_label_en-US" xlink:label="lab_ck0001893262_CommercialMortgageLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commercial Mortgage Loan [Member]</link:label>
    <link:label id="lab_ck0001893262_CommercialMortgageLoanMember_documentation_en-US" xlink:label="lab_ck0001893262_CommercialMortgageLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commercial Mortgage Loan.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommercialMortgageLoanMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommercialMortgageLoanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommercialMortgageLoanMember" xlink:to="lab_ck0001893262_CommercialMortgageLoanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_OutstandingRecoveryCompAmt_terseLabel_en-US" xlink:label="lab_ecd_OutstandingRecoveryCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation Amount</link:label>
    <link:label id="lab_ecd_OutstandingRecoveryCompAmt_label_en-US" xlink:label="lab_ecd_OutstandingRecoveryCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Outstanding Recovery Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_OutstandingRecoveryCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_OutstandingRecoveryCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_OutstandingRecoveryCompAmt" xlink:to="lab_ecd_OutstandingRecoveryCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_IndividualAxis_terseLabel_en-US" xlink:label="lab_ecd_IndividualAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Individual:</link:label>
    <link:label id="lab_ecd_IndividualAxis_label_en-US" xlink:label="lab_ecd_IndividualAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Individual [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_IndividualAxis" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_IndividualAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_IndividualAxis" xlink:to="lab_ecd_IndividualAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_019f393c-a590-7873-8e14-9e6724bbd99d_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-average shares of common stock outstanding - diluted (in shares)</link:label>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesTable_019f393c-a505-7ddc-90c4-ee389025feb3_terseLabel_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Assets and Liabilities [Table]</link:label>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesTable_label_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Assets and Liabilities [Table]</link:label>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesTable_documentation_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other assets and liabilities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OtherAssetsAndLiabilitiesTable" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OtherAssetsAndLiabilitiesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OtherAssetsAndLiabilitiesTable" xlink:to="lab_ck0001893262_OtherAssetsAndLiabilitiesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NotesAssumed1_019f393c-a590-7a68-8600-343533ae1a37_terseLabel_en-US" xlink:label="lab_us-gaap_NotesAssumed1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assumption of mortgage note, net, in conjunction with acquisition of real estate</link:label>
    <link:label id="lab_us-gaap_NotesAssumed1_label_en-US" xlink:label="lab_us-gaap_NotesAssumed1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Notes Assumed</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesAssumed1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NotesAssumed1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesAssumed1" xlink:to="lab_us-gaap_NotesAssumed1" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_019f393c-a590-71a9-b647-6356d134d9e0_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_EquityValuationAssumptionDifferenceFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_EquityValuationAssumptionDifferenceFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Valuation Assumption Difference, Footnote</link:label>
    <link:label id="lab_ecd_EquityValuationAssumptionDifferenceFnTextBlock_label_en-US" xlink:label="lab_ecd_EquityValuationAssumptionDifferenceFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Valuation Assumption Difference, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_EquityValuationAssumptionDifferenceFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_EquityValuationAssumptionDifferenceFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_EquityValuationAssumptionDifferenceFnTextBlock" xlink:to="lab_ecd_EquityValuationAssumptionDifferenceFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RelatedPartyTransactionLineItems_019f393c-a505-784d-a37a-f6fe6678da15_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transaction [Line Items]</link:label>
    <link:label id="lab_us-gaap_RelatedPartyTransactionLineItems_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transaction [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RelatedPartyTransactionLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems" xlink:to="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_019f393c-a506-7a87-a7e2-e8dff71ec4f1_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciable Life</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, Plant, and Equipment, Useful Life</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LineOfCreditFacilityTable_019f393c-a506-73ba-a67a-5274326b0ca2_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit Facility [Table]</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityTable_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LineOfCreditFacilityTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityTable" xlink:to="lab_us-gaap_LineOfCreditFacilityTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_UndrlygSecurityMktPriceChngPct_terseLabel_en-US" xlink:label="lab_ecd_UndrlygSecurityMktPriceChngPct" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Underlying Security Market Price Change</link:label>
    <link:label id="lab_ecd_UndrlygSecurityMktPriceChngPct_label_en-US" xlink:label="lab_ecd_UndrlygSecurityMktPriceChngPct" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Underlying Security Market Price Change, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_UndrlygSecurityMktPriceChngPct" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_UndrlygSecurityMktPriceChngPct"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_UndrlygSecurityMktPriceChngPct" xlink:to="lab_ecd_UndrlygSecurityMktPriceChngPct" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo_019f393c-a506-79a1-9952-8c0085d46c35_negatedLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">2028</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Lease, Amortization Income, Year Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo" xlink:to="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_019f393c-a590-7b44-adfe-4d506a722cd8_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivatives</link:label>
    <link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Instruments and Hedging Activities Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_019f393c-a591-74eb-9887-1274c4cf6731_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distributions payable</link:label>
    <link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TypeOfArrangementAxis_019f393c-a590-7d21-bbc2-7d11a07abc33_terseLabel_en-US" xlink:label="lab_us-gaap_TypeOfArrangementAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collaborative Arrangement and Arrangement Other than Collaborative</link:label>
    <link:label id="lab_us-gaap_TypeOfArrangementAxis_label_en-US" xlink:label="lab_us-gaap_TypeOfArrangementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collaborative Arrangement and Arrangement Other than Collaborative [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TypeOfArrangementAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TypeOfArrangementAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TypeOfArrangementAxis" xlink:to="lab_us-gaap_TypeOfArrangementAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PrepaidExpenseCurrentAndNoncurrent_019f393c-a590-7f65-a004-0ad423ca0356_terseLabel_en-US" xlink:label="lab_us-gaap_PrepaidExpenseCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses</link:label>
    <link:label id="lab_us-gaap_PrepaidExpenseCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_PrepaidExpenseCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaidExpenseCurrentAndNoncurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent" xlink:to="lab_us-gaap_PrepaidExpenseCurrentAndNoncurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RepaymentsUnderUnsecuredRevolvingCreditFacility_019f393c-a590-73b4-a455-30808de312fa_negatedLabel_en-US" xlink:label="lab_ck0001893262_RepaymentsUnderUnsecuredRevolvingCreditFacility" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repayments under unsecured revolving credit facility</link:label>
    <link:label id="lab_ck0001893262_RepaymentsUnderUnsecuredRevolvingCreditFacility_label_en-US" xlink:label="lab_ck0001893262_RepaymentsUnderUnsecuredRevolvingCreditFacility" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repayments under unsecured revolving credit facility</link:label>
    <link:label id="lab_ck0001893262_RepaymentsUnderUnsecuredRevolvingCreditFacility_documentation_en-US" xlink:label="lab_ck0001893262_RepaymentsUnderUnsecuredRevolvingCreditFacility" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Repayments under unsecured revolving credit facility</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RepaymentsUnderUnsecuredRevolvingCreditFacility" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RepaymentsUnderUnsecuredRevolvingCreditFacility"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RepaymentsUnderUnsecuredRevolvingCreditFacility" xlink:to="lab_ck0001893262_RepaymentsUnderUnsecuredRevolvingCreditFacility" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NetDistributionDeclared_019f393c-a591-72b3-bf0d-ee0856f0aa99_terseLabel_en-US" xlink:label="lab_ck0001893262_NetDistributionDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total Distribution</link:label>
    <link:label id="lab_ck0001893262_NetDistributionDeclared_label_en-US" xlink:label="lab_ck0001893262_NetDistributionDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Distribution Declared</link:label>
    <link:label id="lab_ck0001893262_NetDistributionDeclared_documentation_en-US" xlink:label="lab_ck0001893262_NetDistributionDeclared" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net distribution declared.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NetDistributionDeclared" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NetDistributionDeclared"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NetDistributionDeclared" xlink:to="lab_ck0001893262_NetDistributionDeclared" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LandImprovementsMember_019f393c-a506-7aab-aac1-f5006a620efc_verboseLabel_en-US" xlink:label="lab_us-gaap_LandImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Site improvements - buildings and land</link:label>
    <link:label id="lab_us-gaap_LandImprovementsMember_label_en-US" xlink:label="lab_us-gaap_LandImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Land Improvements [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LandImprovementsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LandImprovementsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LandImprovementsMember" xlink:to="lab_us-gaap_LandImprovementsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_019f393c-a506-7c48-a67e-ab80f7a1282e_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_019f393c-a505-7b27-b66b-1270e1dfcbc8_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment on long-lived assets to be held and used</link:label>
    <link:label id="lab_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_label_en-US" xlink:label="lab_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Lived Asset, Held and Used, Impairment Loss</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:to="lab_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardTmgPredtrmndFlag_terseLabel_en-US" xlink:label="lab_ecd_AwardTmgPredtrmndFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Timing Predetermined</link:label>
    <link:label id="lab_ecd_AwardTmgPredtrmndFlag_label_en-US" xlink:label="lab_ecd_AwardTmgPredtrmndFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Timing Predetermined [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardTmgPredtrmndFlag" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardTmgPredtrmndFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardTmgPredtrmndFlag" xlink:to="lab_ecd_AwardTmgPredtrmndFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecurities_019f393c-a590-78eb-b3ce-2e22e86e7daf_terseLabel_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments in real estate-related and other securities</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecurities_label_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments in real estate-related and other securities</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecurities_documentation_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investments in real estate-related and other securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecurities" xlink:href="ck0001893262-20260630.xsd#ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecurities" xlink:to="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_019f393c-a590-73ac-8fff-f43ac0da7e02_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible Asset, Goodwill and Other [Abstract]</link:label>
    <link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Goodwill and Other [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseTableTextBlock_019f393c-a590-72dd-bc4e-172b0d6fcbd1_terseLabel_en-US" xlink:label="lab_ck0001893262_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Estimated Future Amortization Intangibles</link:label>
    <link:label id="lab_ck0001893262_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseTableTextBlock_label_en-US" xlink:label="lab_ck0001893262_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Finite-Lived Intangible Assets and Liabilities , Future Amortization Expense [Table Text Block]</link:label>
    <link:label id="lab_ck0001893262_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseTableTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule of finite-lived intangible assets and liabilities , future amortization expense.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseTableTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseTableTextBlock" xlink:to="lab_ck0001893262_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AdjToPeoCompFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AdjToPeoCompFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment To PEO Compensation, Footnote</link:label>
    <link:label id="lab_ecd_AdjToPeoCompFnTextBlock_label_en-US" xlink:label="lab_ecd_AdjToPeoCompFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustment To PEO Compensation, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AdjToPeoCompFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AdjToPeoCompFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AdjToPeoCompFnTextBlock" xlink:to="lab_ecd_AdjToPeoCompFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NorfolkIndustrialPortfolioMember_019f393c-a590-7548-af96-b5950617ad3f_terseLabel_en-US" xlink:label="lab_ck0001893262_NorfolkIndustrialPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Norfolk Industrial Portfolio</link:label>
    <link:label id="lab_ck0001893262_NorfolkIndustrialPortfolioMember_label_en-US" xlink:label="lab_ck0001893262_NorfolkIndustrialPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Norfolk Industrial Portfolio [Member]</link:label>
    <link:label id="lab_ck0001893262_NorfolkIndustrialPortfolioMember_documentation_en-US" xlink:label="lab_ck0001893262_NorfolkIndustrialPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Norfolk industrial portfolio.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NorfolkIndustrialPortfolioMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NorfolkIndustrialPortfolioMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NorfolkIndustrialPortfolioMember" xlink:to="lab_ck0001893262_NorfolkIndustrialPortfolioMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueInputsLevel1Member_019f393c-a505-7fb4-887c-de9a49e9f2a5_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 1</link:label>
    <link:label id="lab_us-gaap_FairValueInputsLevel1Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel1Member" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueInputsLevel1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_us-gaap_FairValueInputsLevel1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableLeaseIncome_019f393c-a506-7cc0-9f2d-8e4dc589c1a6_terseLabel_en-US" xlink:label="lab_us-gaap_VariableLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable lease payments</link:label>
    <link:label id="lab_us-gaap_VariableLeaseIncome_label_en-US" xlink:label="lab_us-gaap_VariableLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Lease, Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableLeaseIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_VariableLeaseIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableLeaseIncome" xlink:to="lab_us-gaap_VariableLeaseIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_019f393c-a506-774c-adda-b381ca7141c7_terseLabel_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
    <link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AreaOfRealEstateProperty_019f6768-9141-7776-9eaa-5a37c06077a3_terseLabel_en-US" xlink:label="lab_us-gaap_AreaOfRealEstateProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sq.Ft</link:label>
    <link:label id="lab_us-gaap_AreaOfRealEstateProperty_019fc8d3-fa56-70bb-a2eb-015e98a5384c_verboseLabel_en-US" xlink:label="lab_us-gaap_AreaOfRealEstateProperty" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Area of real estate property</link:label>
    <link:label id="lab_us-gaap_AreaOfRealEstateProperty_label_en-US" xlink:label="lab_us-gaap_AreaOfRealEstateProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Area of Real Estate Property</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AreaOfRealEstateProperty" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AreaOfRealEstateProperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AreaOfRealEstateProperty" xlink:to="lab_us-gaap_AreaOfRealEstateProperty" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PeriodForReimbursementOfAdvanceExpenses_019f393c-a590-719f-ba39-038ed1153741_terseLabel_en-US" xlink:label="lab_ck0001893262_PeriodForReimbursementOfAdvanceExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period for reimbursement of advance expenses</link:label>
    <link:label id="lab_ck0001893262_PeriodForReimbursementOfAdvanceExpenses_label_en-US" xlink:label="lab_ck0001893262_PeriodForReimbursementOfAdvanceExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period For Reimbursement Of Advance Expenses</link:label>
    <link:label id="lab_ck0001893262_PeriodForReimbursementOfAdvanceExpenses_documentation_en-US" xlink:label="lab_ck0001893262_PeriodForReimbursementOfAdvanceExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period to reimburse the advisor for all advanced organization and offering expenses following the one year anniversary of the date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PeriodForReimbursementOfAdvanceExpenses" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PeriodForReimbursementOfAdvanceExpenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PeriodForReimbursementOfAdvanceExpenses" xlink:to="lab_ck0001893262_PeriodForReimbursementOfAdvanceExpenses" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityUnrealizedLossIncludedInInterestCosts_019f393c-a506-7f0d-915d-490044eac9e7_terseLabel_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityUnrealizedLossIncludedInInterestCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redemption value adjustment</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityUnrealizedLossIncludedInInterestCosts_label_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityUnrealizedLossIncludedInInterestCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Unrealized Loss Included In Interest Costs</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityUnrealizedLossIncludedInInterestCosts_documentation_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityUnrealizedLossIncludedInInterestCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value measurement with unobservable inputs reconciliation recurring basis liability unrealized loss included in interest costs.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityUnrealizedLossIncludedInInterestCosts" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityUnrealizedLossIncludedInInterestCosts"/>
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    <link:label id="lab_us-gaap_RedeemableNoncontrollingInterestLineItems_019f393c-a590-7047-bbc8-8d9048cfc0fb_terseLabel_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redeemable Noncontrolling Interest [Line Items]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RedeemableNoncontrollingInterestLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RedeemableNoncontrollingInterestLineItems" xlink:to="lab_us-gaap_RedeemableNoncontrollingInterestLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfOfficeProperties_019fc8ea-4806-78e9-a9c8-25d75e32ddca_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfOfficeProperties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of office properties</link:label>
    <link:label id="lab_ck0001893262_NumberOfOfficeProperties_label_en-US" xlink:label="lab_ck0001893262_NumberOfOfficeProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Office Properties</link:label>
    <link:label id="lab_ck0001893262_NumberOfOfficeProperties_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfOfficeProperties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of Office Properties</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfOfficeProperties" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfOfficeProperties"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfOfficeProperties" xlink:to="lab_ck0001893262_NumberOfOfficeProperties" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ReclassifiedLeases_019fd826-fb6c-7b3b-a0d8-b04b499cc0b1_terseLabel_en-US" xlink:label="lab_ck0001893262_ReclassifiedLeases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reclassified leases</link:label>
    <link:label id="lab_ck0001893262_ReclassifiedLeases_label_en-US" xlink:label="lab_ck0001893262_ReclassifiedLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reclassified Leases</link:label>
    <link:label id="lab_ck0001893262_ReclassifiedLeases_documentation_en-US" xlink:label="lab_ck0001893262_ReclassifiedLeases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reclassified Leases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ReclassifiedLeases" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ReclassifiedLeases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ReclassifiedLeases" xlink:to="lab_ck0001893262_ReclassifiedLeases" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AllExecutiveCategoriesMember_terseLabel_en-US" xlink:label="lab_ecd_AllExecutiveCategoriesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Executive Categories</link:label>
    <link:label id="lab_ecd_AllExecutiveCategoriesMember_label_en-US" xlink:label="lab_ecd_AllExecutiveCategoriesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Executive Categories [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AllExecutiveCategoriesMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AllExecutiveCategoriesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AllExecutiveCategoriesMember" xlink:to="lab_ecd_AllExecutiveCategoriesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ValuationTechniqueDomain_019f393c-a591-7208-8335-81d674531338_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Valuation Approach and Technique [Domain]</link:label>
    <link:label id="lab_us-gaap_ValuationTechniqueDomain_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Approach and Technique [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ValuationTechniqueDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueDomain" xlink:to="lab_us-gaap_ValuationTechniqueDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_IntangibleAssetsAndLiabilitiesDisclosureTextBlock_019f393c-a590-7cf4-90af-a705264a040a_terseLabel_en-US" xlink:label="lab_ck0001893262_IntangibleAssetsAndLiabilitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangibles</link:label>
    <link:label id="lab_ck0001893262_IntangibleAssetsAndLiabilitiesDisclosureTextBlock_label_en-US" xlink:label="lab_ck0001893262_IntangibleAssetsAndLiabilitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Assets and Liabilities Disclosure [Text Block]</link:label>
    <link:label id="lab_ck0001893262_IntangibleAssetsAndLiabilitiesDisclosureTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_IntangibleAssetsAndLiabilitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Intangible assets and liabilities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_IntangibleAssetsAndLiabilitiesDisclosureTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_IntangibleAssetsAndLiabilitiesDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_IntangibleAssetsAndLiabilitiesDisclosureTextBlock" xlink:to="lab_ck0001893262_IntangibleAssetsAndLiabilitiesDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_019f393c-a506-7de7-9e9d-1777ff10a14d_negatedLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Common stock repurchased</link:label>
    <link:label id="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_019f393c-a506-78db-92aa-a41d2fa60b72_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock repurchased</link:label>
    <link:label id="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_label_en-US" xlink:label="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Repurchased and Retired During Period, Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OrganizationAndOfferingCosts_019f393c-a505-7e32-92ba-48b78a911209_terseLabel_en-US" xlink:label="lab_ck0001893262_OrganizationAndOfferingCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Organization and offering costs</link:label>
    <link:label id="lab_ck0001893262_OrganizationAndOfferingCosts_label_en-US" xlink:label="lab_ck0001893262_OrganizationAndOfferingCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Organization and offering costs</link:label>
    <link:label id="lab_ck0001893262_OrganizationAndOfferingCosts_documentation_en-US" xlink:label="lab_ck0001893262_OrganizationAndOfferingCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Organization and offering costs.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OrganizationAndOfferingCosts" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OrganizationAndOfferingCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OrganizationAndOfferingCosts" xlink:to="lab_ck0001893262_OrganizationAndOfferingCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PnsnAdjsSvcCstMember_terseLabel_en-US" xlink:label="lab_ecd_PnsnAdjsSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pension Adjustments Service Cost</link:label>
    <link:label id="lab_ecd_PnsnAdjsSvcCstMember_label_en-US" xlink:label="lab_ecd_PnsnAdjsSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pension Adjustments Service Cost [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PnsnAdjsSvcCstMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PnsnAdjsSvcCstMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PnsnAdjsSvcCstMember" xlink:to="lab_ecd_PnsnAdjsSvcCstMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ProceedsFromRepurchaseOfIssuanceOfUnitsLimitedPartnersUnits_019f393c-a590-7986-a829-78a6904aaa9f_terseLabel_en-US" xlink:label="lab_ck0001893262_ProceedsFromRepurchaseOfIssuanceOfUnitsLimitedPartnersUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase of mandatorily redeemable instruments</link:label>
    <link:label id="lab_ck0001893262_ProceedsFromRepurchaseOfIssuanceOfUnitsLimitedPartnersUnits_label_en-US" xlink:label="lab_ck0001893262_ProceedsFromRepurchaseOfIssuanceOfUnitsLimitedPartnersUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds From Repurchase of Issuance of Units Limited Partners Units</link:label>
    <link:label id="lab_ck0001893262_ProceedsFromRepurchaseOfIssuanceOfUnitsLimitedPartnersUnits_documentation_en-US" xlink:label="lab_ck0001893262_ProceedsFromRepurchaseOfIssuanceOfUnitsLimitedPartnersUnits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds from repurchase of issuance of units limited partners units.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ProceedsFromRepurchaseOfIssuanceOfUnitsLimitedPartnersUnits" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ProceedsFromRepurchaseOfIssuanceOfUnitsLimitedPartnersUnits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ProceedsFromRepurchaseOfIssuanceOfUnitsLimitedPartnersUnits" xlink:to="lab_ck0001893262_ProceedsFromRepurchaseOfIssuanceOfUnitsLimitedPartnersUnits" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_019f393c-a590-768b-9413-b6a43fee071b_periodStartLabel_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance at the beginning of the year</link:label>
    <link:label id="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_019f393c-a590-786c-8649-3218d22f573a_periodEndLabel_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</link:label>
    <link:label id="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_label_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redeemable Noncontrolling Interest, Equity, Carrying Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount" xlink:to="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherLiabilitiesDisclosureTextBlock_019f393c-a590-744f-99ae-d2aed3f150bf_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mandatorily Redeemable Instruments</link:label>
    <link:label id="lab_us-gaap_OtherLiabilitiesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Liabilities Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherLiabilitiesDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:to="lab_us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FutureNetAssetValueThreshold_019f393c-a506-7ece-80eb-4078ee8b03f8_terseLabel_en-US" xlink:label="lab_ck0001893262_FutureNetAssetValueThreshold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Future NAV threshold</link:label>
    <link:label id="lab_ck0001893262_FutureNetAssetValueThreshold_label_en-US" xlink:label="lab_ck0001893262_FutureNetAssetValueThreshold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Future Net Asset Value Threshold</link:label>
    <link:label id="lab_ck0001893262_FutureNetAssetValueThreshold_documentation_en-US" xlink:label="lab_ck0001893262_FutureNetAssetValueThreshold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Future net asset value threshold.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FutureNetAssetValueThreshold" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FutureNetAssetValueThreshold"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FutureNetAssetValueThreshold" xlink:to="lab_ck0001893262_FutureNetAssetValueThreshold" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_BristolMember_019f393c-a590-7d02-8f5f-8f78c776ffe5_terseLabel_en-US" xlink:label="lab_ck0001893262_BristolMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">6200 Bristol</link:label>
    <link:label id="lab_ck0001893262_BristolMember_label_en-US" xlink:label="lab_ck0001893262_BristolMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">6200 Bristol [Member]</link:label>
    <link:label id="lab_ck0001893262_BristolMember_documentation_en-US" xlink:label="lab_ck0001893262_BristolMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">6200 bristol.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_BristolMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_BristolMember"/>
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    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract_019f393c-a506-7c23-83a7-f57d39d6eb8b_terseLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_LeaseInducementAssetCurrentAndNoncurrent_019f393c-a591-7028-9972-8d963ae0e103_terseLabel_en-US" xlink:label="lab_ck0001893262_LeaseInducementAssetCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease inducement asset</link:label>
    <link:label id="lab_ck0001893262_LeaseInducementAssetCurrentAndNoncurrent_label_en-US" xlink:label="lab_ck0001893262_LeaseInducementAssetCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease Inducement Asset Current and Noncurrent</link:label>
    <link:label id="lab_ck0001893262_LeaseInducementAssetCurrentAndNoncurrent_documentation_en-US" xlink:label="lab_ck0001893262_LeaseInducementAssetCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lease inducement asset current and noncurrent.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_LeaseInducementAssetCurrentAndNoncurrent" xlink:href="ck0001893262-20260630.xsd#ck0001893262_LeaseInducementAssetCurrentAndNoncurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_LeaseInducementAssetCurrentAndNoncurrent" xlink:to="lab_ck0001893262_LeaseInducementAssetCurrentAndNoncurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OrganizationAndOfferingCostsDueToAffiliates_019f393c-a505-7ece-b73f-0177c9c4d825_terseLabel_en-US" xlink:label="lab_ck0001893262_OrganizationAndOfferingCostsDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Organization and offering costs</link:label>
    <link:label id="lab_ck0001893262_OrganizationAndOfferingCostsDueToAffiliates_label_en-US" xlink:label="lab_ck0001893262_OrganizationAndOfferingCostsDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Organization and Offering Costs Due to Affiliates</link:label>
    <link:label id="lab_ck0001893262_OrganizationAndOfferingCostsDueToAffiliates_documentation_en-US" xlink:label="lab_ck0001893262_OrganizationAndOfferingCostsDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Organization and offering costs due to affiliates.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OrganizationAndOfferingCostsDueToAffiliates" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OrganizationAndOfferingCostsDueToAffiliates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OrganizationAndOfferingCostsDueToAffiliates" xlink:to="lab_ck0001893262_OrganizationAndOfferingCostsDueToAffiliates" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_TradingSecuritiesDebtAmortizedCost_019f393c-a505-7658-814c-a57617e766e7_terseLabel_en-US" xlink:label="lab_us-gaap_TradingSecuritiesDebtAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost basis</link:label>
    <link:label id="lab_us-gaap_TradingSecuritiesDebtAmortizedCost_label_en-US" xlink:label="lab_us-gaap_TradingSecuritiesDebtAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Trading, Amortized Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingSecuritiesDebtAmortizedCost" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TradingSecuritiesDebtAmortizedCost"/>
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    <link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</link:label>
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    <link:label id="lab_us-gaap_DebtDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtDisclosureAbstract"/>
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    <link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SegmentReportingDisclosureTextBlock"/>
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    <link:label id="lab_us-gaap_FixedRateResidentialMortgageMember_019f393c-a506-720a-a0df-b51797336c3e_terseLabel_en-US" xlink:label="lab_us-gaap_FixedRateResidentialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed Rate</link:label>
    <link:label id="lab_us-gaap_FixedRateResidentialMortgageMember_label_en-US" xlink:label="lab_us-gaap_FixedRateResidentialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed Rate Residential Mortgage [Member]</link:label>
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    <link:label id="lab_ck0001893262_ClassesOfStock_label_en-US" xlink:label="lab_ck0001893262_ClassesOfStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of Stock</link:label>
    <link:label id="lab_ck0001893262_ClassesOfStock_documentation_en-US" xlink:label="lab_ck0001893262_ClassesOfStock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Classes of Stock</link:label>
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    <link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_019f393c-a590-788c-a646-8db55180e610_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Distributions paid on common stock</link:label>
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    <link:label id="lab_ck0001893262_CodaOnCentreMember_019f393c-a591-7b79-8bba-237bd89f5da9_terseLabel_en-US" xlink:label="lab_ck0001893262_CodaOnCentreMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Coda on Centre</link:label>
    <link:label id="lab_ck0001893262_CodaOnCentreMember_label_en-US" xlink:label="lab_ck0001893262_CodaOnCentreMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Coda on Centre [Member]</link:label>
    <link:label id="lab_ck0001893262_CodaOnCentreMember_documentation_en-US" xlink:label="lab_ck0001893262_CodaOnCentreMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Coda on centre.</link:label>
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    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_019f393c-a591-7acd-9956-2c60c79235af_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2030</link:label>
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    <link:label id="lab_us-gaap_InvestmentsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_InvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentsFairValueDisclosure"/>
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    <link:label id="lab_us-gaap_RealEstateTable_label_en-US" xlink:label="lab_us-gaap_RealEstateTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateTable"/>
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    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDebtRealEstateRelatedAndOtherSecuritiesSegmentMember_documentation_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDebtRealEstateRelatedAndOtherSecuritiesSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investments in real estate debt, real estate-related and other securities member.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_InvestmentsInRealEstateDebtRealEstateRelatedAndOtherSecuritiesSegmentMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_InvestmentsInRealEstateDebtRealEstateRelatedAndOtherSecuritiesSegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_InvestmentsInRealEstateDebtRealEstateRelatedAndOtherSecuritiesSegmentMember" xlink:to="lab_ck0001893262_InvestmentsInRealEstateDebtRealEstateRelatedAndOtherSecuritiesSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_EqtyAwrdsInSummryCompstnTblForAplblYrMember_terseLabel_en-US" xlink:label="lab_ecd_EqtyAwrdsInSummryCompstnTblForAplblYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table</link:label>
    <link:label id="lab_ecd_EqtyAwrdsInSummryCompstnTblForAplblYrMember_label_en-US" xlink:label="lab_ecd_EqtyAwrdsInSummryCompstnTblForAplblYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table [Member]</link:label>
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    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_019f393c-a591-7c3a-8a18-ae8c956b8430_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems"/>
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    <link:label id="lab_us-gaap_BuildingMember_019f393c-a505-7ea3-be2a-d2f4fb936c61_terseLabel_en-US" xlink:label="lab_us-gaap_BuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Buildings</link:label>
    <link:label id="lab_us-gaap_BuildingMember_label_en-US" xlink:label="lab_us-gaap_BuildingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Building [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BuildingMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BuildingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BuildingMember" xlink:to="lab_us-gaap_BuildingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_019f393c-a505-7071-958e-9bf86738f4bc_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Outstanding Shares of Common Stock</link:label>
    <link:label id="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Common Stock Outstanding Roll Forward [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DividendsCommonStock_019f393c-a591-7191-b664-82949af8b6a8_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Distributions declared on common stock</link:label>
    <link:label id="lab_us-gaap_DividendsCommonStock_label_en-US" xlink:label="lab_us-gaap_DividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends, Common Stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsCommonStock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DividendsCommonStock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStock" xlink:to="lab_us-gaap_DividendsCommonStock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths_019f393c-a590-7e66-81d4-1f342a481662_negatedLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">2027</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Lease, Amortization Income, Year One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths" xlink:to="lab_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AggtPnsnAdjsSvcCstMember_terseLabel_en-US" xlink:label="lab_ecd_AggtPnsnAdjsSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Pension Adjustments Service Cost</link:label>
    <link:label id="lab_ecd_AggtPnsnAdjsSvcCstMember_label_en-US" xlink:label="lab_ecd_AggtPnsnAdjsSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Pension Adjustments Service Cost [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AggtPnsnAdjsSvcCstMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AggtPnsnAdjsSvcCstMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AggtPnsnAdjsSvcCstMember" xlink:to="lab_ecd_AggtPnsnAdjsSvcCstMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeTable_019f393c-a506-7f73-94a1-771eb035d954_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative [Table]</link:label>
