That number says more