    <link:label id="lab_us-gaap_DerivativeTable_label_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeTable" xlink:to="lab_us-gaap_DerivativeTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_019f393c-a506-7614-9c7d-fb03b8371d3f_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, after Year Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_019f393c-a506-7060-a68f-376af041aebf_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from issuance of common stock</link:label>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Common Stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockSharesAuthorized_019f393c-a506-746e-9f6e-734b58405a51_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, shares authorized (in shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, Shares Authorized</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesAuthorized" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockSharesAuthorized"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyNet_019f393c-a505-7d37-9327-b2b9bb4e05cf_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments in real estate, net</link:label>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyNet_019f393c-a505-7359-b145-aa17baa2a737_totalLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Investments in real estate, net</link:label>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyNet_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate Investment Property, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyNet" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyNet"/>
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    <link:label id="lab_ck0001893262_VariationMarginProceedsPayments_019f393c-a590-7e5f-b093-ea43618a12d1_terseLabel_en-US" xlink:label="lab_ck0001893262_VariationMarginProceedsPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variation margin proceeds (payments)</link:label>
    <link:label id="lab_ck0001893262_VariationMarginProceedsPayments_label_en-US" xlink:label="lab_ck0001893262_VariationMarginProceedsPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variation Margin Proceeds Payments</link:label>
    <link:label id="lab_ck0001893262_VariationMarginProceedsPayments_documentation_en-US" xlink:label="lab_ck0001893262_VariationMarginProceedsPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Variation margin proceeds payments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_VariationMarginProceedsPayments" xlink:href="ck0001893262-20260630.xsd#ck0001893262_VariationMarginProceedsPayments"/>
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    <link:label id="lab_ecd_AwardExrcPrice_terseLabel_en-US" xlink:label="lab_ecd_AwardExrcPrice" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exercise Price</link:label>
    <link:label id="lab_ecd_AwardExrcPrice_label_en-US" xlink:label="lab_ecd_AwardExrcPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Exercise Price</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardExrcPrice" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardExrcPrice"/>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_019f393c-a505-7605-92ac-1d3d4ae9df27_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from investing activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Provided by (Used in) Investing Activity, Including Discontinued Operation [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
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    <link:label id="lab_us-gaap_SegmentReportingInformationLineItems_label_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingInformationLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SegmentReportingInformationLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingInformationLineItems" xlink:to="lab_us-gaap_SegmentReportingInformationLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentQuarterlyReport_019f393c-a505-7a50-9e9f-2bbd626523b3_terseLabel_en-US" xlink:label="lab_dei_DocumentQuarterlyReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Quarterly Report</link:label>
    <link:label id="lab_dei_DocumentQuarterlyReport_label_en-US" xlink:label="lab_dei_DocumentQuarterlyReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Quarterly Report</link:label>
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    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_019f393c-a590-7b49-b8d8-b65c74d69a82_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2027</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember_terseLabel_en-US" xlink:label="lab_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested</link:label>
    <link:label id="lab_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember_label_en-US" xlink:label="lab_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember" xlink:to="lab_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SegmentDomain_019f393c-a505-7977-8764-fda0719009a3_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segments [Domain]</link:label>
    <link:label id="lab_us-gaap_SegmentDomain_label_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segments [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SegmentDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentDomain" xlink:to="lab_us-gaap_SegmentDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_019f393c-a505-7672-b523-7e339549e899_periodStartLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Cash, cash equivalents and restricted cash, at the beginning of the period</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_019f393c-a505-7e83-871c-241d105a6a4a_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Cash, cash equivalents and restricted cash, at the end of the period</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations"/>
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    <link:label id="lab_us-gaap_RestrictedStockExpense_019f393c-a506-708c-b46e-2bce6dd7afe8_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortization of restricted stock grants</link:label>
    <link:label id="lab_us-gaap_RestrictedStockExpense_label_en-US" xlink:label="lab_us-gaap_RestrictedStockExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted Stock or Unit Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedStockExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedStockExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockExpense" xlink:to="lab_us-gaap_RestrictedStockExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_DistributionReinvestment_019f393c-a505-7466-ab88-8d66dab21edf_terseLabel_en-US" xlink:label="lab_ck0001893262_DistributionReinvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distribution re-investments</link:label>
    <link:label id="lab_ck0001893262_DistributionReinvestment_label_en-US" xlink:label="lab_ck0001893262_DistributionReinvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Distribution Reinvestment</link:label>
    <link:label id="lab_ck0001893262_DistributionReinvestment_documentation_en-US" xlink:label="lab_ck0001893262_DistributionReinvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Distribution reinvestment.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_DistributionReinvestment" xlink:href="ck0001893262-20260630.xsd#ck0001893262_DistributionReinvestment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_DistributionReinvestment" xlink:to="lab_ck0001893262_DistributionReinvestment" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentOwnedAtCost_019f393c-a591-7d6a-8815-a3981108f8da_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentOwnedAtCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost Basis</link:label>
    <link:label id="lab_us-gaap_InvestmentOwnedAtCost_label_en-US" xlink:label="lab_us-gaap_InvestmentOwnedAtCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Owned, Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentOwnedAtCost" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentOwnedAtCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentOwnedAtCost" xlink:to="lab_us-gaap_InvestmentOwnedAtCost" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtDisclosureTextBlock_019f393c-a590-72a4-9d03-faf01944ea96_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mortgage Notes, Repurchase Facility and Unsecured Revolving Credit Facility</link:label>
    <link:label id="lab_us-gaap_DebtDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureTextBlock" xlink:to="lab_us-gaap_DebtDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable_019f393c-a506-7364-9ad6-1472ac9812e1_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net loss attributable to non-controlling interests in consolidated joint ventures</link:label>
    <link:label id="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable" xlink:to="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RedemptionsPayable_019f393c-a590-745a-bc79-67b48faddeea_terseLabel_en-US" xlink:label="lab_ck0001893262_RedemptionsPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redemptions payable</link:label>
    <link:label id="lab_ck0001893262_RedemptionsPayable_label_en-US" xlink:label="lab_ck0001893262_RedemptionsPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redemptions Payable</link:label>
    <link:label id="lab_ck0001893262_RedemptionsPayable_documentation_en-US" xlink:label="lab_ck0001893262_RedemptionsPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Redemptions payable.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RedemptionsPayable" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RedemptionsPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RedemptionsPayable" xlink:to="lab_ck0001893262_RedemptionsPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SharesSubjectToMandatoryRedemptionSettlementTermsAmount_019f393c-a505-7fe4-a74b-7f1b616bb6e9_terseLabel_en-US" xlink:label="lab_us-gaap_SharesSubjectToMandatoryRedemptionSettlementTermsAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mandatorily redeemable instruments</link:label>
    <link:label id="lab_us-gaap_SharesSubjectToMandatoryRedemptionSettlementTermsAmount_label_en-US" xlink:label="lab_us-gaap_SharesSubjectToMandatoryRedemptionSettlementTermsAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SharesSubjectToMandatoryRedemptionSettlementTermsAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SharesSubjectToMandatoryRedemptionSettlementTermsAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesSubjectToMandatoryRedemptionSettlementTermsAmount" xlink:to="lab_us-gaap_SharesSubjectToMandatoryRedemptionSettlementTermsAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredFinanceCostsNet_019f393c-a506-76cc-8824-fa34a9e84422_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred financing costs, net</link:label>
    <link:label id="lab_us-gaap_DeferredFinanceCostsNet_label_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Issuance Costs, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFinanceCostsNet" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredFinanceCostsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFinanceCostsNet" xlink:to="lab_us-gaap_DeferredFinanceCostsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardsCloseToMnpiDiscTableTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Awards Close in Time to MNPI Disclosures, Table</link:label>
    <link:label id="lab_ecd_AwardsCloseToMnpiDiscTableTextBlock_label_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Awards Close in Time to MNPI Disclosures [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardsCloseToMnpiDiscTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:to="lab_ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_EquityAndRedeemableNon-ControllingInterestTextBlock_019f393c-a505-7e78-91bd-335896fa2b42_terseLabel_en-US" xlink:label="lab_ck0001893262_EquityAndRedeemableNon-ControllingInterestTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity and Redeemable Non-Controlling Interest</link:label>
    <link:label id="lab_ck0001893262_EquityAndRedeemableNon-ControllingInterestTextBlock_label_en-US" xlink:label="lab_ck0001893262_EquityAndRedeemableNon-ControllingInterestTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity and Redeemable Non-Controlling Interest [Text Block]</link:label>
    <link:label id="lab_ck0001893262_EquityAndRedeemableNon-ControllingInterestTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_EquityAndRedeemableNon-ControllingInterestTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equity and Redeemable Non-Controlling Interest.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_EquityAndRedeemableNon-ControllingInterestTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_EquityAndRedeemableNon-ControllingInterestTextBlock"/>
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    <link:label id="lab_us-gaap_EquityComponentDomain_019f393c-a505-788e-8124-ac0ed94b278b_terseLabel_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Component</link:label>
    <link:label id="lab_us-gaap_EquityComponentDomain_label_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Component [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityComponentDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquityComponentDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeoActuallyPaidCompAmt_terseLabel_en-US" xlink:label="lab_ecd_PeoActuallyPaidCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PEO Actually Paid Compensation Amount</link:label>
    <link:label id="lab_ecd_PeoActuallyPaidCompAmt_label_en-US" xlink:label="lab_ecd_PeoActuallyPaidCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PEO Actually Paid Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeoActuallyPaidCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PeoActuallyPaidCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeoActuallyPaidCompAmt" xlink:to="lab_ecd_PeoActuallyPaidCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MeasurementInputTypeDomain_019f393c-a505-756d-85ac-0d8bedf2f6ff_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measurement Input Type [Domain]</link:label>
    <link:label id="lab_us-gaap_MeasurementInputTypeDomain_label_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MeasurementInputTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputTypeDomain" xlink:to="lab_us-gaap_MeasurementInputTypeDomain" xlink:type="arc" order="1"/>
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    <link:label id="lab_ck0001893262_ScheduleOfNetIncomeLossAndWeightedAverageNumberOfSharesTableTextBlock_label_en-US" xlink:label="lab_ck0001893262_ScheduleOfNetIncomeLossAndWeightedAverageNumberOfSharesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule Of Net Income Loss And Weighted Average Number Of Shares [Table Text Block]</link:label>
    <link:label id="lab_ck0001893262_ScheduleOfNetIncomeLossAndWeightedAverageNumberOfSharesTableTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_ScheduleOfNetIncomeLossAndWeightedAverageNumberOfSharesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule of net income loss and weighted average number of shares.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ScheduleOfNetIncomeLossAndWeightedAverageNumberOfSharesTableTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ScheduleOfNetIncomeLossAndWeightedAverageNumberOfSharesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ScheduleOfNetIncomeLossAndWeightedAverageNumberOfSharesTableTextBlock" xlink:to="lab_ck0001893262_ScheduleOfNetIncomeLossAndWeightedAverageNumberOfSharesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TrdArrAdoptionDate_terseLabel_en-US" xlink:label="lab_ecd_TrdArrAdoptionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adoption Date</link:label>
    <link:label id="lab_ecd_TrdArrAdoptionDate_label_en-US" xlink:label="lab_ecd_TrdArrAdoptionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement Adoption Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TrdArrAdoptionDate" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TrdArrAdoptionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TrdArrAdoptionDate" xlink:to="lab_ecd_TrdArrAdoptionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfOwnedInIndustrialProperty_019f393c-a590-7979-b006-c45e7e4dd5fb_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfOwnedInIndustrialProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of owned in industrial property</link:label>
    <link:label id="lab_ck0001893262_NumberOfOwnedInIndustrialProperty_label_en-US" xlink:label="lab_ck0001893262_NumberOfOwnedInIndustrialProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Owned In Industrial Property</link:label>
    <link:label id="lab_ck0001893262_NumberOfOwnedInIndustrialProperty_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfOwnedInIndustrialProperty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of owned in industrial property.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfOwnedInIndustrialProperty" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfOwnedInIndustrialProperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfOwnedInIndustrialProperty" xlink:to="lab_ck0001893262_NumberOfOwnedInIndustrialProperty" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_019f393c-a591-77c3-bdae-9c8deb284c52_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest Rate</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockholdersEquity_019f393c-a506-786f-beb6-76e02b5a0d6f_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total stockholders&#8217; equity</link:label>
    <link:label id="lab_us-gaap_StockholdersEquity_label_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity, Attributable to Parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferingsButNotToExceedRemainingAvailabilityShareOfRepurchases_019f393c-a506-7d74-a496-91cc16c6c951_terseLabel_en-US" xlink:label="lab_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferingsButNotToExceedRemainingAvailabilityShareOfRepurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of proceeds from net monthly offerings but not to exceed remaining availability share of repurchases</link:label>
    <link:label id="lab_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferingsButNotToExceedRemainingAvailabilityShareOfRepurchases_label_en-US" xlink:label="lab_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferingsButNotToExceedRemainingAvailabilityShareOfRepurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of Proceeds From Net Monthly Offerings but Not to Exceed Remaining Availability Share of Repurchases</link:label>
    <link:label id="lab_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferingsButNotToExceedRemainingAvailabilityShareOfRepurchases_documentation_en-US" xlink:label="lab_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferingsButNotToExceedRemainingAvailabilityShareOfRepurchases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of proceeds from net monthly offerings but not to exceed remaining availability share of repurchases.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferingsButNotToExceedRemainingAvailabilityShareOfRepurchases" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PercentageOfProceedsFromNetMonthlyOfferingsButNotToExceedRemainingAvailabilityShareOfRepurchases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferingsButNotToExceedRemainingAvailabilityShareOfRepurchases" xlink:to="lab_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferingsButNotToExceedRemainingAvailabilityShareOfRepurchases" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NonoperatingIncomeExpense_019f393c-a506-7eef-95c3-a11595a185b7_totalLabel_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total other (expense) income, net</link:label>
    <link:label id="lab_us-gaap_NonoperatingIncomeExpense_label_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nonoperating Income (Expense)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingIncomeExpense" xlink:to="lab_us-gaap_NonoperatingIncomeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain_019f393c-a506-722d-84a7-7a7719d8d48b_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real Estate [Domain]</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_MortgageLoansOnRealEstateNamePropertyTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:to="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesLineItems_019f393c-a505-77d1-996a-69ea57e97072_terseLabel_en-US" xlink:label="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary Of Significant Accounting Policies [Line Items]</link:label>
    <link:label id="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesLineItems_label_en-US" xlink:label="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Summary Of Significant Accounting Policies [Line Items]</link:label>
    <link:label id="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesLineItems_documentation_en-US" xlink:label="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Summary of significant accounting policies.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_SummaryOfSignificantAccountingPoliciesLineItems" xlink:href="ck0001893262-20260630.xsd#ck0001893262_SummaryOfSignificantAccountingPoliciesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_SummaryOfSignificantAccountingPoliciesLineItems" xlink:to="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetsAbstract_019f393c-a505-7914-a924-e72f744a2074_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">ASSETS</link:label>
    <link:label id="lab_us-gaap_AssetsAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TrdArrIndTitle_terseLabel_en-US" xlink:label="lab_ecd_TrdArrIndTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title</link:label>
    <link:label id="lab_ecd_TrdArrIndTitle_label_en-US" xlink:label="lab_ecd_TrdArrIndTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement, Individual Title</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TrdArrIndTitle" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TrdArrIndTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TrdArrIndTitle" xlink:to="lab_ecd_TrdArrIndTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt_terseLabel_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Disqualification of Tax Benefits, Amount</link:label>
    <link:label id="lab_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt_label_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Disqualification of Tax Benefits, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:to="lab_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherLiabilitiesDisclosureAbstract_019f393c-a506-7f5b-afd8-e643ee7f522a_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Liabilities Disclosure [Abstract]</link:label>
    <link:label id="lab_us-gaap_OtherLiabilitiesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Liabilities Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilitiesDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherLiabilitiesDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesDisclosureAbstract" xlink:to="lab_us-gaap_OtherLiabilitiesDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccountingPoliciesAbstract_019f393c-a590-7f25-a2bb-90f6df8e7407_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
    <link:label id="lab_us-gaap_AccountingPoliciesAbstract_label_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountingPoliciesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_RestatementDoesNotRequireRecoveryTextBlock_terseLabel_en-US" xlink:label="lab_ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restatement does not require Recovery</link:label>
    <link:label id="lab_ecd_RestatementDoesNotRequireRecoveryTextBlock_label_en-US" xlink:label="lab_ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restatement Does Not Require Recovery [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_RestatementDoesNotRequireRecoveryTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:to="lab_ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ManagementFees_019f393c-a590-7170-ac61-d4ee31a9432d_terseLabel_en-US" xlink:label="lab_ck0001893262_ManagementFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Management fees</link:label>
    <link:label id="lab_ck0001893262_ManagementFees_label_en-US" xlink:label="lab_ck0001893262_ManagementFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management Fees</link:label>
    <link:label id="lab_ck0001893262_ManagementFees_documentation_en-US" xlink:label="lab_ck0001893262_ManagementFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Management fees.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ManagementFees" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ManagementFees"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ManagementFees" xlink:to="lab_ck0001893262_ManagementFees" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_InsiderTradingPoliciesProcLineItems_label_en-US" xlink:label="lab_ecd_InsiderTradingPoliciesProcLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_InsiderTradingPoliciesProcLineItems" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_InsiderTradingPoliciesProcLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_InsiderTradingPoliciesProcLineItems" xlink:to="lab_ecd_InsiderTradingPoliciesProcLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CarolinePostOakMember_019f393c-a505-78e0-8440-8c103d982d2b_terseLabel_en-US" xlink:label="lab_ck0001893262_CarolinePostOakMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Caroline Post Oak</link:label>
    <link:label id="lab_ck0001893262_CarolinePostOakMember_label_en-US" xlink:label="lab_ck0001893262_CarolinePostOakMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Caroline Post Oak [Member]</link:label>
    <link:label id="lab_ck0001893262_CarolinePostOakMember_documentation_en-US" xlink:label="lab_ck0001893262_CarolinePostOakMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Caroline post oak.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CarolinePostOakMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CarolinePostOakMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CarolinePostOakMember" xlink:to="lab_ck0001893262_CarolinePostOakMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRepurchases_019f393c-a590-77b1-a909-1fd99b457de8_terseLabel_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRepurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchases</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRepurchases_label_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRepurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Repurchases</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRepurchases_documentation_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRepurchases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Repurchases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRepurchases" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRepurchases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRepurchases" xlink:to="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRepurchases" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestIncomeOperating_019f393c-a590-78ec-8f33-4b5ce7df058d_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income</link:label>
    <link:label id="lab_us-gaap_InterestIncomeOperating_label_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Income, Operating</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeOperating" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestIncomeOperating"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeOperating" xlink:to="lab_us-gaap_InterestIncomeOperating" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_InsiderTrdPoliciesProcAdoptedFlag_terseLabel_en-US" xlink:label="lab_ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures Adopted</link:label>
    <link:label id="lab_ecd_InsiderTrdPoliciesProcAdoptedFlag_label_en-US" xlink:label="lab_ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures Adopted [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_InsiderTrdPoliciesProcAdoptedFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:to="lab_ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfCapitalizationLineItems_019f393c-a506-7d85-9a93-c654ee7b4cfb_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCapitalizationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule Of Capitalization [Line Items]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfCapitalizationLineItems_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCapitalizationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Capitalization [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCapitalizationLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfCapitalizationLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCapitalizationLineItems" xlink:to="lab_us-gaap_ScheduleOfCapitalizationLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_019f393c-a591-7ef0-ba3c-a74a5bb04935_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]</link:label>
    <link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:to="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RedeemableNon-ControllingInterestIssuedAsSettlementForPerformanceParticipationAllocation_019f393c-a505-70df-8e71-fa4f8833e580_terseLabel_en-US" xlink:label="lab_ck0001893262_RedeemableNon-ControllingInterestIssuedAsSettlementForPerformanceParticipationAllocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of equity interest to non-controlling interest</link:label>
    <link:label id="lab_ck0001893262_RedeemableNon-ControllingInterestIssuedAsSettlementForPerformanceParticipationAllocation_label_en-US" xlink:label="lab_ck0001893262_RedeemableNon-ControllingInterestIssuedAsSettlementForPerformanceParticipationAllocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redeemable non-controlling interest issued as settlement for performance participation allocation</link:label>
    <link:label id="lab_ck0001893262_RedeemableNon-ControllingInterestIssuedAsSettlementForPerformanceParticipationAllocation_documentation_en-US" xlink:label="lab_ck0001893262_RedeemableNon-ControllingInterestIssuedAsSettlementForPerformanceParticipationAllocation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Redeemable non-controlling interest issued as settlement for performance participation allocation.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RedeemableNon-ControllingInterestIssuedAsSettlementForPerformanceParticipationAllocation" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RedeemableNon-ControllingInterestIssuedAsSettlementForPerformanceParticipationAllocation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RedeemableNon-ControllingInterestIssuedAsSettlementForPerformanceParticipationAllocation" xlink:to="lab_ck0001893262_RedeemableNon-ControllingInterestIssuedAsSettlementForPerformanceParticipationAllocation" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_019f393c-a505-7a71-b44b-cb22ea8654f9_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies</link:label>
    <link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_CompActuallyPaidVsNetIncomeTextBlock_terseLabel_en-US" xlink:label="lab_ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Net Income</link:label>
    <link:label id="lab_ecd_CompActuallyPaidVsNetIncomeTextBlock_label_en-US" xlink:label="lab_ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Net Income [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_CompActuallyPaidVsNetIncomeTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:to="lab_ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncome_019f393c-a506-7383-8292-9e8518fd4f08_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rental revenue</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncome_019f393c-a506-7f5b-bd36-507b3f7f74ba_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Rental revenue</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncome_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Lease, Lease Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLeaseIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLeaseIncome" xlink:to="lab_us-gaap_OperatingLeaseLeaseIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_StockRepurchaseProgramNumberOfSharesRequestedForRepurchaseUnfulfilled_019f393c-a505-7856-85c2-34f95f2c3e86_terseLabel_en-US" xlink:label="lab_ck0001893262_StockRepurchaseProgramNumberOfSharesRequestedForRepurchaseUnfulfilled" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unfulfilled repurchase requests (in shares)</link:label>
    <link:label id="lab_ck0001893262_StockRepurchaseProgramNumberOfSharesRequestedForRepurchaseUnfulfilled_label_en-US" xlink:label="lab_ck0001893262_StockRepurchaseProgramNumberOfSharesRequestedForRepurchaseUnfulfilled" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Repurchase Program Number Of Shares Requested For Repurchase Unfulfilled</link:label>
    <link:label id="lab_ck0001893262_StockRepurchaseProgramNumberOfSharesRequestedForRepurchaseUnfulfilled_documentation_en-US" xlink:label="lab_ck0001893262_StockRepurchaseProgramNumberOfSharesRequestedForRepurchaseUnfulfilled" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Stock Repurchase Program Number Of Shares Requested For Repurchase Unfulfilled.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_StockRepurchaseProgramNumberOfSharesRequestedForRepurchaseUnfulfilled" xlink:href="ck0001893262-20260630.xsd#ck0001893262_StockRepurchaseProgramNumberOfSharesRequestedForRepurchaseUnfulfilled"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_StockRepurchaseProgramNumberOfSharesRequestedForRepurchaseUnfulfilled" xlink:to="lab_ck0001893262_StockRepurchaseProgramNumberOfSharesRequestedForRepurchaseUnfulfilled" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MeasurementInputExpectedDividendRateMember_019f393c-a590-7d76-ba90-a2ec0c810cd2_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputExpectedDividendRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Market yield</link:label>
    <link:label id="lab_us-gaap_MeasurementInputExpectedDividendRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputExpectedDividendRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input, Expected Dividend Rate [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputExpectedDividendRateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MeasurementInputExpectedDividendRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputExpectedDividendRateMember" xlink:to="lab_us-gaap_MeasurementInputExpectedDividendRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonClassIMember_019f393c-a590-72f8-8c88-a909043f9500_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassIMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock Class I</link:label>
    <link:label id="lab_ck0001893262_CommonClassIMember_019f393c-a590-72d6-b244-13d557e65d97_verboseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassIMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Class I Shares</link:label>
    <link:label id="lab_ck0001893262_CommonClassIMember_019f393c-a590-7287-99b8-d612dd23d871_netLabel_en-US" xlink:label="lab_ck0001893262_CommonClassIMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Class I</link:label>
    <link:label id="lab_ck0001893262_CommonClassIMember_label_en-US" xlink:label="lab_ck0001893262_CommonClassIMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Class I [Member]</link:label>
    <link:label id="lab_ck0001893262_CommonClassIMember_documentation_en-US" xlink:label="lab_ck0001893262_CommonClassIMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common Class I.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonClassIMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonClassIMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonClassIMember" xlink:to="lab_ck0001893262_CommonClassIMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCentralIndexKey_019f393c-a505-7da6-8837-eed2cfd09b10_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityCentralIndexKey"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_WeightedAverageMember_019f393c-a590-7264-9e54-30bbfcfa221a_terseLabel_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted Average</link:label>
    <link:label id="lab_srt_WeightedAverageMember_label_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_WeightedAverageMember" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_WeightedAverageMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_WeightedAverageMember" xlink:to="lab_srt_WeightedAverageMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstateProperties_019f393c-a591-78e2-a944-08684e0d07b3_totalLabel_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total purchase price</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstateProperties_label_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Acquisition Purchase Price Allocation of Real Estate Properties</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstateProperties_documentation_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset acquisition purchase price allocation of real estate properties.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstateProperties" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstateProperties"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstateProperties" xlink:to="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstateProperties" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AdjustableRateResidentialMortgageMember_019f393c-a505-77a3-91a2-8ea11f08a029_terseLabel_en-US" xlink:label="lab_us-gaap_AdjustableRateResidentialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Rate</link:label>
    <link:label id="lab_us-gaap_AdjustableRateResidentialMortgageMember_label_en-US" xlink:label="lab_us-gaap_AdjustableRateResidentialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustable Rate Residential Mortgage [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustableRateResidentialMortgageMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdjustableRateResidentialMortgageMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustableRateResidentialMortgageMember" xlink:to="lab_us-gaap_AdjustableRateResidentialMortgageMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_019f393c-a590-7ed9-add0-cf2ea2345362_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional paid-in capital</link:label>
    <link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional Paid in Capital, Common Stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdditionalPaidInCapitalCommonStock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AllAdjToCompMember_terseLabel_en-US" xlink:label="lab_ecd_AllAdjToCompMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Adjustments to Compensation</link:label>
    <link:label id="lab_ecd_AllAdjToCompMember_label_en-US" xlink:label="lab_ecd_AllAdjToCompMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Adjustments to Compensation [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AllAdjToCompMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AllAdjToCompMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AllAdjToCompMember" xlink:to="lab_ecd_AllAdjToCompMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CorporateNonSegmentMember_019f393c-a505-7351-9a08-9f2d5ceb0db4_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateNonSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other (corporate)</link:label>
    <link:label id="lab_us-gaap_CorporateNonSegmentMember_label_en-US" xlink:label="lab_us-gaap_CorporateNonSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CorporateNonSegmentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CorporateNonSegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CorporateNonSegmentMember" xlink:to="lab_us-gaap_CorporateNonSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_019f393c-a505-7432-82f1-a89992928708_terseLabel_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name of Property [Domain]</link:label>
    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_label_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Name of Property [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:to="lab_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RentalPropertyOperatingExpenses_019f393c-a505-7eab-97f6-d073e0d50f73_terseLabel_en-US" xlink:label="lab_ck0001893262_RentalPropertyOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rental property operating</link:label>
    <link:label id="lab_ck0001893262_RentalPropertyOperatingExpenses_label_en-US" xlink:label="lab_ck0001893262_RentalPropertyOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Rental Property Operating Expenses</link:label>
    <link:label id="lab_ck0001893262_RentalPropertyOperatingExpenses_documentation_en-US" xlink:label="lab_ck0001893262_RentalPropertyOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Rental property operating expenses.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RentalPropertyOperatingExpenses" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RentalPropertyOperatingExpenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RentalPropertyOperatingExpenses" xlink:to="lab_ck0001893262_RentalPropertyOperatingExpenses" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EquityAbstract_019f393c-a505-7d33-9e4e-404f5307e541_terseLabel_en-US" xlink:label="lab_us-gaap_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity [Abstract]</link:label>
    <link:label id="lab_us-gaap_EquityAbstract_label_en-US" xlink:label="lab_us-gaap_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityAbstract" xlink:to="lab_us-gaap_EquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember_terseLabel_en-US" xlink:label="lab_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year</link:label>
    <link:label id="lab_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember_label_en-US" xlink:label="lab_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember" xlink:to="lab_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_019f393c-a590-7753-8414-06c095b82703_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by operating activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Provided by (Used in) Operating Activity, Including Discontinued Operation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_019f393c-a590-7574-8833-5c8123c353a0_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2026 (remaining)</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Maturity, Remainder of Fiscal Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeStatementAbstract_019f393c-a590-781a-bad2-3e2b2b33c4e3_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income Statement [Abstract]</link:label>
    <link:label id="lab_us-gaap_IncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Statement [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeStatementAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockholdersEquityAbstract_019f393c-a591-7658-8c9e-dd9d1eab8680_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity</link:label>
    <link:label id="lab_us-gaap_StockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity, Attributable to Parent [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityAbstract" xlink:to="lab_us-gaap_StockholdersEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AccruedStockholderServicingFeeDueToAffiliate_019f393c-a591-7b24-9a08-270c911dd634_terseLabel_en-US" xlink:label="lab_ck0001893262_AccruedStockholderServicingFeeDueToAffiliate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued stockholder servicing fee due to affiliate</link:label>
    <link:label id="lab_ck0001893262_AccruedStockholderServicingFeeDueToAffiliate_label_en-US" xlink:label="lab_ck0001893262_AccruedStockholderServicingFeeDueToAffiliate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued Stockholder Servicing Fee Due to Affiliate</link:label>
    <link:label id="lab_ck0001893262_AccruedStockholderServicingFeeDueToAffiliate_documentation_en-US" xlink:label="lab_ck0001893262_AccruedStockholderServicingFeeDueToAffiliate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accrued stockholder servicing fee due to affiliate.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AccruedStockholderServicingFeeDueToAffiliate" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AccruedStockholderServicingFeeDueToAffiliate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AccruedStockholderServicingFeeDueToAffiliate" xlink:to="lab_ck0001893262_AccruedStockholderServicingFeeDueToAffiliate" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentTransitionReport_019f393c-a505-7aad-8804-d8326320c4b0_terseLabel_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Transition Report</link:label>
    <link:label id="lab_dei_DocumentTransitionReport_label_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Transition Report</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_DocumentTransitionReport"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentTransitionReport" xlink:to="lab_dei_DocumentTransitionReport" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_OwnershipAxis_019fc8e5-f377-7442-abde-9e437782f370_terseLabel_en-US" xlink:label="lab_srt_OwnershipAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ownership [Axis]</link:label>
    <link:label id="lab_srt_OwnershipAxis_label_en-US" xlink:label="lab_srt_OwnershipAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ownership [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_OwnershipAxis" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_OwnershipAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OwnershipAxis" xlink:to="lab_srt_OwnershipAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_DistributionReinvestments_019f393c-a590-775c-ae60-4a880b481521_terseLabel_en-US" xlink:label="lab_ck0001893262_DistributionReinvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distribution reinvestments</link:label>
    <link:label id="lab_ck0001893262_DistributionReinvestments_label_en-US" xlink:label="lab_ck0001893262_DistributionReinvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Distribution Reinvestments</link:label>
    <link:label id="lab_ck0001893262_DistributionReinvestments_documentation_en-US" xlink:label="lab_ck0001893262_DistributionReinvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Distribution reinvestments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_DistributionReinvestments" xlink:href="ck0001893262-20260630.xsd#ck0001893262_DistributionReinvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_DistributionReinvestments" xlink:to="lab_ck0001893262_DistributionReinvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_DueToAffiliate_019f393c-a590-7abb-b1c5-2f2ed29e4de5_terseLabel_en-US" xlink:label="lab_ck0001893262_DueToAffiliate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Due to affiliates</link:label>
    <link:label id="lab_ck0001893262_DueToAffiliate_label_en-US" xlink:label="lab_ck0001893262_DueToAffiliate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Due To Affiliate</link:label>
    <link:label id="lab_ck0001893262_DueToAffiliate_documentation_en-US" xlink:label="lab_ck0001893262_DueToAffiliate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Due to affiliate.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_DueToAffiliate" xlink:href="ck0001893262-20260630.xsd#ck0001893262_DueToAffiliate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_DueToAffiliate" xlink:to="lab_ck0001893262_DueToAffiliate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_019f393c-a590-724a-a996-afe1cbbf3d39_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV</link:label>
    <link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_019f393c-a506-7e36-9d50-b23c502d3cff_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment, Name [Axis]</link:label>
    <link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_label_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment, Name [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesTextBlock_019f393c-a505-7b49-a1f2-4e17f93daff5_terseLabel_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Assets and Liabilities</link:label>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesTextBlock_label_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Assets and Liabilities [Text Block]</link:label>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other assets and liabilities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OtherAssetsAndLiabilitiesTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OtherAssetsAndLiabilitiesTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OtherAssetsAndLiabilitiesTextBlock" xlink:to="lab_ck0001893262_OtherAssetsAndLiabilitiesTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingExpensesAbstract_019f393c-a591-789c-be9b-13d0fb9d6ebe_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expenses</link:label>
    <link:label id="lab_us-gaap_OperatingExpensesAbstract_label_en-US" xlink:label="lab_us-gaap_OperatingExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Expenses [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingExpensesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingExpensesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpensesAbstract" xlink:to="lab_us-gaap_OperatingExpensesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockAppreciationRightsSARSMember_terseLabel_en-US" xlink:label="lab_us-gaap_StockAppreciationRightsSARSMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Appreciation Rights (SARs)</link:label>
    <link:label id="lab_us-gaap_StockAppreciationRightsSARSMember_label_en-US" xlink:label="lab_us-gaap_StockAppreciationRightsSARSMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Appreciation Rights (SARs) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockAppreciationRightsSARSMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockAppreciationRightsSARSMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockAppreciationRightsSARSMember" xlink:to="lab_us-gaap_StockAppreciationRightsSARSMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PurchasePriceAllocationDeferredRentalIncome_019f393c-a505-7401-8e12-9b6117b6df70_negatedLabel_en-US" xlink:label="lab_ck0001893262_PurchasePriceAllocationDeferredRentalIncome" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Below-market lease intangibles</link:label>
    <link:label id="lab_ck0001893262_PurchasePriceAllocationDeferredRentalIncome_label_en-US" xlink:label="lab_ck0001893262_PurchasePriceAllocationDeferredRentalIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase price allocation Deferred Rental Income</link:label>
    <link:label id="lab_ck0001893262_PurchasePriceAllocationDeferredRentalIncome_documentation_en-US" xlink:label="lab_ck0001893262_PurchasePriceAllocationDeferredRentalIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchase price allocation deferred rental income.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PurchasePriceAllocationDeferredRentalIncome" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PurchasePriceAllocationDeferredRentalIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PurchasePriceAllocationDeferredRentalIncome" xlink:to="lab_ck0001893262_PurchasePriceAllocationDeferredRentalIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentBuildingAndBuildingImprovements_019f393c-a506-73be-a4ec-26ff5a915f1a_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Building and building improvements</link:label>
    <link:label id="lab_us-gaap_InvestmentBuildingAndBuildingImprovements_label_en-US" xlink:label="lab_us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Building and Building Improvements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentBuildingAndBuildingImprovements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:to="lab_us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_019f393c-a591-7549-bed6-c40821311c76_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-Average Coupon</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_019f393c-a591-7c3f-bb4f-7dd594105121_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Interest rate, variable</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Basis Spread on Variable Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesLineItems_019f393c-a505-70f3-b272-308c5d33db76_terseLabel_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Assets and Liabilities [Line Items]</link:label>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesLineItems_label_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Assets and Liabilities [Line Items]</link:label>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesLineItems_documentation_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other assets and liabilities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OtherAssetsAndLiabilitiesLineItems" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OtherAssetsAndLiabilitiesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OtherAssetsAndLiabilitiesLineItems" xlink:to="lab_ck0001893262_OtherAssetsAndLiabilitiesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PrincipalRepaymentsOfMortgageNotesAndDebtSecuredByRealEstate_019f393c-a505-7338-b721-968c46d47fb2_negatedLabel_en-US" xlink:label="lab_ck0001893262_PrincipalRepaymentsOfMortgageNotesAndDebtSecuredByRealEstate" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Principal repayments of mortgage notes and debt secured by real estate</link:label>
    <link:label id="lab_ck0001893262_PrincipalRepaymentsOfMortgageNotesAndDebtSecuredByRealEstate_label_en-US" xlink:label="lab_ck0001893262_PrincipalRepaymentsOfMortgageNotesAndDebtSecuredByRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Principal Repayments of Mortgage Notes and Debt Secured by Real Estate</link:label>
    <link:label id="lab_ck0001893262_PrincipalRepaymentsOfMortgageNotesAndDebtSecuredByRealEstate_documentation_en-US" xlink:label="lab_ck0001893262_PrincipalRepaymentsOfMortgageNotesAndDebtSecuredByRealEstate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Principal repayments of mortgage notes and debt secured by real estate.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PrincipalRepaymentsOfMortgageNotesAndDebtSecuredByRealEstate" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PrincipalRepaymentsOfMortgageNotesAndDebtSecuredByRealEstate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PrincipalRepaymentsOfMortgageNotesAndDebtSecuredByRealEstate" xlink:to="lab_ck0001893262_PrincipalRepaymentsOfMortgageNotesAndDebtSecuredByRealEstate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfDividendsPayableTextBlock_019f393c-a591-70ce-a15a-bb66ac91a2eb_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDividendsPayableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Distributions Declared for Shares of Each Applicable Class of Common Stock</link:label>
    <link:label id="lab_us-gaap_ScheduleOfDividendsPayableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDividendsPayableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Dividends Payable [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDividendsPayableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfDividendsPayableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDividendsPayableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDividendsPayableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CityAreaCode_019f393c-a591-798d-ac6f-b62ee8cbfe0f_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_CityAreaCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableRateDomain_019f393c-a505-7eb1-a7c5-a4671d6ccdc3_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Rate [Domain]</link:label>
    <link:label id="lab_us-gaap_VariableRateDomain_label_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_VariableRateDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateDomain" xlink:to="lab_us-gaap_VariableRateDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentInformationTable_019f393c-a591-71ae-884a-f03194891cc5_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Information [Table]</link:label>
    <link:label id="lab_dei_DocumentInformationTable_label_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationTable" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_DocumentInformationTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationTable" xlink:to="lab_dei_DocumentInformationTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AllIndividualsMember_terseLabel_en-US" xlink:label="lab_ecd_AllIndividualsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Individuals</link:label>
    <link:label id="lab_ecd_AllIndividualsMember_label_en-US" xlink:label="lab_ecd_AllIndividualsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Individuals [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AllIndividualsMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AllIndividualsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AllIndividualsMember" xlink:to="lab_ecd_AllIndividualsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsequentEventsTextBlock_019f393c-a506-70d5-ba2e-ee76a4a78af5_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Events</link:label>
    <link:label id="lab_us-gaap_SubsequentEventsTextBlock_label_en-US" xlink:label="lab_us-gaap_SubsequentEventsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Events [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SubsequentEventsTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsTextBlock" xlink:to="lab_us-gaap_SubsequentEventsTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentFairValue_019f393c-a506-71e2-bbf1-fddd2d174d92_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentFairValue_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFairValue" xlink:to="lab_us-gaap_DebtInstrumentFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization_019f393c-a591-7700-aa62-558fb08e8704_terseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Below-market lease amortization</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Lease, Accumulated Amortization</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAccumulatedAmortization"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:to="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_019f393c-a506-7c3b-a2ca-14800f48f336_terseLabel_en-US" xlink:label="lab_ck0001893262_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_ck0001893262_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_label_en-US" xlink:label="lab_ck0001893262_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long Term Debt Maturities Repayments Of Principal After Year Four</link:label>
    <link:label id="lab_ck0001893262_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_documentation_en-US" xlink:label="lab_ck0001893262_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Long term debt maturities repayments of principal after year four.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour" xlink:href="ck0001893262-20260630.xsd#ck0001893262_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour" xlink:to="lab_ck0001893262_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ForgoneRecoveryIndName_terseLabel_en-US" xlink:label="lab_ecd_ForgoneRecoveryIndName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name</link:label>
    <link:label id="lab_ecd_ForgoneRecoveryIndName_label_en-US" xlink:label="lab_ecd_ForgoneRecoveryIndName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forgone Recovery, Individual Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ForgoneRecoveryIndName" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ForgoneRecoveryIndName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ForgoneRecoveryIndName" xlink:to="lab_ecd_ForgoneRecoveryIndName" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_019f393c-a505-74d1-aaa1-878fdedc133b_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FurnitureFixtureAndEquipmentPurchasePriceAllocation_019f393c-a506-71b2-9fc9-079a9a1bd3ca_terseLabel_en-US" xlink:label="lab_ck0001893262_FurnitureFixtureAndEquipmentPurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Furniture, fixtures and equipment</link:label>
    <link:label id="lab_ck0001893262_FurnitureFixtureAndEquipmentPurchasePriceAllocation_label_en-US" xlink:label="lab_ck0001893262_FurnitureFixtureAndEquipmentPurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Furniture Fixture and Equipment Purchase Price Allocation</link:label>
    <link:label id="lab_ck0001893262_FurnitureFixtureAndEquipmentPurchasePriceAllocation_documentation_en-US" xlink:label="lab_ck0001893262_FurnitureFixtureAndEquipmentPurchasePriceAllocation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Furniture fixture and equipment purchase price allocation.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FurnitureFixtureAndEquipmentPurchasePriceAllocation" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FurnitureFixtureAndEquipmentPurchasePriceAllocation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FurnitureFixtureAndEquipmentPurchasePriceAllocation" xlink:to="lab_ck0001893262_FurnitureFixtureAndEquipmentPurchasePriceAllocation" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_NonGaapMeasureDescriptionTextBlock_terseLabel_en-US" xlink:label="lab_ecd_NonGaapMeasureDescriptionTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-GAAP Measure Description</link:label>
    <link:label id="lab_ecd_NonGaapMeasureDescriptionTextBlock_label_en-US" xlink:label="lab_ecd_NonGaapMeasureDescriptionTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-GAAP Measure Description [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NonGaapMeasureDescriptionTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_NonGaapMeasureDescriptionTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NonGaapMeasureDescriptionTextBlock" xlink:to="lab_ecd_NonGaapMeasureDescriptionTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CapitalizedInvestment_019f393c-a590-7099-b49a-9fc6e4b3cc9a_terseLabel_en-US" xlink:label="lab_ck0001893262_CapitalizedInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capitalized investment</link:label>
    <link:label id="lab_ck0001893262_CapitalizedInvestment_label_en-US" xlink:label="lab_ck0001893262_CapitalizedInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capitalized Investment</link:label>
    <link:label id="lab_ck0001893262_CapitalizedInvestment_documentation_en-US" xlink:label="lab_ck0001893262_CapitalizedInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capitalized investment.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CapitalizedInvestment" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CapitalizedInvestment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CapitalizedInvestment" xlink:to="lab_ck0001893262_CapitalizedInvestment" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AssumptionOfWorkingCapitalInConjunctionWithAcquisitionOfRealEstate_019fc897-d9f4-7080-b18e-fed974979397_terseLabel_en-US" xlink:label="lab_ck0001893262_AssumptionOfWorkingCapitalInConjunctionWithAcquisitionOfRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assumption Of Working Capital In Conjunction With Acquisition Of Real Estate</link:label>
    <link:label id="lab_ck0001893262_AssumptionOfWorkingCapitalInConjunctionWithAcquisitionOfRealEstate_label_en-US" xlink:label="lab_ck0001893262_AssumptionOfWorkingCapitalInConjunctionWithAcquisitionOfRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assumption Of Working Capital In Conjunction With Acquisition Of Real Estate</link:label>
    <link:label id="lab_ck0001893262_AssumptionOfWorkingCapitalInConjunctionWithAcquisitionOfRealEstate_documentation_en-US" xlink:label="lab_ck0001893262_AssumptionOfWorkingCapitalInConjunctionWithAcquisitionOfRealEstate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Assumption Of Working Capital In Conjunction With Acquisition Of Real Estate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AssumptionOfWorkingCapitalInConjunctionWithAcquisitionOfRealEstate" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AssumptionOfWorkingCapitalInConjunctionWithAcquisitionOfRealEstate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AssumptionOfWorkingCapitalInConjunctionWithAcquisitionOfRealEstate" xlink:to="lab_ck0001893262_AssumptionOfWorkingCapitalInConjunctionWithAcquisitionOfRealEstate" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_SecondPublicOfferingMember_019f393c-a591-706b-b259-96a49dcf56f5_terseLabel_en-US" xlink:label="lab_ck0001893262_SecondPublicOfferingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Second Public Offering</link:label>
    <link:label id="lab_ck0001893262_SecondPublicOfferingMember_label_en-US" xlink:label="lab_ck0001893262_SecondPublicOfferingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Second Public Offering [Member]</link:label>
    <link:label id="lab_ck0001893262_SecondPublicOfferingMember_documentation_en-US" xlink:label="lab_ck0001893262_SecondPublicOfferingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Second public offering.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_SecondPublicOfferingMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_SecondPublicOfferingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_SecondPublicOfferingMember" xlink:to="lab_ck0001893262_SecondPublicOfferingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementLineItems_019f393c-a590-74ad-8b2b-2a40445aebfd_terseLabel_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement [Line Items]</link:label>
    <link:label id="lab_us-gaap_StatementLineItems_label_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StatementLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_Assets_019f393c-a505-7264-86d2-2e27f861c264_totalLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:label id="lab_us-gaap_Assets_019f393c-a505-7b76-9afa-7d9dc8eb99c0_terseLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:label id="lab_us-gaap_Assets_label_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Assets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember_019f393c-a505-7c98-ac3c-3b43864cb4c5_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">SOFR Rate</link:label>
    <link:label id="lab_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember_label_en-US" xlink:label="lab_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember" xlink:to="lab_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentIncomeNet_019f393c-a591-7982-a763-09aff93f60bf_totalLabel_en-US" xlink:label="lab_us-gaap_InvestmentIncomeNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_InvestmentIncomeNet_label_en-US" xlink:label="lab_us-gaap_InvestmentIncomeNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Income, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeNet" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentIncomeNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeNet" xlink:to="lab_us-gaap_InvestmentIncomeNet" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfPositionOwnedInRealEstateDebtInvestment_019f393c-a505-77b1-82ea-3ead55282861_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfPositionOwnedInRealEstateDebtInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of position owned in real estate debt investment</link:label>
    <link:label id="lab_ck0001893262_NumberOfPositionOwnedInRealEstateDebtInvestment_label_en-US" xlink:label="lab_ck0001893262_NumberOfPositionOwnedInRealEstateDebtInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Position Owned in Real Estate Debt Investment</link:label>
    <link:label id="lab_ck0001893262_NumberOfPositionOwnedInRealEstateDebtInvestment_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfPositionOwnedInRealEstateDebtInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of position owned in real estate debt investment.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfPositionOwnedInRealEstateDebtInvestment" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfPositionOwnedInRealEstateDebtInvestment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfPositionOwnedInRealEstateDebtInvestment" xlink:to="lab_ck0001893262_NumberOfPositionOwnedInRealEstateDebtInvestment" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonStockValueRegistered_019f393c-a506-740b-8d8e-0f7c9b4f53f2_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonStockValueRegistered" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, shares registered, amount</link:label>
    <link:label id="lab_ck0001893262_CommonStockValueRegistered_label_en-US" xlink:label="lab_ck0001893262_CommonStockValueRegistered" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock Value Registered</link:label>
    <link:label id="lab_ck0001893262_CommonStockValueRegistered_documentation_en-US" xlink:label="lab_ck0001893262_CommonStockValueRegistered" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common stock value registered.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonStockValueRegistered" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonStockValueRegistered"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonStockValueRegistered" xlink:to="lab_ck0001893262_CommonStockValueRegistered" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingSegmentsMember_019f393c-a590-7317-9b7e-d2292a360523_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating Segments</link:label>
    <link:label id="lab_us-gaap_OperatingSegmentsMember_label_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Segments [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingSegmentsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingSegmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingSegmentsMember" xlink:to="lab_us-gaap_OperatingSegmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestExpenseNonoperating_019f393c-a505-7e27-b318-f71e79a35e18_negatedLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseNonoperating" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest expense</link:label>
    <link:label id="lab_us-gaap_InterestExpenseNonoperating_label_en-US" xlink:label="lab_us-gaap_InterestExpenseNonoperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense, Nonoperating</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseNonoperating" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestExpenseNonoperating"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseNonoperating" xlink:to="lab_us-gaap_InterestExpenseNonoperating" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassifyToDistributionPayableOrPaid_019f393c-a590-78cf-b7c4-b782bbbce500_negatedTerseLabel_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassifyToDistributionPayableOrPaid" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Reclassify to distributions payable/paid</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassifyToDistributionPayableOrPaid_label_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassifyToDistributionPayableOrPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Reclassify To Distribution Payable Or Paid</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassifyToDistributionPayableOrPaid_documentation_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassifyToDistributionPayableOrPaid" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Reclassify To Distribution Payable Or Paid</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassifyToDistributionPayableOrPaid" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassifyToDistributionPayableOrPaid"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassifyToDistributionPayableOrPaid" xlink:to="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassifyToDistributionPayableOrPaid" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_019f393c-a505-7261-bb2e-924f7855f692_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</link:label>
    <link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:to="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDistributionsDeclared_019f393c-a590-79fc-bf6d-f0074231b7f7_negatedTerseLabel_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDistributionsDeclared" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Distributions declared</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDistributionsDeclared_label_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDistributionsDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Distributions Declared</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDistributionsDeclared_documentation_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDistributionsDeclared" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Distributions Declared</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDistributionsDeclared" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDistributionsDeclared"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDistributionsDeclared" xlink:to="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDistributionsDeclared" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeoMember_terseLabel_en-US" xlink:label="lab_ecd_PeoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PEO</link:label>
    <link:label id="lab_ecd_PeoMember_label_en-US" xlink:label="lab_ecd_PeoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PEO [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeoMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PeoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeoMember" xlink:to="lab_ecd_PeoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_019f393c-a590-7323-808f-7e90adf7f1fc_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2028</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Maturity, Year Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RedeemableNoncontrollingInterestRollForward_019f393c-a591-7c16-b5bd-fe868c157ef1_terseLabel_en-US" xlink:label="lab_ck0001893262_RedeemableNoncontrollingInterestRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity, Attributable to Noncontrolling Interest [Roll Forward]</link:label>
    <link:label id="lab_ck0001893262_RedeemableNoncontrollingInterestRollForward_label_en-US" xlink:label="lab_ck0001893262_RedeemableNoncontrollingInterestRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redeemable Noncontrolling Interest [Roll Forward]</link:label>
    <link:label id="lab_ck0001893262_RedeemableNoncontrollingInterestRollForward_documentation_en-US" xlink:label="lab_ck0001893262_RedeemableNoncontrollingInterestRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Redeemable Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RedeemableNoncontrollingInterestRollForward" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RedeemableNoncontrollingInterestRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RedeemableNoncontrollingInterestRollForward" xlink:to="lab_ck0001893262_RedeemableNoncontrollingInterestRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_IndustrialSegmentMember_019f393c-a590-7d4d-85b8-57136f5835bc_terseLabel_en-US" xlink:label="lab_ck0001893262_IndustrialSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Industrial</link:label>
    <link:label id="lab_ck0001893262_IndustrialSegmentMember_label_en-US" xlink:label="lab_ck0001893262_IndustrialSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Industrial Segment [Member]</link:label>
    <link:label id="lab_ck0001893262_IndustrialSegmentMember_documentation_en-US" xlink:label="lab_ck0001893262_IndustrialSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Industrial Segment.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_IndustrialSegmentMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_IndustrialSegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_IndustrialSegmentMember" xlink:to="lab_ck0001893262_IndustrialSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfOwnedInRealEstateProperties_019f393c-a590-7a45-9375-756aca1f8973_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfOwnedInRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of owned in real estate properties</link:label>
    <link:label id="lab_ck0001893262_NumberOfOwnedInRealEstateProperties_label_en-US" xlink:label="lab_ck0001893262_NumberOfOwnedInRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Owned In Real Estate Properties</link:label>
    <link:label id="lab_ck0001893262_NumberOfOwnedInRealEstateProperties_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfOwnedInRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of owned in real estate properties.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfOwnedInRealEstateProperties" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfOwnedInRealEstateProperties"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfOwnedInRealEstateProperties" xlink:to="lab_ck0001893262_NumberOfOwnedInRealEstateProperties" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FinancingReceivableExtensions_019fc8cc-fda4-7813-9688-e44f86d3d067_terseLabel_en-US" xlink:label="lab_ck0001893262_FinancingReceivableExtensions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financing receivable extensions</link:label>
    <link:label id="lab_ck0001893262_FinancingReceivableExtensions_label_en-US" xlink:label="lab_ck0001893262_FinancingReceivableExtensions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable Extensions</link:label>
    <link:label id="lab_ck0001893262_FinancingReceivableExtensions_documentation_en-US" xlink:label="lab_ck0001893262_FinancingReceivableExtensions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financing Receivable Extensions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FinancingReceivableExtensions" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FinancingReceivableExtensions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FinancingReceivableExtensions" xlink:to="lab_ck0001893262_FinancingReceivableExtensions" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_SecondAmendmentToSubscriptionAgreementMember_019f393c-a506-7a2d-b7c3-5c95a06544c8_terseLabel_en-US" xlink:label="lab_ck0001893262_SecondAmendmentToSubscriptionAgreementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Second Amendment to Subscription Agreement</link:label>
    <link:label id="lab_ck0001893262_SecondAmendmentToSubscriptionAgreementMember_label_en-US" xlink:label="lab_ck0001893262_SecondAmendmentToSubscriptionAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Second Amendment To Subscription Agreement [Member]</link:label>
    <link:label id="lab_ck0001893262_SecondAmendmentToSubscriptionAgreementMember_documentation_en-US" xlink:label="lab_ck0001893262_SecondAmendmentToSubscriptionAgreementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Second amendment to subscription agreement.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_SecondAmendmentToSubscriptionAgreementMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_SecondAmendmentToSubscriptionAgreementMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_SecondAmendmentToSubscriptionAgreementMember" xlink:to="lab_ck0001893262_SecondAmendmentToSubscriptionAgreementMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt_terseLabel_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Violation of Home Country Law, Amount</link:label>
    <link:label id="lab_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt_label_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Violation of Home Country Law, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" xlink:to="lab_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PeriodForReimbursementOfOperatingExpenses_019f393c-a506-753c-a705-4cc91693badf_terseLabel_en-US" xlink:label="lab_ck0001893262_PeriodForReimbursementOfOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period for reimbursement of operating expenses</link:label>
    <link:label id="lab_ck0001893262_PeriodForReimbursementOfOperatingExpenses_label_en-US" xlink:label="lab_ck0001893262_PeriodForReimbursementOfOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period For Reimbursement Of Operating Expenses</link:label>
    <link:label id="lab_ck0001893262_PeriodForReimbursementOfOperatingExpenses_documentation_en-US" xlink:label="lab_ck0001893262_PeriodForReimbursementOfOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period for reimbursement of operating expenses.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PeriodForReimbursementOfOperatingExpenses" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PeriodForReimbursementOfOperatingExpenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PeriodForReimbursementOfOperatingExpenses" xlink:to="lab_ck0001893262_PeriodForReimbursementOfOperatingExpenses" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_019f393c-a505-7bd1-9689-e49a27358325_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Measurement Inputs and Valuation Techniques [Line Items]</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement Inputs and Valuation Techniques [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsFairValueDisclosure_019f393c-a590-73fd-92a1-34a2f1d865b2_terseLabel_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mandatorily Redeemable Instruments</link:label>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsFairValueDisclosure_label_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mandatorily Redeemable Instruments, Fair Value Disclosure</link:label>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsFairValueDisclosure_documentation_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mandatorily Redeemable Instruments, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_MandatorilyRedeemableInstrumentsFairValueDisclosure" xlink:href="ck0001893262-20260630.xsd#ck0001893262_MandatorilyRedeemableInstrumentsFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_MandatorilyRedeemableInstrumentsFairValueDisclosure" xlink:to="lab_ck0001893262_MandatorilyRedeemableInstrumentsFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsequentEventTypeDomain_019f393c-a590-7dba-a894-b9f5061c7aa6_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Domain]</link:label>
    <link:label id="lab_us-gaap_SubsequentEventTypeDomain_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SubsequentEventTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_us-gaap_SubsequentEventTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherAccountsPayableAndAccruedLiabilities_019f393c-a506-707c-ac1e-216cf37a16f0_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_us-gaap_OtherAccountsPayableAndAccruedLiabilities_label_en-US" xlink:label="lab_us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Accounts Payable and Accrued Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAccountsPayableAndAccruedLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:to="lab_us-gaap_OtherAccountsPayableAndAccruedLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_InvestmentsMeasurementInput_019f393c-a505-7f76-8c78-d73ad651c676_terseLabel_en-US" xlink:label="lab_ck0001893262_InvestmentsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measurement input</link:label>
    <link:label id="lab_ck0001893262_InvestmentsMeasurementInput_label_en-US" xlink:label="lab_ck0001893262_InvestmentsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments, Measurement Input</link:label>
    <link:label id="lab_ck0001893262_InvestmentsMeasurementInput_documentation_en-US" xlink:label="lab_ck0001893262_InvestmentsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investments, Measurement Input</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_InvestmentsMeasurementInput" xlink:href="ck0001893262-20260630.xsd#ck0001893262_InvestmentsMeasurementInput"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_InvestmentsMeasurementInput" xlink:to="lab_ck0001893262_InvestmentsMeasurementInput" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RetainedEarningsMember_019f393c-a590-72c6-9f18-9d0c69b008b7_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated Deficit</link:label>
    <link:label id="lab_us-gaap_RetainedEarningsMember_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained Earnings [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RetainedEarningsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingExpenses_019f393c-a506-7ff8-a3e8-dddcc1ac3f35_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total expenses</link:label>
    <link:label id="lab_us-gaap_OperatingExpenses_019f393c-a506-7a14-b5d3-919ebd8f0e92_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating expenses</link:label>
    <link:label id="lab_us-gaap_OperatingExpenses_label_en-US" xlink:label="lab_us-gaap_OperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Expenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingExpenses" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingExpenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="lab_us-gaap_OperatingExpenses" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonClassEMember_019f393c-a590-7308-b17d-3bf6fa144b89_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassEMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock Class E</link:label>
    <link:label id="lab_ck0001893262_CommonClassEMember_019f393c-a590-7c3d-976c-6eb09ca74cca_verboseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassEMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Class E Shares</link:label>
    <link:label id="lab_ck0001893262_CommonClassEMember_019f393c-a590-7343-9c02-d87bdf54e604_netLabel_en-US" xlink:label="lab_ck0001893262_CommonClassEMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Class E</link:label>
    <link:label id="lab_ck0001893262_CommonClassEMember_label_en-US" xlink:label="lab_ck0001893262_CommonClassEMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Class E [Member]</link:label>
    <link:label id="lab_ck0001893262_CommonClassEMember_documentation_en-US" xlink:label="lab_ck0001893262_CommonClassEMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common class E.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonClassEMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonClassEMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonClassEMember" xlink:to="lab_ck0001893262_CommonClassEMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RevolvingCreditFacilityMember_019f393c-a590-7ced-8f71-a00b57debdb3_terseLabel_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unsecured Revolving Loan</link:label>
    <link:label id="lab_us-gaap_RevolvingCreditFacilityMember_label_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revolving Credit Facility [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevolvingCreditFacilityMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RevolvingCreditFacilityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevolvingCreditFacilityMember" xlink:to="lab_us-gaap_RevolvingCreditFacilityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_019f393c-a590-7b13-8665-42d8d56435de_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Measurements</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ErrCompRecoveryTable_terseLabel_en-US" xlink:label="lab_ecd_ErrCompRecoveryTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Erroneously Awarded Compensation Recovery</link:label>
    <link:label id="lab_ecd_ErrCompRecoveryTable_label_en-US" xlink:label="lab_ecd_ErrCompRecoveryTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Erroneously Awarded Compensation Recovery [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ErrCompRecoveryTable" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ErrCompRecoveryTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ErrCompRecoveryTable" xlink:to="lab_ecd_ErrCompRecoveryTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferings_019f393c-a590-763b-9d9f-39d66b6f013f_terseLabel_en-US" xlink:label="lab_ck0001893262_PercentageOfProceedsFromNetMonthlyOfferings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of proceeds from net monthly offerings</link:label>
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    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]</link:label>
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    <link:label id="lab_ck0001893262_RealizedLossOnRealEstate_019fc894-541f-7453-8881-aa4e46739bf6_terseLabel_en-US" xlink:label="lab_ck0001893262_RealizedLossOnRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Realized loss on sale of real estate</link:label>
    <link:label id="lab_ck0001893262_RealizedLossOnRealEstate_label_en-US" xlink:label="lab_ck0001893262_RealizedLossOnRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Realized Loss On Real Estate</link:label>
    <link:label id="lab_ck0001893262_RealizedLossOnRealEstate_documentation_en-US" xlink:label="lab_ck0001893262_RealizedLossOnRealEstate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Realized Loss On Real Estate</link:label>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_019f393c-a505-781c-8aeb-f2e055ef1502_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_019f393c-a506-798a-98ad-843525a7940c_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, shares outstanding (in shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_019f393c-a506-787a-bf63-f9663c939c56_periodStartLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_019f393c-a506-7824-a27c-a2e448b9fd84_periodEndLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, Shares, Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardTmgDiscLineItems_label_en-US" xlink:label="lab_ecd_AwardTmgDiscLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Timing Disclosures [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardTmgDiscLineItems" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardTmgDiscLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardTmgDiscLineItems" xlink:to="lab_ecd_AwardTmgDiscLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarningsPerShareDiluted_019f393c-a506-7c5f-9ee1-89af4c79da9a_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net (loss) income per share of common stock &#8211; diluted (usd per share)</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareDiluted_019f393c-a506-750a-ac52-7cf7b0af6498_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Diluted net (loss) income per share of common stock - diluted (usd per share)</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareDiluted_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Diluted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareDiluted" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EarningsPerShareDiluted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted" xlink:to="lab_us-gaap_EarningsPerShareDiluted" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCurrentReportingStatus_019f393c-a590-7c71-962e-d8c5daa4189d_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:label id="lab_dei_EntityCurrentReportingStatus_label_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityCurrentReportingStatus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_019f393c-a505-7017-98a3-84d84af6f6a4_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by financing activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Provided by (Used in) Financing Activity, Including Discontinued Operation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TotalShareholderRtnAmt_terseLabel_en-US" xlink:label="lab_ecd_TotalShareholderRtnAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total Shareholder Return Amount</link:label>
    <link:label id="lab_ecd_TotalShareholderRtnAmt_label_en-US" xlink:label="lab_ecd_TotalShareholderRtnAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Shareholder Return Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TotalShareholderRtnAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TotalShareholderRtnAmt"/>
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    <link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_019f393c-a506-7ade-8fad-a7a5fb4f8a6e_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities:</link:label>
    <link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities, Fair Value Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_UnrealizedGainLossOnInvestments_019f393c-a590-7b5a-a145-5c00b6dc3584_terseLabel_en-US" xlink:label="lab_us-gaap_UnrealizedGainLossOnInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unrealized gain (loss)</link:label>
    <link:label id="lab_us-gaap_UnrealizedGainLossOnInvestments_019f393c-a590-76b2-ac13-50599bba0087_verboseLabel_en-US" xlink:label="lab_us-gaap_UnrealizedGainLossOnInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Unrealized (loss) gain</link:label>
    <link:label id="lab_us-gaap_UnrealizedGainLossOnInvestments_label_en-US" xlink:label="lab_us-gaap_UnrealizedGainLossOnInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unrealized Gain (Loss) on Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrealizedGainLossOnInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UnrealizedGainLossOnInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrealizedGainLossOnInvestments" xlink:to="lab_us-gaap_UnrealizedGainLossOnInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LineOfCreditFacilityLineItems_019f393c-a506-7875-a5e9-5ddfcdc51903_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit Facility [Line Items]</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityLineItems_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LineOfCreditFacilityLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityLineItems" xlink:to="lab_us-gaap_LineOfCreditFacilityLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_019f393c-a506-7aaa-9300-b50a41e68d8f_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived [Line Items]</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_InterestCostsOnMandatorilyRedeemableInstruments_019f393c-a591-7ad1-bece-1e8311ef895a_terseLabel_en-US" xlink:label="lab_ck0001893262_InterestCostsOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest costs on mandatorily redeemable instruments</link:label>
    <link:label id="lab_ck0001893262_InterestCostsOnMandatorilyRedeemableInstruments_label_en-US" xlink:label="lab_ck0001893262_InterestCostsOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Costs on Mandatorily Redeemable Instruments</link:label>
    <link:label id="lab_ck0001893262_InterestCostsOnMandatorilyRedeemableInstruments_documentation_en-US" xlink:label="lab_ck0001893262_InterestCostsOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest costs on mandatorily redeemable instruments.</link:label>
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    <link:label id="lab_srt_OwnershipDomain_019fc8e5-f377-7aa5-858b-4b7a11d45675_terseLabel_en-US" xlink:label="lab_srt_OwnershipDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ownership [Domain]</link:label>
    <link:label id="lab_srt_OwnershipDomain_label_en-US" xlink:label="lab_srt_OwnershipDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ownership [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_OwnershipDomain" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_OwnershipDomain"/>
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    <link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_019f393c-a506-7295-9c66-759e915a4e35_terseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustments to reconcile net (loss) income to net cash provided by operating activities:</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_019f393c-a505-7af4-9de5-67cc5ab4c0ee_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2029</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateRelatedSecurities_019f393c-a506-73b7-bce6-8a9e59fc3e3c_verboseLabel_en-US" xlink:label="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateRelatedSecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Income from investments in real estate-related and other securities</link:label>
    <link:label id="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateRelatedSecurities_label_en-US" xlink:label="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateRelatedSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Loss From Investment In Real Estate Related Securities</link:label>
    <link:label id="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateRelatedSecurities_documentation_en-US" xlink:label="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateRelatedSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income loss from investment in real estate related securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_IncomeLossFromInvestmentInRealEstateRelatedSecurities" xlink:href="ck0001893262-20260630.xsd#ck0001893262_IncomeLossFromInvestmentInRealEstateRelatedSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_IncomeLossFromInvestmentInRealEstateRelatedSecurities" xlink:to="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateRelatedSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AccountsPayableAccruedExpensesAndOtherLiabilitiesCurrentAndNonCurrent_019f393c-a505-7e51-9065-40bdaa24fde5_terseLabel_en-US" xlink:label="lab_ck0001893262_AccountsPayableAccruedExpensesAndOtherLiabilitiesCurrentAndNonCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts payable, accrued expenses and other liabilities</link:label>
    <link:label id="lab_ck0001893262_AccountsPayableAccruedExpensesAndOtherLiabilitiesCurrentAndNonCurrent_label_en-US" xlink:label="lab_ck0001893262_AccountsPayableAccruedExpensesAndOtherLiabilitiesCurrentAndNonCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts Payable Accrued Expenses And Other Liabilities Current And Non Current</link:label>
    <link:label id="lab_ck0001893262_AccountsPayableAccruedExpensesAndOtherLiabilitiesCurrentAndNonCurrent_documentation_en-US" xlink:label="lab_ck0001893262_AccountsPayableAccruedExpensesAndOtherLiabilitiesCurrentAndNonCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accounts payable accrued expenses and other liabilities current and non current.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AccountsPayableAccruedExpensesAndOtherLiabilitiesCurrentAndNonCurrent" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AccountsPayableAccruedExpensesAndOtherLiabilitiesCurrentAndNonCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AccountsPayableAccruedExpensesAndOtherLiabilitiesCurrentAndNonCurrent" xlink:to="lab_ck0001893262_AccountsPayableAccruedExpensesAndOtherLiabilitiesCurrentAndNonCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IPOMember_019f393c-a506-70a1-a423-f8523797684c_terseLabel_en-US" xlink:label="lab_us-gaap_IPOMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Primary Offering</link:label>
    <link:label id="lab_us-gaap_IPOMember_label_en-US" xlink:label="lab_us-gaap_IPOMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">IPO [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IPOMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IPOMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IPOMember" xlink:to="lab_us-gaap_IPOMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_019f393c-a590-78a6-b3d2-9983177ffa5c_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from financing activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Provided by (Used in) Financing Activity, Including Discontinued Operation [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock_019f393c-a591-77e0-b7a1-7359fef37ed5_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Number of Shares Authorized and Par Value</link:label>
    <link:label id="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Stockholders Equity [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfStockholdersEquityTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PaymentsToAcquireRealEstateExcludingDepositOnRealEstateAcquisition_019f393c-a505-70cf-a9a1-bca2d6e4419f_negatedLabel_en-US" xlink:label="lab_ck0001893262_PaymentsToAcquireRealEstateExcludingDepositOnRealEstateAcquisition" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Acquisitions of real estate</link:label>
    <link:label id="lab_ck0001893262_PaymentsToAcquireRealEstateExcludingDepositOnRealEstateAcquisition_label_en-US" xlink:label="lab_ck0001893262_PaymentsToAcquireRealEstateExcludingDepositOnRealEstateAcquisition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments To Acquire Real Estate Excluding Deposit On Real Estate Acquisition</link:label>
    <link:label id="lab_ck0001893262_PaymentsToAcquireRealEstateExcludingDepositOnRealEstateAcquisition_documentation_en-US" xlink:label="lab_ck0001893262_PaymentsToAcquireRealEstateExcludingDepositOnRealEstateAcquisition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments to acquire real estate excluding deposit on real estate acquisition.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PaymentsToAcquireRealEstateExcludingDepositOnRealEstateAcquisition" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PaymentsToAcquireRealEstateExcludingDepositOnRealEstateAcquisition"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PaymentsToAcquireRealEstateExcludingDepositOnRealEstateAcquisition" xlink:to="lab_ck0001893262_PaymentsToAcquireRealEstateExcludingDepositOnRealEstateAcquisition" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_019f393c-a590-7f98-8080-d21ea566543f_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial Instruments [Domain]</link:label>
    <link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_label_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instruments [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_IncreaseInMaximumBorrowingCapacityOfCreditFacility_019f393c-a591-7590-b58e-58baa4015156_terseLabel_en-US" xlink:label="lab_ck0001893262_IncreaseInMaximumBorrowingCapacityOfCreditFacility" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase the aggregate commitments amount</link:label>
    <link:label id="lab_ck0001893262_IncreaseInMaximumBorrowingCapacityOfCreditFacility_label_en-US" xlink:label="lab_ck0001893262_IncreaseInMaximumBorrowingCapacityOfCreditFacility" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase In Maximum Borrowing Capacity Of Credit Facility</link:label>
    <link:label id="lab_ck0001893262_IncreaseInMaximumBorrowingCapacityOfCreditFacility_documentation_en-US" xlink:label="lab_ck0001893262_IncreaseInMaximumBorrowingCapacityOfCreditFacility" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase in maximum borrowing capacity of credit facility.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_IncreaseInMaximumBorrowingCapacityOfCreditFacility" xlink:href="ck0001893262-20260630.xsd#ck0001893262_IncreaseInMaximumBorrowingCapacityOfCreditFacility"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_IncreaseInMaximumBorrowingCapacityOfCreditFacility" xlink:to="lab_ck0001893262_IncreaseInMaximumBorrowingCapacityOfCreditFacility" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_019f393c-a590-7743-8081-fd6f3f619626_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Numerator:</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_StockholderServicingFeePerShareOfCommonStock_019f393c-a591-7859-9348-2767d6419b3e_terseLabel_en-US" xlink:label="lab_ck0001893262_StockholderServicingFeePerShareOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stockholder servicing fee per share of common stock (usd per share)</link:label>
    <link:label id="lab_ck0001893262_StockholderServicingFeePerShareOfCommonStock_label_en-US" xlink:label="lab_ck0001893262_StockholderServicingFeePerShareOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stockholder Servicing Fee Per Share of Common Stock</link:label>
    <link:label id="lab_ck0001893262_StockholderServicingFeePerShareOfCommonStock_documentation_en-US" xlink:label="lab_ck0001893262_StockholderServicingFeePerShareOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Stockholder servicing fee per share of common stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_StockholderServicingFeePerShareOfCommonStock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_StockholderServicingFeePerShareOfCommonStock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_StockholderServicingFeePerShareOfCommonStock" xlink:to="lab_ck0001893262_StockholderServicingFeePerShareOfCommonStock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_StablewoodMember_019f393c-a590-76a2-adab-dd4c9127a272_terseLabel_en-US" xlink:label="lab_ck0001893262_StablewoodMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stablewood</link:label>
    <link:label id="lab_ck0001893262_StablewoodMember_label_en-US" xlink:label="lab_ck0001893262_StablewoodMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stablewood [Member]</link:label>
    <link:label id="lab_ck0001893262_StablewoodMember_documentation_en-US" xlink:label="lab_ck0001893262_StablewoodMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Stablewood.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_StablewoodMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_StablewoodMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_StablewoodMember" xlink:to="lab_ck0001893262_StablewoodMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeAssets_019fba5e-8fe0-7a77-93ad-fd543b86545c_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaps - Asset</link:label>
    <link:label id="lab_us-gaap_DerivativeAssets_label_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssets" xlink:to="lab_us-gaap_DerivativeAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsAmount_019f393c-a505-7fe4-bad6-7ed0249322fb_terseLabel_en-US" xlink:label="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchases of shares, amount</link:label>
    <link:label id="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsAmount_019f393c-a505-7ff5-a9e0-71f03109ce4d_negatedLabel_en-US" xlink:label="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsAmount" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repurchases</link:label>
    <link:label id="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsAmount_label_en-US" xlink:label="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchases of Mandatorily Redeemable Instruments, Amount</link:label>
    <link:label id="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsAmount_documentation_en-US" xlink:label="lab_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Repurchases of mandatorily redeemable instruments, amount.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsAmount" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RepurchasesOfMandatorilyRedeemableInstrumentsAmount"/>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_019f393c-a590-7bd8-86a1-c44169db1818_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, Class [Axis]</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, Class [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonStockPurchased_019f393c-a505-7ac5-bb86-fd86922043b8_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonStockPurchased" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock purchased</link:label>
    <link:label id="lab_ck0001893262_CommonStockPurchased_label_en-US" xlink:label="lab_ck0001893262_CommonStockPurchased" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock Purchased</link:label>
    <link:label id="lab_ck0001893262_CommonStockPurchased_documentation_en-US" xlink:label="lab_ck0001893262_CommonStockPurchased" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common Stock Purchased</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonStockPurchased" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonStockPurchased"/>
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    <link:label id="lab_ecd_EqtyAwrdsAdjFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_EqtyAwrdsAdjFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Awards Adjustments, Footnote</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ecd_EqtyAwrdsAdjFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_EqtyAwrdsAdjFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_EqtyAwrdsAdjFnTextBlock" xlink:to="lab_ecd_EqtyAwrdsAdjFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardUndrlygSecuritiesAmt_terseLabel_en-US" xlink:label="lab_ecd_AwardUndrlygSecuritiesAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Underlying Securities</link:label>
    <link:label id="lab_ecd_AwardUndrlygSecuritiesAmt_label_en-US" xlink:label="lab_ecd_AwardUndrlygSecuritiesAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Underlying Securities Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardUndrlygSecuritiesAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardUndrlygSecuritiesAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardUndrlygSecuritiesAmt" xlink:to="lab_ecd_AwardUndrlygSecuritiesAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_DistributionExpensesOnMandatorilyRedeemableInstruments_019f393c-a505-76c5-99c3-41623f54e941_terseLabel_en-US" xlink:label="lab_ck0001893262_DistributionExpensesOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distribution expenses on mandatorily redeemable instruments</link:label>
    <link:label id="lab_ck0001893262_DistributionExpensesOnMandatorilyRedeemableInstruments_label_en-US" xlink:label="lab_ck0001893262_DistributionExpensesOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Distribution Expenses on Mandatorily Redeemable Instruments</link:label>
    <link:label id="lab_ck0001893262_DistributionExpensesOnMandatorilyRedeemableInstruments_documentation_en-US" xlink:label="lab_ck0001893262_DistributionExpensesOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Distribution expenses on mandatorily redeemable instruments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_DistributionExpensesOnMandatorilyRedeemableInstruments" xlink:href="ck0001893262-20260630.xsd#ck0001893262_DistributionExpensesOnMandatorilyRedeemableInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_DistributionExpensesOnMandatorilyRedeemableInstruments" xlink:to="lab_ck0001893262_DistributionExpensesOnMandatorilyRedeemableInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_019f393c-a505-7508-af69-b5bcb7bd8724_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock issued, net of offering costs</link:label>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, New Issues</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_InvestmentInRealEstateDebt_019f393c-a590-7d56-ae0c-7dc7bfaad9a0_terseLabel_en-US" xlink:label="lab_ck0001893262_InvestmentInRealEstateDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments in real estate debt</link:label>
    <link:label id="lab_ck0001893262_InvestmentInRealEstateDebt_label_en-US" xlink:label="lab_ck0001893262_InvestmentInRealEstateDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment in Real Estate Debt</link:label>
    <link:label id="lab_ck0001893262_InvestmentInRealEstateDebt_documentation_en-US" xlink:label="lab_ck0001893262_InvestmentInRealEstateDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investment in real estate debt.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_InvestmentInRealEstateDebt" xlink:href="ck0001893262-20260630.xsd#ck0001893262_InvestmentInRealEstateDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_InvestmentInRealEstateDebt" xlink:to="lab_ck0001893262_InvestmentInRealEstateDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ClassEOperatingPartnershipUnitMember_019f393c-a506-74cb-84ff-3eed77598456_terseLabel_en-US" xlink:label="lab_ck0001893262_ClassEOperatingPartnershipUnitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class E Operating Partnership Unit</link:label>
    <link:label id="lab_ck0001893262_ClassEOperatingPartnershipUnitMember_019f393c-a506-7d80-88c0-37695532b5b6_verboseLabel_en-US" xlink:label="lab_ck0001893262_ClassEOperatingPartnershipUnitMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Class E Units</link:label>
    <link:label id="lab_ck0001893262_ClassEOperatingPartnershipUnitMember_label_en-US" xlink:label="lab_ck0001893262_ClassEOperatingPartnershipUnitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class E Operating Partnership Unit [Member]</link:label>
    <link:label id="lab_ck0001893262_ClassEOperatingPartnershipUnitMember_documentation_en-US" xlink:label="lab_ck0001893262_ClassEOperatingPartnershipUnitMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Class E operating partnership unit.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ClassEOperatingPartnershipUnitMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ClassEOperatingPartnershipUnitMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ClassEOperatingPartnershipUnitMember" xlink:to="lab_ck0001893262_ClassEOperatingPartnershipUnitMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionQuarterly_019f393c-a591-7e69-9dac-a3712134fe15_terseLabel_en-US" xlink:label="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionQuarterly" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share repurchase plan, quarterly</link:label>
    <link:label id="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionQuarterly_label_en-US" xlink:label="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionQuarterly" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of Repurchase Plan Restriction Quarterly</link:label>
    <link:label id="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionQuarterly_documentation_en-US" xlink:label="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionQuarterly" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of repurchase plan restriction quarterly.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PercentageOfRepurchasePlanRestrictionQuarterly" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PercentageOfRepurchasePlanRestrictionQuarterly"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PercentageOfRepurchasePlanRestrictionQuarterly" xlink:to="lab_ck0001893262_PercentageOfRepurchasePlanRestrictionQuarterly" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockMember_019f393c-a590-7d60-9504-9eefa3c791ec_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred Stock</link:label>
    <link:label id="lab_us-gaap_PreferredStockMember_label_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PreferredStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockMember" xlink:to="lab_us-gaap_PreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AnnualCatchUpPercentage_019f393c-a506-70be-9d8d-394f8624169e_terseLabel_en-US" xlink:label="lab_ck0001893262_AnnualCatchUpPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual catch-up percentage</link:label>
    <link:label id="lab_ck0001893262_AnnualCatchUpPercentage_label_en-US" xlink:label="lab_ck0001893262_AnnualCatchUpPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Catch-Up Percentage</link:label>
    <link:label id="lab_ck0001893262_AnnualCatchUpPercentage_documentation_en-US" xlink:label="lab_ck0001893262_AnnualCatchUpPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Annual catch-up percentage.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AnnualCatchUpPercentage" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AnnualCatchUpPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AnnualCatchUpPercentage" xlink:to="lab_ck0001893262_AnnualCatchUpPercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfUnitsCollateralUnderLoan_019f393c-a591-769d-82d0-ebe31c93e327_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfUnitsCollateralUnderLoan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of units collateral under loan</link:label>
    <link:label id="lab_ck0001893262_NumberOfUnitsCollateralUnderLoan_label_en-US" xlink:label="lab_ck0001893262_NumberOfUnitsCollateralUnderLoan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Units Collateral Under Loan</link:label>
    <link:label id="lab_ck0001893262_NumberOfUnitsCollateralUnderLoan_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfUnitsCollateralUnderLoan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of units collateral under loan.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfUnitsCollateralUnderLoan" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfUnitsCollateralUnderLoan"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfUnitsCollateralUnderLoan" xlink:to="lab_ck0001893262_NumberOfUnitsCollateralUnderLoan" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ContributionsFromNonControllingInterests_019f393c-a506-75b5-aa29-6aaaad6986eb_terseLabel_en-US" xlink:label="lab_ck0001893262_ContributionsFromNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contributions from non-controlling interests</link:label>
    <link:label id="lab_ck0001893262_ContributionsFromNonControllingInterests_label_en-US" xlink:label="lab_ck0001893262_ContributionsFromNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contributions From Non-Controlling Interests</link:label>
    <link:label id="lab_ck0001893262_ContributionsFromNonControllingInterests_documentation_en-US" xlink:label="lab_ck0001893262_ContributionsFromNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contributions From Non-Controlling Interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ContributionsFromNonControllingInterests" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ContributionsFromNonControllingInterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ContributionsFromNonControllingInterests" xlink:to="lab_ck0001893262_ContributionsFromNonControllingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_019f393c-a591-7faf-8ccf-def866d33d9c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segment Reporting [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_019f393c-a506-74d1-9eab-f59d9299f6c4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Future Principal Payment Due Under Mortgage Notes and Repurchase Facility</link:label>
    <link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Maturities of Long-Term Debt [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_019f393c-a590-76ac-b585-16af8480a63b_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule Of Related Party Transactions By Related Party [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transaction [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeNumberOfInstrumentsHeld_019f393c-a506-7e5e-b665-dc4857457cf8_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNumberOfInstrumentsHeld" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Instruments</link:label>
    <link:label id="lab_us-gaap_DerivativeNumberOfInstrumentsHeld_label_en-US" xlink:label="lab_us-gaap_DerivativeNumberOfInstrumentsHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Number of Instruments Held</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNumberOfInstrumentsHeld" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeNumberOfInstrumentsHeld"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNumberOfInstrumentsHeld" xlink:to="lab_us-gaap_DerivativeNumberOfInstrumentsHeld" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CharlestonMember_019f393c-a505-7dc5-88b2-103e5f8cb347_terseLabel_en-US" xlink:label="lab_ck0001893262_CharlestonMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Charleston</link:label>
    <link:label id="lab_ck0001893262_CharlestonMember_label_en-US" xlink:label="lab_ck0001893262_CharlestonMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Charleston [Member]</link:label>
    <link:label id="lab_ck0001893262_CharlestonMember_documentation_en-US" xlink:label="lab_ck0001893262_CharlestonMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Charleston.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CharlestonMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CharlestonMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CharlestonMember" xlink:to="lab_ck0001893262_CharlestonMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsidiarySaleOfStockAxis_019f393c-a506-7cb9-abb4-f45d35cba30e_terseLabel_en-US" xlink:label="lab_us-gaap_SubsidiarySaleOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of Stock</link:label>
    <link:label id="lab_us-gaap_SubsidiarySaleOfStockAxis_label_en-US" xlink:label="lab_us-gaap_SubsidiarySaleOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsidiarySaleOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SubsidiarySaleOfStockAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis" xlink:to="lab_us-gaap_SubsidiarySaleOfStockAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MultifamilyMember_019f393c-a505-7b62-839a-12094dbe5226_terseLabel_en-US" xlink:label="lab_srt_MultifamilyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Multifamily</link:label>
    <link:label id="lab_srt_MultifamilyMember_label_en-US" xlink:label="lab_srt_MultifamilyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Multifamily [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MultifamilyMember" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_MultifamilyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MultifamilyMember" xlink:to="lab_srt_MultifamilyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_019f393c-a505-7fb4-93c2-02c891675db6_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</link:label>
    <link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherNonoperatingIncomeExpenseAbstract_019f393c-a505-7261-9e04-3e1d0ce0d24c_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other income (expense), net</link:label>
    <link:label id="lab_us-gaap_OtherNonoperatingIncomeExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Nonoperating Income (Expense) [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpenseAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherNonoperatingIncomeExpenseAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpenseAbstract" xlink:to="lab_us-gaap_OtherNonoperatingIncomeExpenseAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AllTradingArrangementsMember_terseLabel_en-US" xlink:label="lab_ecd_AllTradingArrangementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Trading Arrangements</link:label>
    <link:label id="lab_ecd_AllTradingArrangementsMember_label_en-US" xlink:label="lab_ecd_AllTradingArrangementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Trading Arrangements [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AllTradingArrangementsMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AllTradingArrangementsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AllTradingArrangementsMember" xlink:to="lab_ecd_AllTradingArrangementsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_019f393c-a590-7d55-958d-4d9ab5bf0307_periodEndLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_019f393c-a590-70cf-86dd-8f7a9907df4c_periodStartLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Ending balance</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ScheduleOfDueToAffiliatesTableTextBlock_019f393c-a505-779f-92a7-ffec47515131_terseLabel_en-US" xlink:label="lab_ck0001893262_ScheduleOfDueToAffiliatesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Components of Due to Affiliates</link:label>
    <link:label id="lab_ck0001893262_ScheduleOfDueToAffiliatesTableTextBlock_label_en-US" xlink:label="lab_ck0001893262_ScheduleOfDueToAffiliatesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Due to Affiliates [Table Text Block]</link:label>
    <link:label id="lab_ck0001893262_ScheduleOfDueToAffiliatesTableTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_ScheduleOfDueToAffiliatesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule of due to affiliates table text block</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ScheduleOfDueToAffiliatesTableTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ScheduleOfDueToAffiliatesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ScheduleOfDueToAffiliatesTableTextBlock" xlink:to="lab_ck0001893262_ScheduleOfDueToAffiliatesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_019f393c-a591-74cb-b3d5-c68ff2b8cfac_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Measurements, Recurring</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_OtherPerfMeasureAmt_terseLabel_en-US" xlink:label="lab_ecd_OtherPerfMeasureAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Performance Measure, Amount</link:label>
    <link:label id="lab_ecd_OtherPerfMeasureAmt_label_en-US" xlink:label="lab_ecd_OtherPerfMeasureAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Performance Measure, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_OtherPerfMeasureAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_OtherPerfMeasureAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_OtherPerfMeasureAmt" xlink:to="lab_ecd_OtherPerfMeasureAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardTmgMnpiCnsdrdFlag_terseLabel_en-US" xlink:label="lab_ecd_AwardTmgMnpiCnsdrdFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Timing MNPI Considered</link:label>
    <link:label id="lab_ecd_AwardTmgMnpiCnsdrdFlag_label_en-US" xlink:label="lab_ecd_AwardTmgMnpiCnsdrdFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Timing MNPI Considered [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardTmgMnpiCnsdrdFlag" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardTmgMnpiCnsdrdFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardTmgMnpiCnsdrdFlag" xlink:to="lab_ecd_AwardTmgMnpiCnsdrdFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingIncomeLoss_019f393c-a506-7449-8dee-0ef699be2ae1_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Segment net operating income (loss)</link:label>
    <link:label id="lab_us-gaap_OperatingIncomeLoss_label_en-US" xlink:label="lab_us-gaap_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Income (Loss)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="lab_us-gaap_OperatingIncomeLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfSharesSubjectToMandatoryRedemptionTable_019f393c-a590-7300-a4c4-18499987941c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSharesSubjectToMandatoryRedemptionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule Of Shares Subject To Mandatory Redemption [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfSharesSubjectToMandatoryRedemptionTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSharesSubjectToMandatoryRedemptionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instrument Subject to Mandatory Redemption [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSharesSubjectToMandatoryRedemptionTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfSharesSubjectToMandatoryRedemptionTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSharesSubjectToMandatoryRedemptionTable" xlink:to="lab_us-gaap_ScheduleOfSharesSubjectToMandatoryRedemptionTable" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_019f393c-a506-7639-9fdf-0e5dd19ab4fd_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_CurrentFiscalYearEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetFairValueAdjustment_019f393c-a590-7faf-b926-ecbd01bcea99_negatedTerseLabel_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetFairValueAdjustment" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Fair value adjustment</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetFairValueAdjustment_label_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetFairValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Fair Value Adjustment</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetFairValueAdjustment_documentation_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetFairValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value measurement with unobservable input reconciliation recurring basis liability adjustments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetFairValueAdjustment" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetFairValueAdjustment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetFairValueAdjustment" xlink:to="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetFairValueAdjustment" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_NonPeoNeoAvgTotalCompAmt_terseLabel_en-US" xlink:label="lab_ecd_NonPeoNeoAvgTotalCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-PEO NEO Average Total Compensation Amount</link:label>
    <link:label id="lab_ecd_NonPeoNeoAvgTotalCompAmt_label_en-US" xlink:label="lab_ecd_NonPeoNeoAvgTotalCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-PEO NEO Average Total Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NonPeoNeoAvgTotalCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_NonPeoNeoAvgTotalCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NonPeoNeoAvgTotalCompAmt" xlink:to="lab_ecd_NonPeoNeoAvgTotalCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeLineItems_019f393c-a590-7850-a5ef-2a1344c5a792_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative [Line Items]</link:label>
    <link:label id="lab_us-gaap_DerivativeLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLineItems" xlink:to="lab_us-gaap_DerivativeLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockRepurchasedDuringPeriodShares_019f393c-a505-7ced-aa11-fb0290c03818_negatedLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Common stock repurchased</link:label>
    <link:label id="lab_us-gaap_StockRepurchasedDuringPeriodShares_label_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Repurchased During Period, Shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchasedDuringPeriodShares" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockRepurchasedDuringPeriodShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ProceedsFromRealEstateRelatedAndOtherSecurities_019f393c-a505-76e9-afa8-9c2df19602f4_terseLabel_en-US" xlink:label="lab_ck0001893262_ProceedsFromRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from real estate-related and other securities</link:label>
    <link:label id="lab_ck0001893262_ProceedsFromRealEstateRelatedAndOtherSecurities_label_en-US" xlink:label="lab_ck0001893262_ProceedsFromRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds From Real Estate Related And Other Securities</link:label>
    <link:label id="lab_ck0001893262_ProceedsFromRealEstateRelatedAndOtherSecurities_documentation_en-US" xlink:label="lab_ck0001893262_ProceedsFromRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds from real estate related and other securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ProceedsFromRealEstateRelatedAndOtherSecurities" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ProceedsFromRealEstateRelatedAndOtherSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ProceedsFromRealEstateRelatedAndOtherSecurities" xlink:to="lab_ck0001893262_ProceedsFromRealEstateRelatedAndOtherSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember_terseLabel_en-US" xlink:label="lab_ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year</link:label>
    <link:label id="lab_ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember_label_en-US" xlink:label="lab_ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember"/>
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    <link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_019f393c-a590-78e0-83c1-a15f29cd6b6e_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate gross distributions declared per share of common stock (usd per share)</link:label>
    <link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_label_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, Dividends, Per Share, Declared</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockDividendsPerShareDeclared"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFileNumber_019f393c-a591-752f-91e1-d4bc945be169_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_Rule10b51ArrAdoptedFlag_terseLabel_en-US" xlink:label="lab_ecd_Rule10b51ArrAdoptedFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rule 10b5-1 Arrangement Adopted</link:label>
    <link:label id="lab_ecd_Rule10b51ArrAdoptedFlag_label_en-US" xlink:label="lab_ecd_Rule10b51ArrAdoptedFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Rule 10b5-1 Arrangement Adopted [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_Rule10b51ArrAdoptedFlag" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_Rule10b51ArrAdoptedFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_Rule10b51ArrAdoptedFlag" xlink:to="lab_ecd_Rule10b51ArrAdoptedFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_OfficeBuildingMember_019f6769-8e62-710e-93f1-0aa2717b8a00_terseLabel_en-US" xlink:label="lab_srt_OfficeBuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Office</link:label>
    <link:label id="lab_srt_OfficeBuildingMember_label_en-US" xlink:label="lab_srt_OfficeBuildingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Office Building [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_OfficeBuildingMember" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_OfficeBuildingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OfficeBuildingMember" xlink:to="lab_srt_OfficeBuildingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentOwnedAtFairValue_019f393c-a505-766d-a031-bc08ea4ee393_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentOwnedAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value</link:label>
    <link:label id="lab_us-gaap_InvestmentOwnedAtFairValue_label_en-US" xlink:label="lab_us-gaap_InvestmentOwnedAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Owned, Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentOwnedAtFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentOwnedAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentOwnedAtFairValue" xlink:to="lab_us-gaap_InvestmentOwnedAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfUnitsAcquired_019f393c-a506-7d62-9ed5-db7d6be9d651_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfUnitsAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Units</link:label>
    <link:label id="lab_ck0001893262_NumberOfUnitsAcquired_019f393c-a506-7749-81d5-6d80456c1a76_verboseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfUnitsAcquired" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Units</link:label>
    <link:label id="lab_ck0001893262_NumberOfUnitsAcquired_label_en-US" xlink:label="lab_ck0001893262_NumberOfUnitsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Units Acquired</link:label>
    <link:label id="lab_ck0001893262_NumberOfUnitsAcquired_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfUnitsAcquired" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of units acquired.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfUnitsAcquired" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfUnitsAcquired"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfUnitsAcquired" xlink:to="lab_ck0001893262_NumberOfUnitsAcquired" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_019f393c-a506-725c-9f9d-7c7fab74feb9_negatedLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Reclassification to distributions payable/paid</link:label>
    <link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_label_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_RecoveryOfErrCompDisclosureLineItems_label_en-US" xlink:label="lab_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Recovery of Erroneously Awarded Compensation Disclosure [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_RecoveryOfErrCompDisclosureLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:to="lab_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockSharesIssued_019f393c-a591-7a70-83e0-9f298a683ef9_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, shares issued (in shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, Shares, Issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesIssued" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockSharesIssued"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_MeasureAxis_terseLabel_en-US" xlink:label="lab_ecd_MeasureAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measure:</link:label>
    <link:label id="lab_ecd_MeasureAxis_label_en-US" xlink:label="lab_ecd_MeasureAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measure [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_MeasureAxis" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_MeasureAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_MeasureAxis" xlink:to="lab_ecd_MeasureAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_019f393c-a590-70ea-b5df-1279c11f78bb_periodStartLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_019f393c-a590-70da-9062-3e3c8bf9efdf_periodEndLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ReimbursementOfOperatingExpenses_019fc8a4-e5ad-7c93-ac45-6356de86855c_terseLabel_en-US" xlink:label="lab_ck0001893262_ReimbursementOfOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reimbursement of operating expenses</link:label>
    <link:label id="lab_ck0001893262_ReimbursementOfOperatingExpenses_label_en-US" xlink:label="lab_ck0001893262_ReimbursementOfOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reimbursement Of Operating Expenses</link:label>
    <link:label id="lab_ck0001893262_ReimbursementOfOperatingExpenses_documentation_en-US" xlink:label="lab_ck0001893262_ReimbursementOfOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reimbursement Of Operating Expenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ReimbursementOfOperatingExpenses" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ReimbursementOfOperatingExpenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ReimbursementOfOperatingExpenses" xlink:to="lab_ck0001893262_ReimbursementOfOperatingExpenses" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_019f393c-a506-7018-9d15-299c8c104cd0_terseLabel_en-US" xlink:label="lab_ck0001893262_RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distributions declared</link:label>
    <link:label id="lab_ck0001893262_RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_label_en-US" xlink:label="lab_ck0001893262_RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redeemable Noncontrolling Interest Decrease From Distributions To Noncontrolling Interest Holders</link:label>
    <link:label id="lab_ck0001893262_RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_documentation_en-US" xlink:label="lab_ck0001893262_RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Redeemable noncontrolling interest decrease from distributions to noncontrolling interest holders.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="lab_ck0001893262_RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfOutstandingSharesHeldSubjectToMandatoryRepurchaseRequirements_019f393c-a506-7532-89e5-9f69a6780d2a_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfOutstandingSharesHeldSubjectToMandatoryRepurchaseRequirements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of outstanding shares held, subject to mandatory repurchase requirements</link:label>
    <link:label id="lab_ck0001893262_NumberOfOutstandingSharesHeldSubjectToMandatoryRepurchaseRequirements_label_en-US" xlink:label="lab_ck0001893262_NumberOfOutstandingSharesHeldSubjectToMandatoryRepurchaseRequirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Outstanding Shares Held, Subject to Mandatory Repurchase Requirements</link:label>
    <link:label id="lab_ck0001893262_NumberOfOutstandingSharesHeldSubjectToMandatoryRepurchaseRequirements_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfOutstandingSharesHeldSubjectToMandatoryRepurchaseRequirements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of outstanding shares held, subject to mandatory repurchase requirements.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfOutstandingSharesHeldSubjectToMandatoryRepurchaseRequirements" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfOutstandingSharesHeldSubjectToMandatoryRepurchaseRequirements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfOutstandingSharesHeldSubjectToMandatoryRepurchaseRequirements" xlink:to="lab_ck0001893262_NumberOfOutstandingSharesHeldSubjectToMandatoryRepurchaseRequirements" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRepurchases_019f393c-a506-7dbb-9142-9ca6de819596_negatedTerseLabel_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRepurchases" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Repurchases</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRepurchases_label_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRepurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Repurchases</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRepurchases_documentation_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRepurchases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Repurchases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRepurchases" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRepurchases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRepurchases" xlink:to="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRepurchases" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementEquityComponentsAxis_019f393c-a505-7548-a2f8-a2280e5b754e_terseLabel_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Components</link:label>
    <link:label id="lab_us-gaap_StatementEquityComponentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Components [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StatementEquityComponentsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ClassOfStockLineItems_019f393c-a505-770b-a21c-3f58a58f4968_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class of Stock [Line Items]</link:label>
    <link:label id="lab_us-gaap_ClassOfStockLineItems_label_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ClassOfStockLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockLineItems" xlink:to="lab_us-gaap_ClassOfStockLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetAcquisitionTableTextBlock_019f6766-6860-7995-b2af-722cc65159d2_terseLabel_en-US" xlink:label="lab_us-gaap_AssetAcquisitionTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Asset Acquisition</link:label>
    <link:label id="lab_us-gaap_AssetAcquisitionTableTextBlock_label_en-US" xlink:label="lab_us-gaap_AssetAcquisitionTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Acquisition [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetAcquisitionTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetAcquisitionTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionTableTextBlock" xlink:to="lab_us-gaap_AssetAcquisitionTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_LineOfCreditExtensionOptions_019f393c-a505-7a1f-ae54-4ef6c5f608d0_terseLabel_en-US" xlink:label="lab_ck0001893262_LineOfCreditExtensionOptions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Extension options</link:label>
    <link:label id="lab_ck0001893262_LineOfCreditExtensionOptions_label_en-US" xlink:label="lab_ck0001893262_LineOfCreditExtensionOptions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit, Extension Options</link:label>
    <link:label id="lab_ck0001893262_LineOfCreditExtensionOptions_documentation_en-US" xlink:label="lab_ck0001893262_LineOfCreditExtensionOptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Line of Credit, Extension Options</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_LineOfCreditExtensionOptions" xlink:href="ck0001893262-20260630.xsd#ck0001893262_LineOfCreditExtensionOptions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_LineOfCreditExtensionOptions" xlink:to="lab_ck0001893262_LineOfCreditExtensionOptions" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_019f393c-a506-72b6-a91e-4bb939326821_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityInteractiveDataCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableRateAxis_019f393c-a590-7743-bc42-4ffcae9e088e_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:label id="lab_us-gaap_VariableRateAxis_label_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_VariableRateAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis" xlink:to="lab_us-gaap_VariableRateAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_CompActuallyPaidVsOtherMeasureTextBlock_terseLabel_en-US" xlink:label="lab_ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Other Measure</link:label>
    <link:label id="lab_ecd_CompActuallyPaidVsOtherMeasureTextBlock_label_en-US" xlink:label="lab_ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Other Measure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_CompActuallyPaidVsOtherMeasureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:to="lab_ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntitySmallBusiness_019f393c-a590-7f23-bd92-15a8ebd2ed08_terseLabel_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Small Business</link:label>
    <link:label id="lab_dei_EntitySmallBusiness_label_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Small Business</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntitySmallBusiness" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntitySmallBusiness"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitySmallBusiness" xlink:to="lab_dei_EntitySmallBusiness" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NeighborhoodShoppingCenterMember_019fc8cf-71e3-7b87-ba85-2e22941a93c9_terseLabel_en-US" xlink:label="lab_ck0001893262_NeighborhoodShoppingCenterMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Neighborhood Shopping Center</link:label>
    <link:label id="lab_ck0001893262_NeighborhoodShoppingCenterMember_label_en-US" xlink:label="lab_ck0001893262_NeighborhoodShoppingCenterMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Neighborhood Shopping Center [Member]</link:label>
    <link:label id="lab_ck0001893262_NeighborhoodShoppingCenterMember_documentation_en-US" xlink:label="lab_ck0001893262_NeighborhoodShoppingCenterMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Neighborhood Shopping Center</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NeighborhoodShoppingCenterMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NeighborhoodShoppingCenterMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NeighborhoodShoppingCenterMember" xlink:to="lab_ck0001893262_NeighborhoodShoppingCenterMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_DebtSecuritiesTradingAndEquitySecuritiesFvNiFaceAmount_019f393c-a590-7020-8238-85722208a086_terseLabel_en-US" xlink:label="lab_ck0001893262_DebtSecuritiesTradingAndEquitySecuritiesFvNiFaceAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Face Amount</link:label>
    <link:label id="lab_ck0001893262_DebtSecuritiesTradingAndEquitySecuritiesFvNiFaceAmount_label_en-US" xlink:label="lab_ck0001893262_DebtSecuritiesTradingAndEquitySecuritiesFvNiFaceAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities Trading And Equity Securities Fv Ni Face Amount</link:label>
    <link:label id="lab_ck0001893262_DebtSecuritiesTradingAndEquitySecuritiesFvNiFaceAmount_documentation_en-US" xlink:label="lab_ck0001893262_DebtSecuritiesTradingAndEquitySecuritiesFvNiFaceAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt securities trading and equity securities fv ni face amount.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_DebtSecuritiesTradingAndEquitySecuritiesFvNiFaceAmount" xlink:href="ck0001893262-20260630.xsd#ck0001893262_DebtSecuritiesTradingAndEquitySecuritiesFvNiFaceAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_DebtSecuritiesTradingAndEquitySecuritiesFvNiFaceAmount" xlink:to="lab_ck0001893262_DebtSecuritiesTradingAndEquitySecuritiesFvNiFaceAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfNetWorkingCapitalAssumed_019f393c-a506-79dc-9589-4dad5a87a081_negatedLabel_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfNetWorkingCapitalAssumed" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Net working capital assumed</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfNetWorkingCapitalAssumed_label_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfNetWorkingCapitalAssumed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Acquisition Purchase Price Allocation of Net Working Capital Assumed</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfNetWorkingCapitalAssumed_documentation_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfNetWorkingCapitalAssumed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset acquisitions purchase price allocation of net working capital assumed.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfNetWorkingCapitalAssumed" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AssetAcquisitionPurchasePriceAllocationOfNetWorkingCapitalAssumed"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfNetWorkingCapitalAssumed" xlink:to="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfNetWorkingCapitalAssumed" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TrdArrTerminationDate_terseLabel_en-US" xlink:label="lab_ecd_TrdArrTerminationDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Termination Date</link:label>
    <link:label id="lab_ecd_TrdArrTerminationDate_label_en-US" xlink:label="lab_ecd_TrdArrTerminationDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement Termination Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TrdArrTerminationDate" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TrdArrTerminationDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TrdArrTerminationDate" xlink:to="lab_ecd_TrdArrTerminationDate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsequentEventsAbstract_019f393c-a505-7c34-9397-ce48c7ee3ac0_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Events [Abstract]</link:label>
    <link:label id="lab_us-gaap_SubsequentEventsAbstract_label_en-US" xlink:label="lab_us-gaap_SubsequentEventsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Events [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SubsequentEventsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsAbstract" xlink:to="lab_us-gaap_SubsequentEventsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_TradingSecuritiesWeightedAverageMaturityDate_019f393c-a505-7c6a-90cc-446933d1aa96_terseLabel_en-US" xlink:label="lab_ck0001893262_TradingSecuritiesWeightedAverageMaturityDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-Average Maturity Date</link:label>
    <link:label id="lab_ck0001893262_TradingSecuritiesWeightedAverageMaturityDate_label_en-US" xlink:label="lab_ck0001893262_TradingSecuritiesWeightedAverageMaturityDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Securities Weighted Average Maturity Date</link:label>
    <link:label id="lab_ck0001893262_TradingSecuritiesWeightedAverageMaturityDate_documentation_en-US" xlink:label="lab_ck0001893262_TradingSecuritiesWeightedAverageMaturityDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trading securities weighted average maturity date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_TradingSecuritiesWeightedAverageMaturityDate" xlink:href="ck0001893262-20260630.xsd#ck0001893262_TradingSecuritiesWeightedAverageMaturityDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_TradingSecuritiesWeightedAverageMaturityDate" xlink:to="lab_ck0001893262_TradingSecuritiesWeightedAverageMaturityDate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_019f393c-a506-746d-b172-ca3153d3f2ef_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Recurring and Nonrecurring [Table]</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Recurring and Nonrecurring [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDebtTextBlock_019f393c-a505-779e-9fa1-6a37e2489a3b_terseLabel_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments in Real Estate Debt</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDebtTextBlock_label_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments In Real Estate Debt [Text Block]</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDebtTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investments in real estate debt.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_InvestmentsInRealEstateDebtTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_InvestmentsInRealEstateDebtTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_InvestmentsInRealEstateDebtTextBlock" xlink:to="lab_ck0001893262_InvestmentsInRealEstateDebtTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDisclosureTextBlock_019f393c-a505-7d46-84f7-f62295539659_terseLabel_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments in Real Estate</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDisclosureTextBlock_label_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments in Real Estate Disclosure [Text Block]</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateDisclosureTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investments in real estate disclosure.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_InvestmentsInRealEstateDisclosureTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_InvestmentsInRealEstateDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_InvestmentsInRealEstateDisclosureTextBlock" xlink:to="lab_ck0001893262_InvestmentsInRealEstateDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Total Shareholder Return</link:label>
    <link:label id="lab_ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock_label_en-US" xlink:label="lab_ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Total Shareholder Return [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock" xlink:to="lab_ecd_CompActuallyPaidVsTotalShareholderRtnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DistributionPayable_019f393c-a590-7cc9-bbd6-9fd51a4259a1_terseLabel_en-US" xlink:label="lab_us-gaap_DistributionPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distribution payable</link:label>
    <link:label id="lab_us-gaap_DistributionPayable_label_en-US" xlink:label="lab_us-gaap_DistributionPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Distribution Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DistributionPayable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DistributionPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DistributionPayable" xlink:to="lab_us-gaap_DistributionPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_UnsecuredRevolvingCreditFacilityMember_019f393c-a590-7258-9301-dd003b1ea3ab_terseLabel_en-US" xlink:label="lab_ck0001893262_UnsecuredRevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unsecured Revolving Credit Facility</link:label>
    <link:label id="lab_ck0001893262_UnsecuredRevolvingCreditFacilityMember_label_en-US" xlink:label="lab_ck0001893262_UnsecuredRevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Revolving Credit Facility [Member]</link:label>
    <link:label id="lab_ck0001893262_UnsecuredRevolvingCreditFacilityMember_documentation_en-US" xlink:label="lab_ck0001893262_UnsecuredRevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unsecured revolving credit facility.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_UnsecuredRevolvingCreditFacilityMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_UnsecuredRevolvingCreditFacilityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_UnsecuredRevolvingCreditFacilityMember" xlink:to="lab_ck0001893262_UnsecuredRevolvingCreditFacilityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_MnpiDiscTimedForCompValFlag_terseLabel_en-US" xlink:label="lab_ecd_MnpiDiscTimedForCompValFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">MNPI Disclosure Timed for Compensation Value</link:label>
    <link:label id="lab_ecd_MnpiDiscTimedForCompValFlag_label_en-US" xlink:label="lab_ecd_MnpiDiscTimedForCompValFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">MNPI Disclosure Timed for Compensation Value [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_MnpiDiscTimedForCompValFlag" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_MnpiDiscTimedForCompValFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_MnpiDiscTimedForCompValFlag" xlink:to="lab_ecd_MnpiDiscTimedForCompValFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentType_019f393c-a506-76c0-b0db-31601f637c07_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfRetailProperty_019f393c-a591-7b89-bd6f-209d53772995_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfRetailProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of retail property</link:label>
    <link:label id="lab_ck0001893262_NumberOfRetailProperty_label_en-US" xlink:label="lab_ck0001893262_NumberOfRetailProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Retail Property</link:label>
    <link:label id="lab_ck0001893262_NumberOfRetailProperty_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfRetailProperty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of retail property.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfRetailProperty" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfRetailProperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfRetailProperty" xlink:to="lab_ck0001893262_NumberOfRetailProperty" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommercialMortgageBackedSecuritiesInvestmentsInRealEstateAndOtherSecuritiesMember_019f393c-a591-7b18-be8e-dfbb2d172fab_terseLabel_en-US" xlink:label="lab_ck0001893262_CommercialMortgageBackedSecuritiesInvestmentsInRealEstateAndOtherSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CMBS Investments Real Estate And Other Securities</link:label>
    <link:label id="lab_ck0001893262_CommercialMortgageBackedSecuritiesInvestmentsInRealEstateAndOtherSecuritiesMember_label_en-US" xlink:label="lab_ck0001893262_CommercialMortgageBackedSecuritiesInvestmentsInRealEstateAndOtherSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commercial Mortgage Backed Securities Investments In Real Estate And Other Securities [Member]</link:label>
    <link:label id="lab_ck0001893262_CommercialMortgageBackedSecuritiesInvestmentsInRealEstateAndOtherSecuritiesMember_documentation_en-US" xlink:label="lab_ck0001893262_CommercialMortgageBackedSecuritiesInvestmentsInRealEstateAndOtherSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commercial mortgage backed securities investments in real estate and other securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommercialMortgageBackedSecuritiesInvestmentsInRealEstateAndOtherSecuritiesMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommercialMortgageBackedSecuritiesInvestmentsInRealEstateAndOtherSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommercialMortgageBackedSecuritiesInvestmentsInRealEstateAndOtherSecuritiesMember" xlink:to="lab_ck0001893262_CommercialMortgageBackedSecuritiesInvestmentsInRealEstateAndOtherSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_019f393c-a590-7e77-a01b-b101f074b9cb_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_InvestmentInRealEstatePolicyTextBlock_019f393c-a505-7626-a0a2-8e7edd12a96e_terseLabel_en-US" xlink:label="lab_ck0001893262_InvestmentInRealEstatePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments in Real Estate</link:label>
    <link:label id="lab_ck0001893262_InvestmentInRealEstatePolicyTextBlock_label_en-US" xlink:label="lab_ck0001893262_InvestmentInRealEstatePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment in Real Estate [Policy Text Block]</link:label>
    <link:label id="lab_ck0001893262_InvestmentInRealEstatePolicyTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_InvestmentInRealEstatePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investment in Real Estate Policy Text Block.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_InvestmentInRealEstatePolicyTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_InvestmentInRealEstatePolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_InvestmentInRealEstatePolicyTextBlock" xlink:to="lab_ck0001893262_InvestmentInRealEstatePolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardGrantDateFairValue_terseLabel_en-US" xlink:label="lab_ecd_AwardGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value as of Grant Date</link:label>
    <link:label id="lab_ecd_AwardGrantDateFairValue_label_en-US" xlink:label="lab_ecd_AwardGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Grant Date Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardGrantDateFairValue" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardGrantDateFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardGrantDateFairValue" xlink:to="lab_ecd_AwardGrantDateFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_019f393c-a591-7151-9e25-521dbe116660_terseLabel_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Significant Accounting Policies</link:label>
    <link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_label_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Significant Accounting Policies [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SignificantAccountingPoliciesTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans_019fc896-6b2f-7c71-b7fe-a6443d0918f1_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sale of real estate</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Sale of Wholly Owned Real Estate and Real Estate Acquired in Settlement of Loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans" xlink:to="lab_us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfInvestmentPositions_019f393c-a590-7241-9015-6736a9029c96_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfInvestmentPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Positions</link:label>
    <link:label id="lab_ck0001893262_NumberOfInvestmentPositions_label_en-US" xlink:label="lab_ck0001893262_NumberOfInvestmentPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Investment Positions</link:label>
    <link:label id="lab_ck0001893262_NumberOfInvestmentPositions_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfInvestmentPositions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Investment Positions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfInvestmentPositions" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfInvestmentPositions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfInvestmentPositions" xlink:to="lab_ck0001893262_NumberOfInvestmentPositions" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PvpTableTextBlock_terseLabel_en-US" xlink:label="lab_ecd_PvpTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pay vs Performance Disclosure, Table</link:label>
    <link:label id="lab_ecd_PvpTableTextBlock_label_en-US" xlink:label="lab_ecd_PvpTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pay vs Performance [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PvpTableTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PvpTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PvpTableTextBlock" xlink:to="lab_ecd_PvpTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TrdArrDuration_terseLabel_en-US" xlink:label="lab_ecd_TrdArrDuration" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Arrangement Duration</link:label>
    <link:label id="lab_ecd_TrdArrDuration_label_en-US" xlink:label="lab_ecd_TrdArrDuration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement Duration</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TrdArrDuration" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TrdArrDuration"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TrdArrDuration" xlink:to="lab_ecd_TrdArrDuration" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsequentEventLineItems_019f393c-a505-7f6a-8ba5-d03c0b2b775b_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Event [Line Items]</link:label>
    <link:label id="lab_us-gaap_SubsequentEventLineItems_label_en-US" xlink:label="lab_us-gaap_SubsequentEventLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SubsequentEventLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventLineItems" xlink:to="lab_us-gaap_SubsequentEventLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_019f393c-a505-7d8e-affe-276fdf14e905_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</link:label>
    <link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StatementOfStockholdersEquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable_019f393c-a591-77e1-9064-99ac874b32b2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Securities, Trading, and Equity Securities, FV-NI [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Trading, and Equity Securities, FV-NI [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xlink:to="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_LocalPhoneNumber_019f393c-a506-7232-a98a-79bd3760dbe5_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_LocalPhoneNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonStockActivityRollForward_019f393c-a506-7764-a3bd-486b00ea30e1_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonStockActivityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock Activity [Roll Forward]</link:label>
    <link:label id="lab_ck0001893262_CommonStockActivityRollForward_label_en-US" xlink:label="lab_ck0001893262_CommonStockActivityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock Activity [Roll Forward]</link:label>
    <link:label id="lab_ck0001893262_CommonStockActivityRollForward_documentation_en-US" xlink:label="lab_ck0001893262_CommonStockActivityRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common Stock Activity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonStockActivityRollForward" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonStockActivityRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonStockActivityRollForward" xlink:to="lab_ck0001893262_CommonStockActivityRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidationItemsAxis_019f393c-a505-720d-ab00-727da28699eb_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidation Items [Axis]</link:label>
    <link:label id="lab_srt_ConsolidationItemsAxis_label_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation Items [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationItemsAxis" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_ConsolidationItemsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsAxis" xlink:to="lab_srt_ConsolidationItemsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressPostalZipCode_019f393c-a590-70de-8519-ed6833a31f3c_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityAddressPostalZipCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityRegistrantName_019f393c-a590-7c49-abff-6d8266094a68_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityRegistrantName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfPositionOwnedCommercialMortgageBackedSecuritiesInvestment_019f393c-a505-747c-accf-f6939bfebc88_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfPositionOwnedCommercialMortgageBackedSecuritiesInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of position owned commercial mortgage backed securities investment</link:label>
    <link:label id="lab_ck0001893262_NumberOfPositionOwnedCommercialMortgageBackedSecuritiesInvestment_label_en-US" xlink:label="lab_ck0001893262_NumberOfPositionOwnedCommercialMortgageBackedSecuritiesInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Position Owned Commercial Mortgage Backed Securities Investment</link:label>
    <link:label id="lab_ck0001893262_NumberOfPositionOwnedCommercialMortgageBackedSecuritiesInvestment_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfPositionOwnedCommercialMortgageBackedSecuritiesInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of Position Owned Commercial Mortgage Backed Securities Investment.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfPositionOwnedCommercialMortgageBackedSecuritiesInvestment" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfPositionOwnedCommercialMortgageBackedSecuritiesInvestment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfPositionOwnedCommercialMortgageBackedSecuritiesInvestment" xlink:to="lab_ck0001893262_NumberOfPositionOwnedCommercialMortgageBackedSecuritiesInvestment" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_MortgageNotesPayable_019f393c-a591-7541-bf3a-1d0010de8f6a_terseLabel_en-US" xlink:label="lab_ck0001893262_MortgageNotesPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mortgage notes, net</link:label>
    <link:label id="lab_ck0001893262_MortgageNotesPayable_019f393c-a591-7eb2-abf8-012998c884fc_totalLabel_en-US" xlink:label="lab_ck0001893262_MortgageNotesPayable" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total debt secured by our properties</link:label>
    <link:label id="lab_ck0001893262_MortgageNotesPayable_label_en-US" xlink:label="lab_ck0001893262_MortgageNotesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Notes Payable</link:label>
    <link:label id="lab_ck0001893262_MortgageNotesPayable_documentation_en-US" xlink:label="lab_ck0001893262_MortgageNotesPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage notes payable.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_MortgageNotesPayable" xlink:href="ck0001893262-20260630.xsd#ck0001893262_MortgageNotesPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_MortgageNotesPayable" xlink:to="lab_ck0001893262_MortgageNotesPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock_terseLabel_en-US" xlink:label="lab_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures Not Adopted</link:label>
    <link:label id="lab_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock_label_en-US" xlink:label="lab_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures Not Adopted [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:to="lab_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsMember_019f393c-a590-7cf9-8b7d-5fc0759421ea_verboseLabel_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Mandatorily Redeemable Instruments (liability)</link:label>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsMember_019f393c-a590-7928-8169-27b1f089ba64_terseLabel_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mandatorily Redeemable Instruments</link:label>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsMember_label_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mandatorily Redeemable Instruments [Member]</link:label>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsMember_documentation_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mandatorily redeemable instruments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_MandatorilyRedeemableInstrumentsMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_MandatorilyRedeemableInstrumentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_MandatorilyRedeemableInstrumentsMember" xlink:to="lab_ck0001893262_MandatorilyRedeemableInstrumentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommitmentsAndContingencies_019f393c-a505-7a37-89b5-f87fe927e1bc_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments and contingencies (Note 17)</link:label>
    <link:label id="lab_us-gaap_CommitmentsAndContingencies_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_019f393c-a505-76c5-9598-3d92d512ac62_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total intangible assets</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, before Accumulated Amortization</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PaymentsToAcquireRealEstateRelatedAndOtherSecurities_019f393c-a506-7c1f-a021-75a08d029080_negatedLabel_en-US" xlink:label="lab_ck0001893262_PaymentsToAcquireRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Purchases of real-estate related and other securities</link:label>
    <link:label id="lab_ck0001893262_PaymentsToAcquireRealEstateRelatedAndOtherSecurities_label_en-US" xlink:label="lab_ck0001893262_PaymentsToAcquireRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Real Estate-related and Other Securities</link:label>
    <link:label id="lab_ck0001893262_PaymentsToAcquireRealEstateRelatedAndOtherSecurities_documentation_en-US" xlink:label="lab_ck0001893262_PaymentsToAcquireRealEstateRelatedAndOtherSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments to acquire real estate-related and other securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PaymentsToAcquireRealEstateRelatedAndOtherSecurities" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PaymentsToAcquireRealEstateRelatedAndOtherSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PaymentsToAcquireRealEstateRelatedAndOtherSecurities" xlink:to="lab_ck0001893262_PaymentsToAcquireRealEstateRelatedAndOtherSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_Revenues_019f393c-a505-7c8f-ae99-97d4f153fc76_totalLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Rental revenue</link:label>
    <link:label id="lab_us-gaap_Revenues_label_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenues</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Revenues" xlink:to="lab_us-gaap_Revenues" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ChangedPeerGroupFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_ChangedPeerGroupFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changed Peer Group, Footnote</link:label>
    <link:label id="lab_ecd_ChangedPeerGroupFnTextBlock_label_en-US" xlink:label="lab_ecd_ChangedPeerGroupFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changed Peer Group, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ChangedPeerGroupFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ChangedPeerGroupFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ChangedPeerGroupFnTextBlock" xlink:to="lab_ecd_ChangedPeerGroupFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_019f393c-a506-7417-b577-2045a65348c3_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2030</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, Estimated Amortization Expense, Year Four</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FixturesAndEquipmentGross_019f393c-a590-7484-8d54-cbea117749c0_terseLabel_en-US" xlink:label="lab_us-gaap_FixturesAndEquipmentGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Furniture, fixtures and equipment</link:label>
    <link:label id="lab_us-gaap_FixturesAndEquipmentGross_label_en-US" xlink:label="lab_us-gaap_FixturesAndEquipmentGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixtures and Equipment, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FixturesAndEquipmentGross" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FixturesAndEquipmentGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FixturesAndEquipmentGross" xlink:to="lab_us-gaap_FixturesAndEquipmentGross" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_019f393c-a506-725f-a620-ce352f60c5b4_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase in accounts payable, accrued expenses and other liabilities</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Accounts Payable and Accrued Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt_terseLabel_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Expense of Enforcement, Amount</link:label>
    <link:label id="lab_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt_label_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Expense of Enforcement, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:to="lab_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ScheduleOfGrossCarryingAmountAndAccumulatedAmortizationOfTheCompanysIntangiblesAssetsAndLiabilitiesTableTextBlock_019f393c-a505-7677-8d84-39183b04fcbf_terseLabel_en-US" xlink:label="lab_ck0001893262_ScheduleOfGrossCarryingAmountAndAccumulatedAmortizationOfTheCompanysIntangiblesAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles Assets and Liabilities</link:label>
    <link:label id="lab_ck0001893262_ScheduleOfGrossCarryingAmountAndAccumulatedAmortizationOfTheCompanysIntangiblesAssetsAndLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_ck0001893262_ScheduleOfGrossCarryingAmountAndAccumulatedAmortizationOfTheCompanysIntangiblesAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule Of Gross Carrying Amount and Accumulated Amortization Intangibles Assets and Liabilities [Table Text Block]</link:label>
    <link:label id="lab_ck0001893262_ScheduleOfGrossCarryingAmountAndAccumulatedAmortizationOfTheCompanysIntangiblesAssetsAndLiabilitiesTableTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_ScheduleOfGrossCarryingAmountAndAccumulatedAmortizationOfTheCompanysIntangiblesAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule of gross carrying amount and accumulated amortization intangibles assets and liabilities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ScheduleOfGrossCarryingAmountAndAccumulatedAmortizationOfTheCompanysIntangiblesAssetsAndLiabilitiesTableTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ScheduleOfGrossCarryingAmountAndAccumulatedAmortizationOfTheCompanysIntangiblesAssetsAndLiabilitiesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ScheduleOfGrossCarryingAmountAndAccumulatedAmortizationOfTheCompanysIntangiblesAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_ck0001893262_ScheduleOfGrossCarryingAmountAndAccumulatedAmortizationOfTheCompanysIntangiblesAssetsAndLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ExecutiveCategoryAxis_terseLabel_en-US" xlink:label="lab_ecd_ExecutiveCategoryAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Executive Category:</link:label>
    <link:label id="lab_ecd_ExecutiveCategoryAxis_label_en-US" xlink:label="lab_ecd_ExecutiveCategoryAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Executive Category [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ExecutiveCategoryAxis" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ExecutiveCategoryAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ExecutiveCategoryAxis" xlink:to="lab_ecd_ExecutiveCategoryAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FurnitureAndFixturesMember_019f393c-a505-77a3-aac7-7dfde4d9ee22_verboseLabel_en-US" xlink:label="lab_us-gaap_FurnitureAndFixturesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Furniture, fixtures and equipment</link:label>
    <link:label id="lab_us-gaap_FurnitureAndFixturesMember_label_en-US" xlink:label="lab_us-gaap_FurnitureAndFixturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Furniture and Fixtures [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FurnitureAndFixturesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FurnitureAndFixturesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FurnitureAndFixturesMember" xlink:to="lab_us-gaap_FurnitureAndFixturesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_019f393c-a505-7b55-8986-2a2da1b61bf9_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">LIABILITIES AND EQUITY</link:label>
    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities and Equity [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_019f393c-a505-7a65-8a2f-5316997432bc_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, Class [Domain]</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, Class [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfCapitalizationTable_019f393c-a590-7770-8ef5-5fd736213138_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCapitalizationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule Of Capitalization [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfCapitalizationTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCapitalizationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Capitalization [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCapitalizationTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfCapitalizationTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCapitalizationTable" xlink:to="lab_us-gaap_ScheduleOfCapitalizationTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_019f393c-a505-7848-9701-688930cf85c7_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2030</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, Year Four</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_019f393c-a590-7975-842e-7dc2a0e9bc8d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Carrying Value and Fair Value of Financial Instruments</link:label>
    <link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Award Types</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_NonPeoNeoAvgCompActuallyPaidAmt_terseLabel_en-US" xlink:label="lab_ecd_NonPeoNeoAvgCompActuallyPaidAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-PEO NEO Average Compensation Actually Paid Amount</link:label>
    <link:label id="lab_ecd_NonPeoNeoAvgCompActuallyPaidAmt_label_en-US" xlink:label="lab_ecd_NonPeoNeoAvgCompActuallyPaidAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-PEO NEO Average Compensation Actually Paid Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NonPeoNeoAvgCompActuallyPaidAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_NonPeoNeoAvgCompActuallyPaidAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NonPeoNeoAvgCompActuallyPaidAmt" xlink:to="lab_ecd_NonPeoNeoAvgCompActuallyPaidAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FinancingReceivableTermExtensionOptions_019fc8cd-4b3c-761a-b46c-edf361a550ab_terseLabel_en-US" xlink:label="lab_ck0001893262_FinancingReceivableTermExtensionOptions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financing receivable term, extension options</link:label>
    <link:label id="lab_ck0001893262_FinancingReceivableTermExtensionOptions_label_en-US" xlink:label="lab_ck0001893262_FinancingReceivableTermExtensionOptions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable Term, Extension Options</link:label>
    <link:label id="lab_ck0001893262_FinancingReceivableTermExtensionOptions_documentation_en-US" xlink:label="lab_ck0001893262_FinancingReceivableTermExtensionOptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financing Receivable Term, Extension Options</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FinancingReceivableTermExtensionOptions" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FinancingReceivableTermExtensionOptions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FinancingReceivableTermExtensionOptions" xlink:to="lab_ck0001893262_FinancingReceivableTermExtensionOptions" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueInputsLevel3Member_019f393c-a590-7148-957e-bca7f64b6f37_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 3</link:label>
    <link:label id="lab_us-gaap_FairValueInputsLevel3Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel3Member" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueInputsLevel3Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_us-gaap_FairValueInputsLevel3Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_019f393c-a505-7196-b2ac-f30d82450347_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Supplemental disclosure of cash flow information:</link:label>
    <link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_label_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SupplementalCashFlowInformationAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_019f393c-a506-7d7c-969e-23339dc40f7d_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2027</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, Estimated Amortization Expense, Year One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_019fc8a1-54c4-7407-addb-007b18f9b520_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ownership percentage</link:label>
    <link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_label_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiary, Ownership Percentage, Noncontrolling Owner</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:to="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeoName_terseLabel_en-US" xlink:label="lab_ecd_PeoName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PEO Name</link:label>
    <link:label id="lab_ecd_PeoName_label_en-US" xlink:label="lab_ecd_PeoName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PEO Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeoName" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PeoName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeoName" xlink:to="lab_ecd_PeoName" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RestrictedCash_019f393c-a591-7a76-ae34-70537a9eb9c4_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted cash</link:label>
    <link:label id="lab_us-gaap_RestrictedCash_label_en-US" xlink:label="lab_us-gaap_RestrictedCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted Cash</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCash" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedCash"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCash" xlink:to="lab_us-gaap_RestrictedCash" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived_019f393c-a590-7b62-912f-0385263c50cc_totalLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceived"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_BelowMarketLeaseAmortizationIncomeAfterYearFour_019f393c-a590-7cc1-a730-0a8c5d39a1a6_negatedTerseLabel_en-US" xlink:label="lab_ck0001893262_BelowMarketLeaseAmortizationIncomeAfterYearFour" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_ck0001893262_BelowMarketLeaseAmortizationIncomeAfterYearFour_label_en-US" xlink:label="lab_ck0001893262_BelowMarketLeaseAmortizationIncomeAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Lease Amortization Income After Year Four</link:label>
    <link:label id="lab_ck0001893262_BelowMarketLeaseAmortizationIncomeAfterYearFour_documentation_en-US" xlink:label="lab_ck0001893262_BelowMarketLeaseAmortizationIncomeAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Below market lease amortization income after year four.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_BelowMarketLeaseAmortizationIncomeAfterYearFour" xlink:href="ck0001893262-20260630.xsd#ck0001893262_BelowMarketLeaseAmortizationIncomeAfterYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_BelowMarketLeaseAmortizationIncomeAfterYearFour" xlink:to="lab_ck0001893262_BelowMarketLeaseAmortizationIncomeAfterYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_019f393c-a591-7a01-8922-2dbb8e29031c_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-Lived Asset, Class [Axis]</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Lived Asset, Class [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherAssets_019f393c-a505-7072-9d8d-b4757ee74ac0_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets, net</link:label>
    <link:label id="lab_us-gaap_OtherAssets_019f393c-a505-79ac-9771-af62f439c454_totalLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_OtherAssets_label_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssets" xlink:to="lab_us-gaap_OtherAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_StkPrcOrTsrEstimationMethodTextBlock_terseLabel_en-US" xlink:label="lab_ecd_StkPrcOrTsrEstimationMethodTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Price or TSR Estimation Method</link:label>
    <link:label id="lab_ecd_StkPrcOrTsrEstimationMethodTextBlock_label_en-US" xlink:label="lab_ecd_StkPrcOrTsrEstimationMethodTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Price or TSR Estimation Method [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_StkPrcOrTsrEstimationMethodTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_StkPrcOrTsrEstimationMethodTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_StkPrcOrTsrEstimationMethodTextBlock" xlink:to="lab_ecd_StkPrcOrTsrEstimationMethodTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_BassLoftsMember_019f393c-a590-7053-b26c-97e78219df19_terseLabel_en-US" xlink:label="lab_ck0001893262_BassLoftsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bass Lofts</link:label>
    <link:label id="lab_ck0001893262_BassLoftsMember_label_en-US" xlink:label="lab_ck0001893262_BassLoftsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bass Lofts [Member]</link:label>
    <link:label id="lab_ck0001893262_BassLoftsMember_documentation_en-US" xlink:label="lab_ck0001893262_BassLoftsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bass lofts.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_BassLoftsMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_BassLoftsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_BassLoftsMember" xlink:to="lab_ck0001893262_BassLoftsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_019f393c-a590-73c7-b8ef-ecbf0f624019_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueByLiabilityClassAxis_019f393c-a505-75ba-bfd1-e0a36a25696f_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liability Class [Axis]</link:label>
    <link:label id="lab_us-gaap_FairValueByLiabilityClassAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liability Class [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByLiabilityClassAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueByLiabilityClassAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByLiabilityClassAxis" xlink:to="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019f393c-a505-7c49-b927-7dfd22323e33_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total cash, cash equivalents and restricted cash</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SharesSubjectToMandatoryRedemptionBySettlementTermsLineItems_019f393c-a590-7d34-ad90-e5efde32d959_terseLabel_en-US" xlink:label="lab_us-gaap_SharesSubjectToMandatoryRedemptionBySettlementTermsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]</link:label>
    <link:label id="lab_us-gaap_SharesSubjectToMandatoryRedemptionBySettlementTermsLineItems_label_en-US" xlink:label="lab_us-gaap_SharesSubjectToMandatoryRedemptionBySettlementTermsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SharesSubjectToMandatoryRedemptionBySettlementTermsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SharesSubjectToMandatoryRedemptionBySettlementTermsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesSubjectToMandatoryRedemptionBySettlementTermsLineItems" xlink:to="lab_us-gaap_SharesSubjectToMandatoryRedemptionBySettlementTermsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_019f393c-a590-767f-9e24-a83590741e5c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:to="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncomeLeasePayments_019f393c-a505-74b5-b9b6-24b0f0206a7c_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncomeLeasePayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed lease payments</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncomeLeasePayments_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncomeLeasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Lease, Lease Income, Lease Payments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncomeLeasePayments" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLeaseIncomeLeasePayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLeaseIncomeLeasePayments" xlink:to="lab_us-gaap_OperatingLeaseLeaseIncomeLeasePayments" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonClassYMember_019f393c-a505-72b9-a57d-f92c9c7dd272_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassYMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock Class Y</link:label>
    <link:label id="lab_ck0001893262_CommonClassYMember_019f393c-a505-7aea-9b10-1faefc9a59db_verboseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassYMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Class Y Shares</link:label>
    <link:label id="lab_ck0001893262_CommonClassYMember_019f393c-a505-7ede-8272-6ab4556b81df_netLabel_en-US" xlink:label="lab_ck0001893262_CommonClassYMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Class Y</link:label>
    <link:label id="lab_ck0001893262_CommonClassYMember_label_en-US" xlink:label="lab_ck0001893262_CommonClassYMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Class Y [Member]</link:label>
    <link:label id="lab_ck0001893262_CommonClassYMember_documentation_en-US" xlink:label="lab_ck0001893262_CommonClassYMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common class y member.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonClassYMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonClassYMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonClassYMember" xlink:to="lab_ck0001893262_CommonClassYMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_019f393c-a590-768a-a8eb-d6879ede5e26_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonStockDividendsPerShareDeclaredNet_019f393c-a590-7080-b5b0-d6777f990961_totalLabel_en-US" xlink:label="lab_ck0001893262_CommonStockDividendsPerShareDeclaredNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net distributions declared per share of common stock (usd per share)</link:label>
    <link:label id="lab_ck0001893262_CommonStockDividendsPerShareDeclaredNet_label_en-US" xlink:label="lab_ck0001893262_CommonStockDividendsPerShareDeclaredNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock Dividends Per Share Declared Net</link:label>
    <link:label id="lab_ck0001893262_CommonStockDividendsPerShareDeclaredNet_documentation_en-US" xlink:label="lab_ck0001893262_CommonStockDividendsPerShareDeclaredNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common stock dividends per share declared net.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonStockDividendsPerShareDeclaredNet" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonStockDividendsPerShareDeclaredNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonStockDividendsPerShareDeclaredNet" xlink:to="lab_ck0001893262_CommonStockDividendsPerShareDeclaredNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BaseRateMember_019f393c-a506-78e1-884b-16c19c54372b_terseLabel_en-US" xlink:label="lab_us-gaap_BaseRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Base Rate</link:label>
    <link:label id="lab_us-gaap_BaseRateMember_label_en-US" xlink:label="lab_us-gaap_BaseRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Base Rate [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BaseRateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BaseRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BaseRateMember" xlink:to="lab_us-gaap_BaseRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OtherAssetsCurrentAndNoncurrent_019f393c-a591-704b-9c8b-2be7df69f5cd_terseLabel_en-US" xlink:label="lab_ck0001893262_OtherAssetsCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_ck0001893262_OtherAssetsCurrentAndNoncurrent_label_en-US" xlink:label="lab_ck0001893262_OtherAssetsCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Assets Current and Noncurrent</link:label>
    <link:label id="lab_ck0001893262_OtherAssetsCurrentAndNoncurrent_documentation_en-US" xlink:label="lab_ck0001893262_OtherAssetsCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other assets current and Noncurrent.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OtherAssetsCurrentAndNoncurrent" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OtherAssetsCurrentAndNoncurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OtherAssetsCurrentAndNoncurrent" xlink:to="lab_ck0001893262_OtherAssetsCurrentAndNoncurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AggtErrCompNotYetDeterminedTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Erroneous Compensation Not Yet Determined</link:label>
    <link:label id="lab_ecd_AggtErrCompNotYetDeterminedTextBlock_label_en-US" xlink:label="lab_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Erroneous Compensation Not Yet Determined [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AggtErrCompNotYetDeterminedTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:to="lab_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_019f393c-a505-720e-a73c-4ed0aa96ffa6_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_MtrlTermsOfTrdArrTextBlock_terseLabel_en-US" xlink:label="lab_ecd_MtrlTermsOfTrdArrTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Material Terms of Trading Arrangement</link:label>
    <link:label id="lab_ecd_MtrlTermsOfTrdArrTextBlock_label_en-US" xlink:label="lab_ecd_MtrlTermsOfTrdArrTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Material Terms of Trading Arrangement [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_MtrlTermsOfTrdArrTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_MtrlTermsOfTrdArrTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_MtrlTermsOfTrdArrTextBlock" xlink:to="lab_ecd_MtrlTermsOfTrdArrTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_NonNeosMember_terseLabel_en-US" xlink:label="lab_ecd_NonNeosMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-NEOs</link:label>
    <link:label id="lab_ecd_NonNeosMember_label_en-US" xlink:label="lab_ecd_NonNeosMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-NEOs [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NonNeosMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_NonNeosMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NonNeosMember" xlink:to="lab_ecd_NonNeosMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember_terseLabel_en-US" xlink:label="lab_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year</link:label>
    <link:label id="lab_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember_label_en-US" xlink:label="lab_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember" xlink:to="lab_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_019f393c-a591-780e-9d69-7c882205facd_terseLabel_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Organization and Business Purpose</link:label>
    <link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsequentEventTable_019f393c-a591-7cbc-84f6-2dee190ed1ea_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Event [Table]</link:label>
    <link:label id="lab_us-gaap_SubsequentEventTable_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SubsequentEventTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTable" xlink:to="lab_us-gaap_SubsequentEventTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_019f393c-a590-75ed-a92f-926c9d4f63d0_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum allowable ownership interest percentage</link:label>
    <link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Method Investment, Ownership Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_019f393c-a591-7fd9-88fc-5e8126cef122_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2028</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, Estimated Amortization Expense, Year Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesAbstract_019f393c-a505-7062-863c-3276b967660b_terseLabel_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Assets and Liabilities [Abstract]</link:label>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesAbstract_label_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Assets and Liabilities [Abstract]</link:label>
    <link:label id="lab_ck0001893262_OtherAssetsAndLiabilitiesAbstract_documentation_en-US" xlink:label="lab_ck0001893262_OtherAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other assets and liabilities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OtherAssetsAndLiabilitiesAbstract" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OtherAssetsAndLiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OtherAssetsAndLiabilitiesAbstract" xlink:to="lab_ck0001893262_OtherAssetsAndLiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonClassSMember_019f393c-a591-798d-964c-d712cb4222e9_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassSMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock Class S</link:label>
    <link:label id="lab_ck0001893262_CommonClassSMember_019f393c-a591-796b-ba63-657326a9e6bd_verboseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassSMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Class S Shares</link:label>
    <link:label id="lab_ck0001893262_CommonClassSMember_019f393c-a591-77e2-be2e-92fc424633ba_netLabel_en-US" xlink:label="lab_ck0001893262_CommonClassSMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Class S</link:label>
    <link:label id="lab_ck0001893262_CommonClassSMember_label_en-US" xlink:label="lab_ck0001893262_CommonClassSMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Class S [Member]</link:label>
    <link:label id="lab_ck0001893262_CommonClassSMember_documentation_en-US" xlink:label="lab_ck0001893262_CommonClassSMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common class S.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonClassSMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonClassSMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonClassSMember" xlink:to="lab_ck0001893262_CommonClassSMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CapitalCommitmentsFromInvestors_019f393c-a505-7624-8442-812bb45516d2_terseLabel_en-US" xlink:label="lab_ck0001893262_CapitalCommitmentsFromInvestors" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital commitments from investors</link:label>
    <link:label id="lab_ck0001893262_CapitalCommitmentsFromInvestors_label_en-US" xlink:label="lab_ck0001893262_CapitalCommitmentsFromInvestors" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital Commitments From Investors</link:label>
    <link:label id="lab_ck0001893262_CapitalCommitmentsFromInvestors_documentation_en-US" xlink:label="lab_ck0001893262_CapitalCommitmentsFromInvestors" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capital commitments from investors.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CapitalCommitmentsFromInvestors" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CapitalCommitmentsFromInvestors"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CapitalCommitmentsFromInvestors" xlink:to="lab_ck0001893262_CapitalCommitmentsFromInvestors" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest_019f393c-a505-72cb-82df-39bfb3e37fe8_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repurchase of redeemable non-controlling interest</link:label>
    <link:label id="lab_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments for Repurchase of Redeemable Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInDueToAffiliates_019f393c-a590-7bf5-b6f9-b2f5cdb74458_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase in due to affiliates</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInDueToAffiliates_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Due to Affiliates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToAffiliates" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInDueToAffiliates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueToAffiliates" xlink:to="lab_us-gaap_IncreaseDecreaseInDueToAffiliates" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_EquityMethodInvesteeNameDomain_019f393c-a591-7ceb-9054-9527c6b2def8_terseLabel_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment, Name [Domain]</link:label>
    <link:label id="lab_srt_EquityMethodInvesteeNameDomain_label_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment, Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_EquityMethodInvesteeNameDomain" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_EquityMethodInvesteeNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_EquityMethodInvesteeNameDomain" xlink:to="lab_srt_EquityMethodInvesteeNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_019f393c-a591-7d12-ae8f-cd75d561bbe3_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2027</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Maturity, Year One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LongtermDebtTypeDomain_019f393c-a505-7f09-bf02-61ee70c9cba4_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Type [Domain]</link:label>
    <link:label id="lab_us-gaap_LongtermDebtTypeDomain_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongtermDebtTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_us-gaap_LongtermDebtTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarningsPerShareBasic_019f393c-a506-7e97-b8aa-fd05198f68da_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net (loss) income per share of common stock &#8211; basic (usd per share)</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareBasic_019f393c-a506-7f56-a40a-253cb20545b1_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic net (loss) income per share of common stock - basic (usd per share)</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareBasic_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Basic</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasic" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EarningsPerShareBasic"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic" xlink:to="lab_us-gaap_EarningsPerShareBasic" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredRevenue_019f393c-a591-7848-a415-3271a097c63b_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred rental income</link:label>
    <link:label id="lab_us-gaap_DeferredRevenue_label_en-US" xlink:label="lab_us-gaap_DeferredRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Revenue</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredRevenue" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredRevenue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredRevenue" xlink:to="lab_us-gaap_DeferredRevenue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MeasurementInputTypeAxis_019f393c-a506-79b0-82f5-7ad99ae410be_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measurement Input Type [Axis]</link:label>
    <link:label id="lab_us-gaap_MeasurementInputTypeAxis_label_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MeasurementInputTypeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputTypeAxis" xlink:to="lab_us-gaap_MeasurementInputTypeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_019f393c-a505-76e0-8a5e-96e7da5edec6_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repurchase of common stock</link:label>
    <link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments for Repurchase of Common Stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RangeAxis_019f393c-a506-755a-a6c1-012ad41d767b_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statistical Measurement</link:label>
    <link:label id="lab_srt_RangeAxis_label_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_RangeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeAxis" xlink:to="lab_srt_RangeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_InsiderTradingArrLineItems_label_en-US" xlink:label="lab_ecd_InsiderTradingArrLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insider Trading Arrangements [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_InsiderTradingArrLineItems" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_InsiderTradingArrLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_InsiderTradingArrLineItems" xlink:to="lab_ecd_InsiderTradingArrLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AllocationToRedeemableNon-ControllingInterest_019f393c-a591-7ba1-bfb6-0e346c166496_terseLabel_en-US" xlink:label="lab_ck0001893262_AllocationToRedeemableNon-ControllingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Allocation to redeemable non-controlling interest</link:label>
    <link:label id="lab_ck0001893262_AllocationToRedeemableNon-ControllingInterest_label_en-US" xlink:label="lab_ck0001893262_AllocationToRedeemableNon-ControllingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Allocation to Redeemable Non-controlling Interest</link:label>
    <link:label id="lab_ck0001893262_AllocationToRedeemableNon-ControllingInterest_documentation_en-US" xlink:label="lab_ck0001893262_AllocationToRedeemableNon-ControllingInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Allocation to redeemable non-controlling interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AllocationToRedeemableNon-ControllingInterest" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AllocationToRedeemableNon-ControllingInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AllocationToRedeemableNon-ControllingInterest" xlink:to="lab_ck0001893262_AllocationToRedeemableNon-ControllingInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable_019f393c-a505-7e09-b70a-72a04bb112dd_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net loss attributable to non-controlling interests in consolidated joint ventures</link:label>
    <link:label id="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable" xlink:to="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsMeasurementInput_019f393c-a506-7cc4-a729-23cea308046c_terseLabel_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measurement input</link:label>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsMeasurementInput_label_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mandatorily Redeemable Instruments, Measurement Input</link:label>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsMeasurementInput_documentation_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mandatorily Redeemable Instruments, Measurement Input</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_MandatorilyRedeemableInstrumentsMeasurementInput" xlink:href="ck0001893262-20260630.xsd#ck0001893262_MandatorilyRedeemableInstrumentsMeasurementInput"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_MandatorilyRedeemableInstrumentsMeasurementInput" xlink:to="lab_ck0001893262_MandatorilyRedeemableInstrumentsMeasurementInput" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AwardTypeAxis_terseLabel_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Type</link:label>
    <link:label id="lab_us-gaap_AwardTypeAxis_label_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AwardTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AwardTypeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AwardTypeAxis" xlink:to="lab_us-gaap_AwardTypeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear_019f393c-a590-741e-93d8-8659e58b0313_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2026 (remaining)</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, Remainder of Fiscal Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_NamedExecutiveOfficersFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_NamedExecutiveOfficersFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Named Executive Officers, Footnote</link:label>
    <link:label id="lab_ecd_NamedExecutiveOfficersFnTextBlock_label_en-US" xlink:label="lab_ecd_NamedExecutiveOfficersFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Named Executive Officers, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NamedExecutiveOfficersFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_NamedExecutiveOfficersFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NamedExecutiveOfficersFnTextBlock" xlink:to="lab_ecd_NamedExecutiveOfficersFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AssetAcquisitionsPurchasePriceAllocationOfRealEstateProperties_019f393c-a590-7060-abc0-27e32669fab9_terseLabel_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionsPurchasePriceAllocationOfRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total purchase price</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionsPurchasePriceAllocationOfRealEstateProperties_label_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionsPurchasePriceAllocationOfRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Acquisitions Purchase Price Allocation Of Real Estate Properties</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionsPurchasePriceAllocationOfRealEstateProperties_documentation_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionsPurchasePriceAllocationOfRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset acquisitions purchase price allocation of real estate properties.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AssetAcquisitionsPurchasePriceAllocationOfRealEstateProperties" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AssetAcquisitionsPurchasePriceAllocationOfRealEstateProperties"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AssetAcquisitionsPurchasePriceAllocationOfRealEstateProperties" xlink:to="lab_ck0001893262_AssetAcquisitionsPurchasePriceAllocationOfRealEstateProperties" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_019f393c-a590-7885-b6f1-dcfdf912af22_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated deficit</link:label>
    <link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized_019f393c-a505-72a6-9667-e1ac58d111aa_terseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of common stock and preferred stock shares, authorized (in shares)</link:label>
    <link:label id="lab_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized_019f393c-a505-737e-8955-a5dd8a5257c6_verboseLabel_en-US" xlink:label="lab_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Number of Shares (in shares)</link:label>
    <link:label id="lab_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized_label_en-US" xlink:label="lab_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Common Stock And Preferred Stock Shares Authorized</link:label>
    <link:label id="lab_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized_documentation_en-US" xlink:label="lab_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of common stock and preferred stock shares authorized.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized" xlink:href="ck0001893262-20260630.xsd#ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized" xlink:to="lab_ck0001893262_NumberOfCommonStockAndPreferredStockSharesAuthorized" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OtherAcquisitionCost_019f393c-a506-7452-b9b7-6517273f7729_terseLabel_en-US" xlink:label="lab_ck0001893262_OtherAcquisitionCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-acquisition costs</link:label>
    <link:label id="lab_ck0001893262_OtherAcquisitionCost_label_en-US" xlink:label="lab_ck0001893262_OtherAcquisitionCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquisition cost, Other</link:label>
    <link:label id="lab_ck0001893262_OtherAcquisitionCost_documentation_en-US" xlink:label="lab_ck0001893262_OtherAcquisitionCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Acquisition cost, Other</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OtherAcquisitionCost" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OtherAcquisitionCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OtherAcquisitionCost" xlink:to="lab_ck0001893262_OtherAcquisitionCost" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_IncreaseDecreaseInAssetsAndLiabilitiesAbstract_019f393c-a506-73f4-98ee-ecc045eec279_terseLabel_en-US" xlink:label="lab_ck0001893262_IncreaseDecreaseInAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in assets and liabilities:</link:label>
    <link:label id="lab_ck0001893262_IncreaseDecreaseInAssetsAndLiabilitiesAbstract_label_en-US" xlink:label="lab_ck0001893262_IncreaseDecreaseInAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Assets and Liabilities [Abstract]</link:label>
    <link:label id="lab_ck0001893262_IncreaseDecreaseInAssetsAndLiabilitiesAbstract_documentation_en-US" xlink:label="lab_ck0001893262_IncreaseDecreaseInAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (decrease) in assets and liabilities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_IncreaseDecreaseInAssetsAndLiabilitiesAbstract" xlink:href="ck0001893262-20260630.xsd#ck0001893262_IncreaseDecreaseInAssetsAndLiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_IncreaseDecreaseInAssetsAndLiabilitiesAbstract" xlink:to="lab_ck0001893262_IncreaseDecreaseInAssetsAndLiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember_terseLabel_en-US" xlink:label="lab_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table</link:label>
    <link:label id="lab_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember_label_en-US" xlink:label="lab_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember" xlink:to="lab_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CapitalUnitsByClassAxis_019f393c-a505-72b3-a3a4-10016e939f77_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalUnitsByClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital Units by Class</link:label>
    <link:label id="lab_us-gaap_CapitalUnitsByClassAxis_label_en-US" xlink:label="lab_us-gaap_CapitalUnitsByClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital Units by Class [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalUnitsByClassAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CapitalUnitsByClassAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalUnitsByClassAxis" xlink:to="lab_us-gaap_CapitalUnitsByClassAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_019f393c-a591-76fe-94e5-7d7153a77491_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real Estate, Type of Property [Axis]</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate, Type of Property [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:href="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd#srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:to="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardsCloseToMnpiDiscTable_terseLabel_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Awards Close in Time to MNPI Disclosures</link:label>
    <link:label id="lab_ecd_AwardsCloseToMnpiDiscTable_label_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Awards Close in Time to MNPI Disclosures [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardsCloseToMnpiDiscTable" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardsCloseToMnpiDiscTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardsCloseToMnpiDiscTable" xlink:to="lab_ecd_AwardsCloseToMnpiDiscTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockMember_019f393c-a506-7ddf-8249-79cec33a13b6_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock</link:label>
    <link:label id="lab_us-gaap_CommonStockMember_label_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_019f393c-a505-7c7e-bb32-29929f1cf9af_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Components of Operating Lease Income from Industrial Property</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Lease, Lease Income [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLeaseIncomeTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:to="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock_terseLabel_en-US" xlink:label="lab_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Company Selected Measure</link:label>
    <link:label id="lab_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock_label_en-US" xlink:label="lab_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Company Selected Measure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:to="lab_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CoverAbstract_019f393c-a505-7116-8a79-fdb6e16ccaab_terseLabel_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cover [Abstract]</link:label>
    <link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cover [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_CoverAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AccruedManagementFees_019f393c-a505-755e-836f-6d3f9c863ed1_terseLabel_en-US" xlink:label="lab_ck0001893262_AccruedManagementFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued management fees</link:label>
    <link:label id="lab_ck0001893262_AccruedManagementFees_label_en-US" xlink:label="lab_ck0001893262_AccruedManagementFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued Management Fees</link:label>
    <link:label id="lab_ck0001893262_AccruedManagementFees_documentation_en-US" xlink:label="lab_ck0001893262_AccruedManagementFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accrued management fees.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AccruedManagementFees" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AccruedManagementFees"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AccruedManagementFees" xlink:to="lab_ck0001893262_AccruedManagementFees" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecuritiesMember_019f393c-a506-7a50-b64c-1de8541e51ec_terseLabel_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments in real estate-related and other securities</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecuritiesMember_label_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments in Real Estate-related and Other Securities [Member]</link:label>
    <link:label id="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecuritiesMember_documentation_en-US" xlink:label="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investments in real estate-related and other securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecuritiesMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecuritiesMember" xlink:to="lab_ck0001893262_InvestmentsInRealEstateRelatedAndOtherSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonClassTMember_019f393c-a506-71c8-ad14-920aa0917c3b_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassTMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock Class T</link:label>
    <link:label id="lab_ck0001893262_CommonClassTMember_019f393c-a506-76a7-ae3e-05707f6dcd18_verboseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassTMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Class T Shares</link:label>
    <link:label id="lab_ck0001893262_CommonClassTMember_019f393c-a506-77a5-98e4-cba6673cd272_netLabel_en-US" xlink:label="lab_ck0001893262_CommonClassTMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Class T</link:label>
    <link:label id="lab_ck0001893262_CommonClassTMember_label_en-US" xlink:label="lab_ck0001893262_CommonClassTMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Class T [Member]</link:label>
    <link:label id="lab_ck0001893262_CommonClassTMember_documentation_en-US" xlink:label="lab_ck0001893262_CommonClassTMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Class T Shares.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonClassTMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonClassTMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonClassTMember" xlink:to="lab_ck0001893262_CommonClassTMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AggregatePurchaseAmount_019f393c-a506-716c-b5fb-e36e7e5d3258_terseLabel_en-US" xlink:label="lab_ck0001893262_AggregatePurchaseAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate purchase amount</link:label>
    <link:label id="lab_ck0001893262_AggregatePurchaseAmount_label_en-US" xlink:label="lab_ck0001893262_AggregatePurchaseAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Purchase Amount</link:label>
    <link:label id="lab_ck0001893262_AggregatePurchaseAmount_documentation_en-US" xlink:label="lab_ck0001893262_AggregatePurchaseAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Aggregate purchase amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AggregatePurchaseAmount" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AggregatePurchaseAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AggregatePurchaseAmount" xlink:to="lab_ck0001893262_AggregatePurchaseAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable_019f393c-a506-72af-b9c7-57431de64968_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Measurement Inputs and Valuation Techniques [Table]</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement Inputs and Valuation Techniques [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_EqtyAwrdsAdjsMember_terseLabel_en-US" xlink:label="lab_ecd_EqtyAwrdsAdjsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Awards Adjustments</link:label>
    <link:label id="lab_ecd_EqtyAwrdsAdjsMember_label_en-US" xlink:label="lab_ecd_EqtyAwrdsAdjsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Awards Adjustments [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_EqtyAwrdsAdjsMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_EqtyAwrdsAdjsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_EqtyAwrdsAdjsMember" xlink:to="lab_ecd_EqtyAwrdsAdjsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecurityDepositLiability_019f393c-a506-792a-a697-956bfeeaa390_terseLabel_en-US" xlink:label="lab_us-gaap_SecurityDepositLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tenant security deposits</link:label>
    <link:label id="lab_us-gaap_SecurityDepositLiability_label_en-US" xlink:label="lab_us-gaap_SecurityDepositLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Deposit Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecurityDepositLiability" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecurityDepositLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecurityDepositLiability" xlink:to="lab_us-gaap_SecurityDepositLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetAcquisitionLineItems_019f6768-9141-7af4-9b88-541b50c7c96b_terseLabel_en-US" xlink:label="lab_us-gaap_AssetAcquisitionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Asset Acquisition [Line Items]</link:label>
    <link:label id="lab_us-gaap_AssetAcquisitionLineItems_label_en-US" xlink:label="lab_us-gaap_AssetAcquisitionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Acquisition [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetAcquisitionLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetAcquisitionLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetAcquisitionLineItems" xlink:to="lab_us-gaap_AssetAcquisitionLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_019f393c-a590-7fd3-b4ee-7ee9eeb2739d_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities and equity</link:label>
    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities and Equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealizedInvestmentGainsLosses_019f6780-fe61-7e68-b347-445f8b2e1d5f_terseLabel_en-US" xlink:label="lab_us-gaap_RealizedInvestmentGainsLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Realized gain</link:label>
    <link:label id="lab_us-gaap_RealizedInvestmentGainsLosses_label_en-US" xlink:label="lab_us-gaap_RealizedInvestmentGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Realized Investment Gains (Losses)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealizedInvestmentGainsLosses" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealizedInvestmentGainsLosses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealizedInvestmentGainsLosses" xlink:to="lab_us-gaap_RealizedInvestmentGainsLosses" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EmployeeStockOptionMember_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeStockOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Employee Stock Option</link:label>
    <link:label id="lab_us-gaap_EmployeeStockOptionMember_label_en-US" xlink:label="lab_us-gaap_EmployeeStockOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangement, Option [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeStockOptionMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EmployeeStockOptionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeStockOptionMember" xlink:to="lab_us-gaap_EmployeeStockOptionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_019f393c-a506-742a-8c8a-a3cf1274d870_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_IndustrialFacilityMember_019fc8cf-dcee-7e75-9481-2e16661b8fc2_terseLabel_en-US" xlink:label="lab_ck0001893262_IndustrialFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Industrial Facility</link:label>
    <link:label id="lab_ck0001893262_IndustrialFacilityMember_label_en-US" xlink:label="lab_ck0001893262_IndustrialFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Industrial Facility [Member]</link:label>
    <link:label id="lab_ck0001893262_IndustrialFacilityMember_documentation_en-US" xlink:label="lab_ck0001893262_IndustrialFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Industrial Facility</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_IndustrialFacilityMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_IndustrialFacilityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_IndustrialFacilityMember" xlink:to="lab_ck0001893262_IndustrialFacilityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MinorityInterest_019f393c-a505-72ee-844c-8898d87037eb_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests in consolidated joint ventures</link:label>
    <link:label id="lab_us-gaap_MinorityInterest_label_en-US" xlink:label="lab_us-gaap_MinorityInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity, Attributable to Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MinorityInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterest" xlink:to="lab_us-gaap_MinorityInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_019f393c-a590-7d2c-9871-9a2255df230a_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Future Minimum Rents Expects to Receive from Industrial Property</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_019f393c-a590-7ae7-9313-86098917e6cb_terseLabel_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segments [Axis]</link:label>
    <link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segments [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StatementBusinessSegmentsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:to="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_Additional402vDisclosureTextBlock_terseLabel_en-US" xlink:label="lab_ecd_Additional402vDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional 402(v) Disclosure</link:label>
    <link:label id="lab_ecd_Additional402vDisclosureTextBlock_label_en-US" xlink:label="lab_ecd_Additional402vDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional 402(v) Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_Additional402vDisclosureTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_Additional402vDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_Additional402vDisclosureTextBlock" xlink:to="lab_ecd_Additional402vDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PartnersCapitalAccountSaleOfUnits_019f393c-a590-7e02-b36a-a57f3c988840_terseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountSaleOfUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of operating partnership units for exchange of investment</link:label>
    <link:label id="lab_us-gaap_PartnersCapitalAccountSaleOfUnits_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountSaleOfUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Partners' Capital Account, Sale of Units</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PartnersCapitalAccountSaleOfUnits" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PartnersCapitalAccountSaleOfUnits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAccountSaleOfUnits" xlink:to="lab_us-gaap_PartnersCapitalAccountSaleOfUnits" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueByAssetClassAxis_019f393c-a505-780b-85e7-488b4895acb3_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Asset Class [Axis]</link:label>
    <link:label id="lab_us-gaap_FairValueByAssetClassAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Class [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByAssetClassAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueByAssetClassAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByAssetClassAxis" xlink:to="lab_us-gaap_FairValueByAssetClassAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RelatedPartyDomain_019f393c-a590-7905-b550-2bc3ebac643b_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party</link:label>
    <link:label id="lab_us-gaap_RelatedPartyDomain_label_en-US" xlink:label="lab_us-gaap_RelatedPartyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related and Nonrelated Parties [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RelatedPartyDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyDomain" xlink:to="lab_us-gaap_RelatedPartyDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDepositApplied_019f393c-a505-7435-993f-50e06b6a40f5_negatedLabel_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDepositApplied" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Deposit applied</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDepositApplied_label_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDepositApplied" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Acquisition Recognized Identifiable Assets Acquired and Liabilities Assumed Deposit Applied</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDepositApplied_documentation_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDepositApplied" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset acquisition recognized identifiable assets acquired and liabilities assumed deposit applied.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDepositApplied" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDepositApplied"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDepositApplied" xlink:to="lab_ck0001893262_AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDepositApplied" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TabularListTableTextBlock_terseLabel_en-US" xlink:label="lab_ecd_TabularListTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tabular List, Table</link:label>
    <link:label id="lab_ecd_TabularListTableTextBlock_label_en-US" xlink:label="lab_ecd_TabularListTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tabular List [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TabularListTableTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TabularListTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TabularListTableTextBlock" xlink:to="lab_ecd_TabularListTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AnnualStockHolderServicingFeePercentageOfGrossProceedsLimit_019f393c-a591-705c-9da9-9b4b62c3630c_terseLabel_en-US" xlink:label="lab_ck0001893262_AnnualStockHolderServicingFeePercentageOfGrossProceedsLimit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual stockholder servicing fee percentage</link:label>
    <link:label id="lab_ck0001893262_AnnualStockHolderServicingFeePercentageOfGrossProceedsLimit_label_en-US" xlink:label="lab_ck0001893262_AnnualStockHolderServicingFeePercentageOfGrossProceedsLimit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Stock Holder Servicing Fee Percentage Of Gross Proceeds Limit</link:label>
    <link:label id="lab_ck0001893262_AnnualStockHolderServicingFeePercentageOfGrossProceedsLimit_documentation_en-US" xlink:label="lab_ck0001893262_AnnualStockHolderServicingFeePercentageOfGrossProceedsLimit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Annual stock holder servicing fee percentage of gross proceeds limit.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AnnualStockHolderServicingFeePercentageOfGrossProceedsLimit" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AnnualStockHolderServicingFeePercentageOfGrossProceedsLimit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AnnualStockHolderServicingFeePercentageOfGrossProceedsLimit" xlink:to="lab_ck0001893262_AnnualStockHolderServicingFeePercentageOfGrossProceedsLimit" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherNonoperatingIncomeExpense_019f393c-a505-7ff9-82b8-e840787c690d_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other income, net</link:label>
    <link:label id="lab_us-gaap_OtherNonoperatingIncomeExpense_label_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Nonoperating Income (Expense)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense" xlink:to="lab_us-gaap_OtherNonoperatingIncomeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DepositsAssets_019f393c-a590-7be7-a4d6-057d145e94a4_terseLabel_en-US" xlink:label="lab_us-gaap_DepositsAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deposits on real estate</link:label>
    <link:label id="lab_us-gaap_DepositsAssets_label_en-US" xlink:label="lab_us-gaap_DepositsAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deposits Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepositsAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositsAssets" xlink:to="lab_us-gaap_DepositsAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ParentMember_019f393c-a590-703a-b1f2-846f441597ef_terseLabel_en-US" xlink:label="lab_us-gaap_ParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total Stockholders' Equity</link:label>
    <link:label id="lab_us-gaap_ParentMember_label_en-US" xlink:label="lab_us-gaap_ParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Parent [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ParentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ParentMember" xlink:to="lab_us-gaap_ParentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_019f393c-a590-7bb5-805a-e488d4cc7e3e_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2029</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, Estimated Amortization Expense, Year Three</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_019f393c-a506-7e2c-a63d-ddcb7b603fd9_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2026 (remaining)</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived, Estimated Amortization Expense, Remainder of Fiscal Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardsCloseToMnpiDiscIndName_terseLabel_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscIndName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name</link:label>
    <link:label id="lab_ecd_AwardsCloseToMnpiDiscIndName_label_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscIndName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Awards Close in Time to MNPI Disclosures, Individual Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardsCloseToMnpiDiscIndName" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardsCloseToMnpiDiscIndName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardsCloseToMnpiDiscIndName" xlink:to="lab_ecd_AwardsCloseToMnpiDiscIndName" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember_terseLabel_en-US" xlink:label="lab_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested</link:label>
    <link:label id="lab_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember_label_en-US" xlink:label="lab_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember" xlink:to="lab_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock_019f393c-a590-79df-b640-bdb41e5a14f1_terseLabel_en-US" xlink:label="lab_us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Investments in Real Estate-related and Other Securities</link:label>
    <link:label id="lab_us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock_label_en-US" xlink:label="lab_us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock" xlink:to="lab_us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CarolineWestGrayMember_019f393c-a505-735c-b5e3-8c3d0b6637db_terseLabel_en-US" xlink:label="lab_ck0001893262_CarolineWestGrayMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Caroline West Gray</link:label>
    <link:label id="lab_ck0001893262_CarolineWestGrayMember_label_en-US" xlink:label="lab_ck0001893262_CarolineWestGrayMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Caroline West Gray [Member]</link:label>
    <link:label id="lab_ck0001893262_CarolineWestGrayMember_documentation_en-US" xlink:label="lab_ck0001893262_CarolineWestGrayMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Caroline west gray.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CarolineWestGrayMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CarolineWestGrayMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CarolineWestGrayMember" xlink:to="lab_ck0001893262_CarolineWestGrayMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RedeemableNoncontrollingInterestTableTextBlock_019f393c-a505-7bf4-89e1-52a95a04c626_terseLabel_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Mandatorily Redeemable Instruments Activity Related to the Special Limited Partner</link:label>
    <link:label id="lab_us-gaap_RedeemableNoncontrollingInterestTableTextBlock_label_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redeemable Noncontrolling Interest [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RedeemableNoncontrollingInterestTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RedeemableNoncontrollingInterestTableTextBlock" xlink:to="lab_us-gaap_RedeemableNoncontrollingInterestTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_019f393c-a505-7a48-bd06-928d0d5487aa_terseLabel_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">General and administrative</link:label>
    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_019f393c-a505-722e-b0e0-d0b9881c1aa7_negatedLabel_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">General and administrative</link:label>
    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_label_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">General and Administrative Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_019f393c-a505-7315-9da2-d24fb72cd8b7_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-Lived Asset, Class [Domain]</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Lived Asset, Class [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value by Liability Class [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain"/>
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    <link:label id="lab_ck0001893262_ProceedsFromRepurchaseFacility_019f393c-a590-7448-80d4-1a72f2768f19_terseLabel_en-US" xlink:label="lab_ck0001893262_ProceedsFromRepurchaseFacility" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from repurchase facility</link:label>
    <link:label id="lab_ck0001893262_ProceedsFromRepurchaseFacility_label_en-US" xlink:label="lab_ck0001893262_ProceedsFromRepurchaseFacility" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds From Repurchase Facility</link:label>
    <link:label id="lab_ck0001893262_ProceedsFromRepurchaseFacility_documentation_en-US" xlink:label="lab_ck0001893262_ProceedsFromRepurchaseFacility" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds from repurchase facility.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ProceedsFromRepurchaseFacility" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ProceedsFromRepurchaseFacility"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ProceedsFromRepurchaseFacility" xlink:to="lab_ck0001893262_ProceedsFromRepurchaseFacility" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_BakerChocolateMember_019f393c-a505-7f45-9c73-47a34196ec5f_terseLabel_en-US" xlink:label="lab_ck0001893262_BakerChocolateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Baker Chocolate</link:label>
    <link:label id="lab_ck0001893262_BakerChocolateMember_label_en-US" xlink:label="lab_ck0001893262_BakerChocolateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Baker Chocolate [Member]</link:label>
    <link:label id="lab_ck0001893262_BakerChocolateMember_documentation_en-US" xlink:label="lab_ck0001893262_BakerChocolateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Baker Chocolate.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_BakerChocolateMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_BakerChocolateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_BakerChocolateMember" xlink:to="lab_ck0001893262_BakerChocolateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_VineyardCommonsMember_019f393c-a591-7900-a13f-ff987701a480_terseLabel_en-US" xlink:label="lab_ck0001893262_VineyardCommonsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vineyard Commons</link:label>
    <link:label id="lab_ck0001893262_VineyardCommonsMember_label_en-US" xlink:label="lab_ck0001893262_VineyardCommonsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vineyard Commons [Member]</link:label>
    <link:label id="lab_ck0001893262_VineyardCommonsMember_documentation_en-US" xlink:label="lab_ck0001893262_VineyardCommonsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Vineyard Commons.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_VineyardCommonsMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_VineyardCommonsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_VineyardCommonsMember" xlink:to="lab_ck0001893262_VineyardCommonsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateDebt_019f393c-a590-7dc0-a473-cd92bd188a28_verboseLabel_en-US" xlink:label="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateDebt" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Income from investments in real estate debt</link:label>
    <link:label id="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateDebt_label_en-US" xlink:label="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Loss From Investment In Real Estate Debt</link:label>
    <link:label id="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateDebt_documentation_en-US" xlink:label="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income loss from investment in real estate debt.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_IncomeLossFromInvestmentInRealEstateDebt" xlink:href="ck0001893262-20260630.xsd#ck0001893262_IncomeLossFromInvestmentInRealEstateDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_IncomeLossFromInvestmentInRealEstateDebt" xlink:to="lab_ck0001893262_IncomeLossFromInvestmentInRealEstateDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_StockGrantedDuringPeriodValueAmortizationOfRestrictedStock_019f393c-a590-7589-96d6-11f25c886443_terseLabel_en-US" xlink:label="lab_ck0001893262_StockGrantedDuringPeriodValueAmortizationOfRestrictedStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortization of restricted stock grants</link:label>
    <link:label id="lab_ck0001893262_StockGrantedDuringPeriodValueAmortizationOfRestrictedStock_label_en-US" xlink:label="lab_ck0001893262_StockGrantedDuringPeriodValueAmortizationOfRestrictedStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Granted During Period, Value, Amortization of Restricted Stock</link:label>
    <link:label id="lab_ck0001893262_StockGrantedDuringPeriodValueAmortizationOfRestrictedStock_documentation_en-US" xlink:label="lab_ck0001893262_StockGrantedDuringPeriodValueAmortizationOfRestrictedStock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Stock granted during period, value, amortization of restricted stock.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_StockGrantedDuringPeriodValueAmortizationOfRestrictedStock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_StockGrantedDuringPeriodValueAmortizationOfRestrictedStock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_StockGrantedDuringPeriodValueAmortizationOfRestrictedStock" xlink:to="lab_ck0001893262_StockGrantedDuringPeriodValueAmortizationOfRestrictedStock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AdjToCompAxis_terseLabel_en-US" xlink:label="lab_ecd_AdjToCompAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment to Compensation:</link:label>
    <link:label id="lab_ecd_AdjToCompAxis_label_en-US" xlink:label="lab_ecd_AdjToCompAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustment to Compensation [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AdjToCompAxis" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AdjToCompAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AdjToCompAxis" xlink:to="lab_ecd_AdjToCompAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ClassESharesAndClassEUnitsMember_019f393c-a590-739e-b55a-530b6f90a8f4_terseLabel_en-US" xlink:label="lab_ck0001893262_ClassESharesAndClassEUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class E Shares and Class E Units</link:label>
    <link:label id="lab_ck0001893262_ClassESharesAndClassEUnitsMember_label_en-US" xlink:label="lab_ck0001893262_ClassESharesAndClassEUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class E Shares and Class E Units [Member]</link:label>
    <link:label id="lab_ck0001893262_ClassESharesAndClassEUnitsMember_documentation_en-US" xlink:label="lab_ck0001893262_ClassESharesAndClassEUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Class E shares and class E units.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ClassESharesAndClassEUnitsMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ClassESharesAndClassEUnitsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ClassESharesAndClassEUnitsMember" xlink:to="lab_ck0001893262_ClassESharesAndClassEUnitsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AnnualStockHolderServicingFeePercentage_019f393c-a590-73f9-8091-ff2611fc0398_terseLabel_en-US" xlink:label="lab_ck0001893262_AnnualStockHolderServicingFeePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual stockholder servicing fee percentage</link:label>
    <link:label id="lab_ck0001893262_AnnualStockHolderServicingFeePercentage_label_en-US" xlink:label="lab_ck0001893262_AnnualStockHolderServicingFeePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Stock Holder Servicing Fee Percentage</link:label>
    <link:label id="lab_ck0001893262_AnnualStockHolderServicingFeePercentage_documentation_en-US" xlink:label="lab_ck0001893262_AnnualStockHolderServicingFeePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Annual stock holder servicing fee percentage.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AnnualStockHolderServicingFeePercentage" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AnnualStockHolderServicingFeePercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AnnualStockHolderServicingFeePercentage" xlink:to="lab_ck0001893262_AnnualStockHolderServicingFeePercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_019f393c-a506-749b-8264-781b74336e26_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CMBS</link:label>
    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commercial Mortgage-Backed Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommercialMortgageBackedSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_019f393c-a506-70fb-9e01-0a43f84220f2_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Loss) income allocated to redeemable non-controlling interest</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Attributable to Redeemable Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:to="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_HedgingDesignationDomain_019f393c-a590-7bbf-aee6-558405fa81c4_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedging Designation [Domain]</link:label>
    <link:label id="lab_us-gaap_HedgingDesignationDomain_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Designation [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_HedgingDesignationDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationDomain" xlink:to="lab_us-gaap_HedgingDesignationDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DividendsPayableLineItems_019f393c-a506-7538-89fb-491b2f6e22ad_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends Payable [Line Items]</link:label>
    <link:label id="lab_us-gaap_DividendsPayableLineItems_label_en-US" xlink:label="lab_us-gaap_DividendsPayableLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Payable [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DividendsPayableLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableLineItems" xlink:to="lab_us-gaap_DividendsPayableLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DividendsPayableTable_019f393c-a505-7fb2-8b1c-37823d67db92_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends Payable [Table]</link:label>
    <link:label id="lab_us-gaap_DividendsPayableTable_label_en-US" xlink:label="lab_us-gaap_DividendsPayableTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Payable [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DividendsPayableTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableTable" xlink:to="lab_us-gaap_DividendsPayableTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ClassOfStockDomain_019f393c-a506-71f4-8c4b-621aa7a08e22_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class of Stock</link:label>
    <link:label id="lab_us-gaap_ClassOfStockDomain_label_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ClassOfStockDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_Rule10b51ArrTrmntdFlag_terseLabel_en-US" xlink:label="lab_ecd_Rule10b51ArrTrmntdFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rule 10b5-1 Arrangement Terminated</link:label>
    <link:label id="lab_ecd_Rule10b51ArrTrmntdFlag_label_en-US" xlink:label="lab_ecd_Rule10b51ArrTrmntdFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Rule 10b5-1 Arrangement Terminated [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_Rule10b51ArrTrmntdFlag" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_Rule10b51ArrTrmntdFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_Rule10b51ArrTrmntdFlag" xlink:to="lab_ecd_Rule10b51ArrTrmntdFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AggtErrCompAmt_terseLabel_en-US" xlink:label="lab_ecd_AggtErrCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Erroneous Compensation Amount</link:label>
    <link:label id="lab_ecd_AggtErrCompAmt_label_en-US" xlink:label="lab_ecd_AggtErrCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Erroneous Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AggtErrCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AggtErrCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AggtErrCompAmt" xlink:to="lab_ecd_AggtErrCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestPaidNet_019f393c-a506-718a-bccd-2ab2a0f83856_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash paid for interest</link:label>
    <link:label id="lab_us-gaap_InterestPaidNet_label_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Paid, Excluding Capitalized Interest, Operating Activity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPaidNet" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestPaidNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPaidNet" xlink:to="lab_us-gaap_InterestPaidNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_019f393c-a590-7db2-b288-8f2ddfdbbffb_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
    <link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StatementOfCashFlowsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRedemptionValueAdjustment_019f393c-a506-7cab-a1fd-69a485d37466_negatedTerseLabel_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRedemptionValueAdjustment" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Redemption value adjustment</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRedemptionValueAdjustment_label_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRedemptionValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Redemption Value Adjustment</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRedemptionValueAdjustment_documentation_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRedemptionValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Redemption Value Adjustment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRedemptionValueAdjustment" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRedemptionValueAdjustment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRedemptionValueAdjustment" xlink:to="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetRedemptionValueAdjustment" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PaymentOfDeferredFinancingCostsOnMortgageNotesAndRepurchaseFacility_019f393c-a590-7e27-a9f5-f851fc1010f5_negatedLabel_en-US" xlink:label="lab_ck0001893262_PaymentOfDeferredFinancingCostsOnMortgageNotesAndRepurchaseFacility" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Payment of deferred financing costs</link:label>
    <link:label id="lab_ck0001893262_PaymentOfDeferredFinancingCostsOnMortgageNotesAndRepurchaseFacility_label_en-US" xlink:label="lab_ck0001893262_PaymentOfDeferredFinancingCostsOnMortgageNotesAndRepurchaseFacility" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payment Of Deferred Financing Costs On Mortgage Notes And Repurchase Facility</link:label>
    <link:label id="lab_ck0001893262_PaymentOfDeferredFinancingCostsOnMortgageNotesAndRepurchaseFacility_documentation_en-US" xlink:label="lab_ck0001893262_PaymentOfDeferredFinancingCostsOnMortgageNotesAndRepurchaseFacility" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payment of deferred financing costs on mortgage notes and repurchase facility.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PaymentOfDeferredFinancingCostsOnMortgageNotesAndRepurchaseFacility" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PaymentOfDeferredFinancingCostsOnMortgageNotesAndRepurchaseFacility"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PaymentOfDeferredFinancingCostsOnMortgageNotesAndRepurchaseFacility" xlink:to="lab_ck0001893262_PaymentOfDeferredFinancingCostsOnMortgageNotesAndRepurchaseFacility" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_HedgingDesignationAxis_019f393c-a590-7a15-8004-0c089703826c_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedging Designation [Axis]</link:label>
    <link:label id="lab_us-gaap_HedgingDesignationAxis_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Designation [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_HedgingDesignationAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationAxis" xlink:to="lab_us-gaap_HedgingDesignationAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseGross_019f393c-a505-7f26-8a62-8b14b73d180f_negatedLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseGross" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Below-market lease intangibles</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseGross_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Lease, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseGross" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseGross" xlink:to="lab_us-gaap_BelowMarketLeaseGross" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsInterestCosts_019f393c-a506-7b79-9705-d8e427fcba44_negatedLabel_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsInterestCosts" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Mandatorily redeemable instruments interest costs</link:label>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsInterestCosts_label_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsInterestCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mandatorily Redeemable Instruments Interest Costs</link:label>
    <link:label id="lab_ck0001893262_MandatorilyRedeemableInstrumentsInterestCosts_documentation_en-US" xlink:label="lab_ck0001893262_MandatorilyRedeemableInstrumentsInterestCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mandatorily redeemable instruments interest cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_MandatorilyRedeemableInstrumentsInterestCosts" xlink:href="ck0001893262-20260630.xsd#ck0001893262_MandatorilyRedeemableInstrumentsInterestCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_MandatorilyRedeemableInstrumentsInterestCosts" xlink:to="lab_ck0001893262_MandatorilyRedeemableInstrumentsInterestCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CreditFacilityAxis_019f393c-a591-7a04-9801-1244975c966a_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit Facility [Axis]</link:label>
    <link:label id="lab_us-gaap_CreditFacilityAxis_label_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facility [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditFacilityAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CreditFacilityAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityAxis" xlink:to="lab_us-gaap_CreditFacilityAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TrdArrSecuritiesAggAvailAmt_terseLabel_en-US" xlink:label="lab_ecd_TrdArrSecuritiesAggAvailAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Available</link:label>
    <link:label id="lab_ecd_TrdArrSecuritiesAggAvailAmt_label_en-US" xlink:label="lab_ecd_TrdArrSecuritiesAggAvailAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement, Securities Aggregate Available Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TrdArrSecuritiesAggAvailAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TrdArrSecuritiesAggAvailAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TrdArrSecuritiesAggAvailAmt" xlink:to="lab_ecd_TrdArrSecuritiesAggAvailAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetsFairValueDisclosure_019f393c-a505-7f4e-a40c-edca2c0b1078_totalLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_AssetsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosure" xlink:to="lab_us-gaap_AssetsFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_JPMorganInvestmentManagementIncorporatedMember_019f393c-a590-734d-9ff2-cdd5cfe04e8a_terseLabel_en-US" xlink:label="lab_ck0001893262_JPMorganInvestmentManagementIncorporatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adviser</link:label>
    <link:label id="lab_ck0001893262_JPMorganInvestmentManagementIncorporatedMember_label_en-US" xlink:label="lab_ck0001893262_JPMorganInvestmentManagementIncorporatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">J P Morgan Investment Management Incorporated [Member]</link:label>
    <link:label id="lab_ck0001893262_JPMorganInvestmentManagementIncorporatedMember_documentation_en-US" xlink:label="lab_ck0001893262_JPMorganInvestmentManagementIncorporatedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">J.P. Morgan investment management, incorporated.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_JPMorganInvestmentManagementIncorporatedMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_JPMorganInvestmentManagementIncorporatedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_JPMorganInvestmentManagementIncorporatedMember" xlink:to="lab_ck0001893262_JPMorganInvestmentManagementIncorporatedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_MeasureName_terseLabel_en-US" xlink:label="lab_ecd_MeasureName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name</link:label>
    <link:label id="lab_ecd_MeasureName_label_en-US" xlink:label="lab_ecd_MeasureName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measure Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_MeasureName" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_MeasureName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_MeasureName" xlink:to="lab_ecd_MeasureName" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PayVsPerformanceDisclosureLineItems_label_en-US" xlink:label="lab_ecd_PayVsPerformanceDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pay vs Performance Disclosure [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PayVsPerformanceDisclosureLineItems" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PayVsPerformanceDisclosureLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PayVsPerformanceDisclosureLineItems" xlink:to="lab_ecd_PayVsPerformanceDisclosureLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_019f393c-a505-7b82-97f1-33744b9e2790_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentLineItems_019f393c-a590-7527-897b-8835393bd082_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument [Line Items]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentLineItems_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentLineItems" xlink:to="lab_us-gaap_DebtInstrumentLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInOtherCurrentAssets_019f393c-a506-727d-bc56-cc37cf756157_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Increase in other assets</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInOtherCurrentAssets_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Other Current Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PvpTable_terseLabel_en-US" xlink:label="lab_ecd_PvpTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pay vs Performance Disclosure</link:label>
    <link:label id="lab_ecd_PvpTable_label_en-US" xlink:label="lab_ecd_PvpTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pay vs Performance Disclosure [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PvpTable" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_PvpTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PvpTable" xlink:to="lab_ecd_PvpTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_019f393c-a505-77d2-aa61-6734ba6358b2_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional Paid-In Capital</link:label>
    <link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional Paid-in Capital [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdditionalPaidInCapitalMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFilerCategory_019f393c-a505-7464-bbb6-eba6444ee7fd_terseLabel_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Filer Category</link:label>
    <link:label id="lab_dei_EntityFilerCategory_label_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Filer Category</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityFilerCategory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent_019f393c-a505-79a6-9046-62441a896581_terseLabel_en-US" xlink:label="lab_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued expenses</link:label>
    <link:label id="lab_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccruedLiabilitiesCurrentAndNoncurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" xlink:to="lab_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_TheElmsteadMember_019f393c-a590-737b-98e9-24c321cec187_terseLabel_en-US" xlink:label="lab_ck0001893262_TheElmsteadMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">The Elmstead</link:label>
    <link:label id="lab_ck0001893262_TheElmsteadMember_label_en-US" xlink:label="lab_ck0001893262_TheElmsteadMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The Elmstead [Member]</link:label>
    <link:label id="lab_ck0001893262_TheElmsteadMember_documentation_en-US" xlink:label="lab_ck0001893262_TheElmsteadMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The Elmstead.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_TheElmsteadMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_TheElmsteadMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_TheElmsteadMember" xlink:to="lab_ck0001893262_TheElmsteadMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TrdArrIndName_terseLabel_en-US" xlink:label="lab_ecd_TrdArrIndName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name</link:label>
    <link:label id="lab_ecd_TrdArrIndName_label_en-US" xlink:label="lab_ecd_TrdArrIndName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement, Individual Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TrdArrIndName" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_TrdArrIndName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TrdArrIndName" xlink:to="lab_ecd_TrdArrIndName" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_RelatedPartyPerformanceParticipationAllocationPercentageOfAnnualReturn_019f393c-a506-7838-b6b8-f849b6b1037d_terseLabel_en-US" xlink:label="lab_ck0001893262_RelatedPartyPerformanceParticipationAllocationPercentageOfAnnualReturn" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related party allocation percentage of annual total return</link:label>
    <link:label id="lab_ck0001893262_RelatedPartyPerformanceParticipationAllocationPercentageOfAnnualReturn_label_en-US" xlink:label="lab_ck0001893262_RelatedPartyPerformanceParticipationAllocationPercentageOfAnnualReturn" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Performance Participation Allocation Percentage Of Annual Return</link:label>
    <link:label id="lab_ck0001893262_RelatedPartyPerformanceParticipationAllocationPercentageOfAnnualReturn_documentation_en-US" xlink:label="lab_ck0001893262_RelatedPartyPerformanceParticipationAllocationPercentageOfAnnualReturn" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related party performance participation allocation percentage of annual return.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_RelatedPartyPerformanceParticipationAllocationPercentageOfAnnualReturn" xlink:href="ck0001893262-20260630.xsd#ck0001893262_RelatedPartyPerformanceParticipationAllocationPercentageOfAnnualReturn"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_RelatedPartyPerformanceParticipationAllocationPercentageOfAnnualReturn" xlink:to="lab_ck0001893262_RelatedPartyPerformanceParticipationAllocationPercentageOfAnnualReturn" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_019f393c-a506-7cd7-9b89-8009027ed9d6_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityFairValueAdjustment_019f393c-a506-7482-8181-a4ccf705d28a_terseLabel_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityFairValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value adjustment</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityFairValueAdjustment_label_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityFairValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Fair Value Adjustment</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityFairValueAdjustment_documentation_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityFairValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Fair Value Adjustment</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityFairValueAdjustment" xlink:to="lab_ck0001893262_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityFairValueAdjustment" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_CoSelectedMeasureAmt_terseLabel_en-US" xlink:label="lab_ecd_CoSelectedMeasureAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Company Selected Measure Amount</link:label>
    <link:label id="lab_ecd_CoSelectedMeasureAmt_label_en-US" xlink:label="lab_ecd_CoSelectedMeasureAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Company Selected Measure Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_CoSelectedMeasureAmt" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_CoSelectedMeasureAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_CoSelectedMeasureAmt" xlink:to="lab_ecd_CoSelectedMeasureAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NondesignatedMember_019f393c-a506-711c-a6f3-1cee7e678ab4_terseLabel_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-designated Hedges</link:label>
    <link:label id="lab_us-gaap_NondesignatedMember_label_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Not Designated as Hedging Instrument [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NondesignatedMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NondesignatedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NondesignatedMember" xlink:to="lab_us-gaap_NondesignatedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_019f393c-a591-7081-80ca-37094c8a417e_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments, Debt and Equity Securities [Abstract]</link:label>
    <link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments, Debt and Equity Securities [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:to="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_019f393c-a590-7d3c-8418-1ad0e148c868_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
    <link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_label_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, Depletion and Amortization</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepreciationDepletionAndAmortization"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_LimitedPartnershipAgreementOfJPMorganRealEstateIncomeTrustMember_019f393c-a590-79c2-a955-df314b364723_terseLabel_en-US" xlink:label="lab_ck0001893262_LimitedPartnershipAgreementOfJPMorganRealEstateIncomeTrustMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Limited Partnership Agreement of JPMREIT</link:label>
    <link:label id="lab_ck0001893262_LimitedPartnershipAgreementOfJPMorganRealEstateIncomeTrustMember_label_en-US" xlink:label="lab_ck0001893262_LimitedPartnershipAgreementOfJPMorganRealEstateIncomeTrustMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Limited Partnership Agreement Of J P Morgan Real Estate Income Trust [Member]</link:label>
    <link:label id="lab_ck0001893262_LimitedPartnershipAgreementOfJPMorganRealEstateIncomeTrustMember_documentation_en-US" xlink:label="lab_ck0001893262_LimitedPartnershipAgreementOfJPMorganRealEstateIncomeTrustMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Limited Partnership Agreement Of J P Morgan Real Estate Income Trust.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_LimitedPartnershipAgreementOfJPMorganRealEstateIncomeTrustMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_LimitedPartnershipAgreementOfJPMorganRealEstateIncomeTrustMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_LimitedPartnershipAgreementOfJPMorganRealEstateIncomeTrustMember" xlink:to="lab_ck0001893262_LimitedPartnershipAgreementOfJPMorganRealEstateIncomeTrustMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentMaturityDate_019f393c-a590-7a33-bcfd-3fb1dd07d41b_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentMaturityDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-Average Maturity Date</link:label>
    <link:label id="lab_us-gaap_InvestmentMaturityDate_label_en-US" xlink:label="lab_us-gaap_InvestmentMaturityDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Maturity Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentMaturityDate" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentMaturityDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentMaturityDate" xlink:to="lab_us-gaap_InvestmentMaturityDate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseNet_019f393c-a590-71c3-b93f-928e558b9a7c_terseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible liabilities, net</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseNet_019f393c-a590-7756-bfff-07870aac151c_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNet" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Intangible liabilities, net</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseNet_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Lease, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseNet" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseNet" xlink:to="lab_us-gaap_BelowMarketLeaseNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeSwaptionInterestRate_019f393c-a590-74ab-84ae-0207c01842fc_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeSwaptionInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-Average Strike Rate</link:label>
    <link:label id="lab_us-gaap_DerivativeSwaptionInterestRate_label_en-US" xlink:label="lab_us-gaap_DerivativeSwaptionInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Swaption Interest Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeSwaptionInterestRate" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeSwaptionInterestRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeSwaptionInterestRate" xlink:to="lab_us-gaap_DerivativeSwaptionInterestRate" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesTable_019f393c-a506-7ddf-811d-4b4f9c0b52be_terseLabel_en-US" xlink:label="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary Of Significant Accounting Policies [Table]</link:label>
    <link:label id="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesTable_label_en-US" xlink:label="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Summary Of Significant Accounting Policies [Table]</link:label>
    <link:label id="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesTable_documentation_en-US" xlink:label="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Summary of significant accounting policies.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_SummaryOfSignificantAccountingPoliciesTable" xlink:href="ck0001893262-20260630.xsd#ck0001893262_SummaryOfSignificantAccountingPoliciesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_SummaryOfSignificantAccountingPoliciesTable" xlink:to="lab_ck0001893262_SummaryOfSignificantAccountingPoliciesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfStockByClassTable_019f393c-a506-7329-a125-c28942258f11_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock, Class of Stock [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfStockByClassTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock, Class of Stock [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfStockByClassTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ScheduleOfStockByClassTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable" xlink:to="lab_us-gaap_ScheduleOfStockByClassTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProfitLoss_019f393c-a505-7637-adcb-335c13b67a82_totalLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net income (loss)</link:label>
    <link:label id="lab_us-gaap_ProfitLoss_019f393c-a505-7b3d-b762-16b620697106_terseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net (loss) income</link:label>
    <link:label id="lab_us-gaap_ProfitLoss_label_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="lab_us-gaap_ProfitLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateAbstract_019f393c-a505-7f4b-addc-20dfba160fc5_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real Estate [Abstract]</link:label>
    <link:label id="lab_us-gaap_RealEstateAbstract_label_en-US" xlink:label="lab_us-gaap_RealEstateAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAbstract" xlink:to="lab_us-gaap_RealEstateAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ManagementFeeEqualToPercentageOfNetAssetValuePerAnnum_019f393c-a505-7bf1-b9cb-cc4f84175385_terseLabel_en-US" xlink:label="lab_ck0001893262_ManagementFeeEqualToPercentageOfNetAssetValuePerAnnum" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Management fee equal to percentage of net asset value per annum.</link:label>
    <link:label id="lab_ck0001893262_ManagementFeeEqualToPercentageOfNetAssetValuePerAnnum_label_en-US" xlink:label="lab_ck0001893262_ManagementFeeEqualToPercentageOfNetAssetValuePerAnnum" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management Fee Equal To Percentage Of Net Asset Value Per Annum</link:label>
    <link:label id="lab_ck0001893262_ManagementFeeEqualToPercentageOfNetAssetValuePerAnnum_documentation_en-US" xlink:label="lab_ck0001893262_ManagementFeeEqualToPercentageOfNetAssetValuePerAnnum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Management fee equal to percentage of net asset value per annum.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ManagementFeeEqualToPercentageOfNetAssetValuePerAnnum" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ManagementFeeEqualToPercentageOfNetAssetValuePerAnnum"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ManagementFeeEqualToPercentageOfNetAssetValuePerAnnum" xlink:to="lab_ck0001893262_ManagementFeeEqualToPercentageOfNetAssetValuePerAnnum" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeLiabilities_019f393c-a590-7b12-98eb-95717314857c_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaps</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_019fba62-e693-785e-9bcf-6e0ed13d8a32_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaps - Liability</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities" xlink:to="lab_us-gaap_DerivativeLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AccruedPerformanceParticipationAllocation_019f393c-a590-72d0-b026-9c3f43fecdc0_terseLabel_en-US" xlink:label="lab_ck0001893262_AccruedPerformanceParticipationAllocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued performance participation allocation</link:label>
    <link:label id="lab_ck0001893262_AccruedPerformanceParticipationAllocation_label_en-US" xlink:label="lab_ck0001893262_AccruedPerformanceParticipationAllocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued Performance Participation Allocation</link:label>
    <link:label id="lab_ck0001893262_AccruedPerformanceParticipationAllocation_documentation_en-US" xlink:label="lab_ck0001893262_AccruedPerformanceParticipationAllocation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accrued performance participation allocation.</link:label>
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    <link:label id="lab_ecd_NonPeoNeoMember_terseLabel_en-US" xlink:label="lab_ecd_NonPeoNeoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-PEO NEO</link:label>
    <link:label id="lab_ecd_NonPeoNeoMember_label_en-US" xlink:label="lab_ecd_NonPeoNeoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-PEO NEO [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NonPeoNeoMember" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_NonPeoNeoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NonPeoNeoMember" xlink:to="lab_ecd_NonPeoNeoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine1_019f393c-a505-7ef5-b8c7-ea9b763ccaa2_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityAddressAddressLine1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ClassXAndYUnitsOfTheOperatingPartnershipMember_019f393c-a505-7fe1-bdbc-d4b4cdea4585_terseLabel_en-US" xlink:label="lab_ck0001893262_ClassXAndYUnitsOfTheOperatingPartnershipMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class X and Y units of Operating Partnership</link:label>
    <link:label id="lab_ck0001893262_ClassXAndYUnitsOfTheOperatingPartnershipMember_label_en-US" xlink:label="lab_ck0001893262_ClassXAndYUnitsOfTheOperatingPartnershipMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class X and Y units of the Operating Partnership [Member]</link:label>
    <link:label id="lab_ck0001893262_ClassXAndYUnitsOfTheOperatingPartnershipMember_documentation_en-US" xlink:label="lab_ck0001893262_ClassXAndYUnitsOfTheOperatingPartnershipMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Class x and y units of the operating partnership member.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ClassXAndYUnitsOfTheOperatingPartnershipMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ClassXAndYUnitsOfTheOperatingPartnershipMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ClassXAndYUnitsOfTheOperatingPartnershipMember" xlink:to="lab_ck0001893262_ClassXAndYUnitsOfTheOperatingPartnershipMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AccruedExpenseAndOtherLiabilitiesCurrentAndNonCurrent_019f393c-a590-75e4-93ab-a0abb9be302b_totalLabel_en-US" xlink:label="lab_ck0001893262_AccruedExpenseAndOtherLiabilitiesCurrentAndNonCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ck0001893262_AccruedExpenseAndOtherLiabilitiesCurrentAndNonCurrent_label_en-US" xlink:label="lab_ck0001893262_AccruedExpenseAndOtherLiabilitiesCurrentAndNonCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued Expense and Other Liabilities Current and Non Current</link:label>
    <link:label id="lab_ck0001893262_AccruedExpenseAndOtherLiabilitiesCurrentAndNonCurrent_documentation_en-US" xlink:label="lab_ck0001893262_AccruedExpenseAndOtherLiabilitiesCurrentAndNonCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accrued expense and other liabilities current and non current.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AccruedExpenseAndOtherLiabilitiesCurrentAndNonCurrent" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AccruedExpenseAndOtherLiabilitiesCurrentAndNonCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_AccruedExpenseAndOtherLiabilitiesCurrentAndNonCurrent" xlink:to="lab_ck0001893262_AccruedExpenseAndOtherLiabilitiesCurrentAndNonCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_019f393c-a590-769c-b46f-d3e558c76288_verboseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net loss (including portion attributable to nonredeemable noncontrolling interest)</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" xlink:to="lab_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateRelatedAndOtherSecuritiesTableTextBlock_019f393c-a505-7e98-b3cd-196f6ac1215e_terseLabel_en-US" xlink:label="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateRelatedAndOtherSecuritiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Income Recognized from Investments in Real Estate-related and Other Securities</link:label>
    <link:label id="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateRelatedAndOtherSecuritiesTableTextBlock_label_en-US" xlink:label="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateRelatedAndOtherSecuritiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Recognized From Investments In Real Estate Related and Other Securities [Table Text Block]</link:label>
    <link:label id="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateRelatedAndOtherSecuritiesTableTextBlock_documentation_en-US" xlink:label="lab_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateRelatedAndOtherSecuritiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income recognized from investments in real estate-related and other securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateRelatedAndOtherSecuritiesTableTextBlock" xlink:href="ck0001893262-20260630.xsd#ck0001893262_IncomeRecognizedFromInvestmentsInRealEstateRelatedAndOtherSecuritiesTableTextBlock"/>
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    <link:label id="lab_ecd_AwardTmgMethodTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AwardTmgMethodTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Timing Method</link:label>
    <link:label id="lab_ecd_AwardTmgMethodTextBlock_label_en-US" xlink:label="lab_ecd_AwardTmgMethodTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Timing Method [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardTmgMethodTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_AwardTmgMethodTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardTmgMethodTextBlock" xlink:to="lab_ecd_AwardTmgMethodTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeRemainingMaturity1_019f393c-a590-7b6b-8a38-6fc6619436e8_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeRemainingMaturity1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-Average Maturity (Years)</link:label>
    <link:label id="lab_us-gaap_DerivativeRemainingMaturity1_label_en-US" xlink:label="lab_us-gaap_DerivativeRemainingMaturity1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Remaining Maturity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeRemainingMaturity1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeRemainingMaturity1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeRemainingMaturity1" xlink:to="lab_us-gaap_DerivativeRemainingMaturity1" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_019f393c-a590-7a8f-a089-7ba481e2daf1_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Principles of Consolidation</link:label>
    <link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ConsolidationPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:to="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019f393c-a505-73e0-97d3-effa3671a878_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net change in cash, cash equivalents and restricted cash</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
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    <link:label id="lab_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock_terseLabel_en-US" xlink:label="lab_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forgone Recovery, Explanation of Impracticability</link:label>
    <link:label id="lab_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock_label_en-US" xlink:label="lab_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forgone Recovery, Explanation of Impracticability [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:to="lab_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments_019f393c-a505-7b1c-ba39-5eabe35067e5_terseLabel_en-US" xlink:label="lab_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redemption value adjustments on mandatorily redeemable instruments</link:label>
    <link:label id="lab_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments_019f393c-a505-7c4c-908e-8b6cab158b12_verboseLabel_en-US" xlink:label="lab_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Redemption value adjustment</link:label>
    <link:label id="lab_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments_label_en-US" xlink:label="lab_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unrealized Gain Loss On Mandatorily Redeemable Instruments</link:label>
    <link:label id="lab_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments_documentation_en-US" xlink:label="lab_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unrealized gain (loss) on mandatorily redeemable instruments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments" xlink:href="ck0001893262-20260630.xsd#ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments" xlink:to="lab_ck0001893262_UnrealizedGainLossOnMandatorilyRedeemableInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PropertiesExcludedFromAcquisitionsMember_019fc8a2-4c35-7995-8f75-2fa2188b2a98_terseLabel_en-US" xlink:label="lab_ck0001893262_PropertiesExcludedFromAcquisitionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Properties Excluded From Acquisitions</link:label>
    <link:label id="lab_ck0001893262_PropertiesExcludedFromAcquisitionsMember_label_en-US" xlink:label="lab_ck0001893262_PropertiesExcludedFromAcquisitionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Properties Excluded From Acquisitions [Member]</link:label>
    <link:label id="lab_ck0001893262_PropertiesExcludedFromAcquisitionsMember_documentation_en-US" xlink:label="lab_ck0001893262_PropertiesExcludedFromAcquisitionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Properties Excluded From Acquisitions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PropertiesExcludedFromAcquisitionsMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PropertiesExcludedFromAcquisitionsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PropertiesExcludedFromAcquisitionsMember" xlink:to="lab_ck0001893262_PropertiesExcludedFromAcquisitionsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstatePropertiesAcquiredAndAssumedDebt_019f393c-a590-7413-933d-a4d628a003c5_totalLabel_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstatePropertiesAcquiredAndAssumedDebt" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net purchase price</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstatePropertiesAcquiredAndAssumedDebt_label_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstatePropertiesAcquiredAndAssumedDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Acquisition Purchase Price Allocation of Real Estate Properties Acquired and Assumed Debt</link:label>
    <link:label id="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstatePropertiesAcquiredAndAssumedDebt_documentation_en-US" xlink:label="lab_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstatePropertiesAcquiredAndAssumedDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset acquisition recognized Identifiable real estate properties acquired and assumed debt.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstatePropertiesAcquiredAndAssumedDebt" xlink:href="ck0001893262-20260630.xsd#ck0001893262_AssetAcquisitionPurchasePriceAllocationOfRealEstatePropertiesAcquiredAndAssumedDebt"/>
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    <link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_019f393c-a590-7fdc-8bfa-77d3bde8a84f_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">VIEs</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity, Primary Beneficiary [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_019f393c-a505-77d6-87b5-dd4be84c6ccd_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2028</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, Year Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_DueToAffiliates_019f393c-a590-7138-8920-018d39915605_totalLabel_en-US" xlink:label="lab_ck0001893262_DueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ck0001893262_DueToAffiliates_label_en-US" xlink:label="lab_ck0001893262_DueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Due To Affiliates</link:label>
    <link:label id="lab_ck0001893262_DueToAffiliates_documentation_en-US" xlink:label="lab_ck0001893262_DueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Due to affiliates.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_DueToAffiliates" xlink:href="ck0001893262-20260630.xsd#ck0001893262_DueToAffiliates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_DueToAffiliates" xlink:to="lab_ck0001893262_DueToAffiliates" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LongtermDebtTypeAxis_019f393c-a590-7a63-9167-06dc714542d3_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Type [Axis]</link:label>
    <link:label id="lab_us-gaap_LongtermDebtTypeAxis_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongtermDebtTypeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeAxis" xlink:to="lab_us-gaap_LongtermDebtTypeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ErrCompAnalysisTextBlock_terseLabel_en-US" xlink:label="lab_ecd_ErrCompAnalysisTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Erroneous Compensation Analysis</link:label>
    <link:label id="lab_ecd_ErrCompAnalysisTextBlock_label_en-US" xlink:label="lab_ecd_ErrCompAnalysisTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Erroneous Compensation Analysis [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ErrCompAnalysisTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_ErrCompAnalysisTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ErrCompAnalysisTextBlock" xlink:to="lab_ecd_ErrCompAnalysisTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_UnamortizedDebtIssuanceExpense_019f393c-a506-7710-9010-575dea9cd2d7_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_UnamortizedDebtIssuanceExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Less: Unamortized deferred financing costs</link:label>
    <link:label id="lab_us-gaap_UnamortizedDebtIssuanceExpense_label_en-US" xlink:label="lab_us-gaap_UnamortizedDebtIssuanceExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unamortized Debt Issuance Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnamortizedDebtIssuanceExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UnamortizedDebtIssuanceExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnamortizedDebtIssuanceExpense" xlink:to="lab_us-gaap_UnamortizedDebtIssuanceExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember_019f393c-a591-79d7-9b50-e7684eea48f5_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discounted cash flow</link:label>
    <link:label id="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Technique, Discounted Cash Flow [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ValuationTechniqueDiscountedCashFlowMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:to="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementTable_019f393c-a590-7c03-9e50-a08b6ac16e27_terseLabel_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement [Table]</link:label>
    <link:label id="lab_us-gaap_StatementTable_label_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementTable" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StatementTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_ManagementFeesDueToAffiliates_019f393c-a590-7d4b-bc6d-0a74865fe5b3_terseLabel_en-US" xlink:label="lab_ck0001893262_ManagementFeesDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Management fee</link:label>
    <link:label id="lab_ck0001893262_ManagementFeesDueToAffiliates_label_en-US" xlink:label="lab_ck0001893262_ManagementFeesDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management Fees Due To Affiliates</link:label>
    <link:label id="lab_ck0001893262_ManagementFeesDueToAffiliates_documentation_en-US" xlink:label="lab_ck0001893262_ManagementFeesDueToAffiliates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Management fees due to affiliates.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_ManagementFeesDueToAffiliates" xlink:href="ck0001893262-20260630.xsd#ck0001893262_ManagementFeesDueToAffiliates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_ManagementFeesDueToAffiliates" xlink:to="lab_ck0001893262_ManagementFeesDueToAffiliates" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisLiabilityReclassifyToDistributionsPayableOrPaid_019f393c-a506-7729-9ad4-799397c2d316_negatedTerseLabel_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisLiabilityReclassifyToDistributionsPayableOrPaid" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Reclassify to distributions payable/paid</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisLiabilityReclassifyToDistributionsPayableOrPaid_label_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisLiabilityReclassifyToDistributionsPayableOrPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement With Unobservable Input Reconciliation Recurring Basis Liability Reclassify To Distributions Payable Or Paid</link:label>
    <link:label id="lab_ck0001893262_FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisLiabilityReclassifyToDistributionsPayableOrPaid_documentation_en-US" xlink:label="lab_ck0001893262_FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisLiabilityReclassifyToDistributionsPayableOrPaid" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value measurement with unobservable input reconciliation recurring basis liability reclassify to distributions payable or paid.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisLiabilityReclassifyToDistributionsPayableOrPaid" xlink:href="ck0001893262-20260630.xsd#ck0001893262_FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisLiabilityReclassifyToDistributionsPayableOrPaid"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisLiabilityReclassifyToDistributionsPayableOrPaid" xlink:to="lab_ck0001893262_FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisLiabilityReclassifyToDistributionsPayableOrPaid" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AboveMarketLeasesMember_019f393c-a590-79f0-a219-8fd4c5e802a1_terseLabel_en-US" xlink:label="lab_us-gaap_AboveMarketLeasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Above-Market Lease Intangibles</link:label>
    <link:label id="lab_us-gaap_AboveMarketLeasesMember_label_en-US" xlink:label="lab_us-gaap_AboveMarketLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Above Market Leases [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AboveMarketLeasesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AboveMarketLeasesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AboveMarketLeasesMember" xlink:to="lab_us-gaap_AboveMarketLeasesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_RestatementDateAxis_terseLabel_en-US" xlink:label="lab_ecd_RestatementDateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restatement Determination Date:</link:label>
    <link:label id="lab_ecd_RestatementDateAxis_label_en-US" xlink:label="lab_ecd_RestatementDateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restatement Determination Date [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_RestatementDateAxis" xlink:href="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd#ecd_RestatementDateAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_RestatementDateAxis" xlink:to="lab_ecd_RestatementDateAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonClassXMember_019f393c-a505-7d7b-9cca-2004036b74c4_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassXMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock Class X</link:label>
    <link:label id="lab_ck0001893262_CommonClassXMember_019f393c-a505-7275-ae81-f796a716e3e1_verboseLabel_en-US" xlink:label="lab_ck0001893262_CommonClassXMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Class X Shares</link:label>
    <link:label id="lab_ck0001893262_CommonClassXMember_019f393c-a505-725f-9095-97c53121cb06_netLabel_en-US" xlink:label="lab_ck0001893262_CommonClassXMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Class X</link:label>
    <link:label id="lab_ck0001893262_CommonClassXMember_label_en-US" xlink:label="lab_ck0001893262_CommonClassXMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Class X [Member]</link:label>
    <link:label id="lab_ck0001893262_CommonClassXMember_documentation_en-US" xlink:label="lab_ck0001893262_CommonClassXMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Class X Shares.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonClassXMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonClassXMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonClassXMember" xlink:to="lab_ck0001893262_CommonClassXMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_PaymentsForCapitalImprovementsOnRealEstate_019f393c-a506-7cfe-b8c9-7f23eff97819_negatedLabel_en-US" xlink:label="lab_ck0001893262_PaymentsForCapitalImprovementsOnRealEstate" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Capital improvements on real estate</link:label>
    <link:label id="lab_ck0001893262_PaymentsForCapitalImprovementsOnRealEstate_label_en-US" xlink:label="lab_ck0001893262_PaymentsForCapitalImprovementsOnRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments for Capital Improvements on Real Estate</link:label>
    <link:label id="lab_ck0001893262_PaymentsForCapitalImprovementsOnRealEstate_documentation_en-US" xlink:label="lab_ck0001893262_PaymentsForCapitalImprovementsOnRealEstate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments for capital Improvements on real estate.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_PaymentsForCapitalImprovementsOnRealEstate" xlink:href="ck0001893262-20260630.xsd#ck0001893262_PaymentsForCapitalImprovementsOnRealEstate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_PaymentsForCapitalImprovementsOnRealEstate" xlink:to="lab_ck0001893262_PaymentsForCapitalImprovementsOnRealEstate" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_CommonStockIssuedNetOfConversionsInAndConversionsOut_019f393c-a506-7053-9992-d238b19334ba_terseLabel_en-US" xlink:label="lab_ck0001893262_CommonStockIssuedNetOfConversionsInAndConversionsOut" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock issued</link:label>
    <link:label id="lab_ck0001893262_CommonStockIssuedNetOfConversionsInAndConversionsOut_label_en-US" xlink:label="lab_ck0001893262_CommonStockIssuedNetOfConversionsInAndConversionsOut" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock Issued, Net Of Conversions In And (Conversions Out)</link:label>
    <link:label id="lab_ck0001893262_CommonStockIssuedNetOfConversionsInAndConversionsOut_documentation_en-US" xlink:label="lab_ck0001893262_CommonStockIssuedNetOfConversionsInAndConversionsOut" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common stock issued, net of conversions in and (conversions out).</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_CommonStockIssuedNetOfConversionsInAndConversionsOut" xlink:href="ck0001893262-20260630.xsd#ck0001893262_CommonStockIssuedNetOfConversionsInAndConversionsOut"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_CommonStockIssuedNetOfConversionsInAndConversionsOut" xlink:to="lab_ck0001893262_CommonStockIssuedNetOfConversionsInAndConversionsOut" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentIncomeInterest_019f393c-a590-7489-9e3b-78a434048f2c_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income</link:label>
    <link:label id="lab_us-gaap_InvestmentIncomeInterest_label_en-US" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Income, Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentIncomeInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeInterest" xlink:to="lab_us-gaap_InvestmentIncomeInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001893262_OneBrooklynMember_019f393c-a591-7e27-94b4-cfa7f79fc908_terseLabel_en-US" xlink:label="lab_ck0001893262_OneBrooklynMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">One Brooklyn</link:label>
    <link:label id="lab_ck0001893262_OneBrooklynMember_label_en-US" xlink:label="lab_ck0001893262_OneBrooklynMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">One Brooklyn [Member]</link:label>
    <link:label id="lab_ck0001893262_OneBrooklynMember_documentation_en-US" xlink:label="lab_ck0001893262_OneBrooklynMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">One brooklyn.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001893262_OneBrooklynMember" xlink:href="ck0001893262-20260630.xsd#ck0001893262_OneBrooklynMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001893262_OneBrooklynMember" xlink:to="lab_ck0001893262_OneBrooklynMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SalesTypeLeaseNetInvestmentInLeaseNonaccrual_019fdcb5-f5a8-70d3-96bb-977fe47f40b9_terseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeLeaseNetInvestmentInLeaseNonaccrual" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment in sales-type leases, net</link:label>
    <link:label id="lab_us-gaap_SalesTypeLeaseNetInvestmentInLeaseNonaccrual_label_en-US" xlink:label="lab_us-gaap_SalesTypeLeaseNetInvestmentInLeaseNonaccrual" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sales-type Lease, Net Investment in Lease, Nonaccrual</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeLeaseNetInvestmentInLeaseNonaccrual" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SalesTypeLeaseNetInvestmentInLeaseNonaccrual"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeLeaseNetInvestmentInLeaseNonaccrual" xlink:to="lab_us-gaap_SalesTypeLeaseNetInvestmentInLeaseNonaccrual" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromUnsecuredLinesOfCredit_019f393c-a505-7a21-8e30-7378c0683152_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromUnsecuredLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings under unsecured revolving credit facility</link:label>
    <link:label id="lab_us-gaap_ProceedsFromUnsecuredLinesOfCredit_label_en-US" xlink:label="lab_us-gaap_ProceedsFromUnsecuredLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Unsecured Lines of Credit</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromUnsecuredLinesOfCredit" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromUnsecuredLinesOfCredit"/>
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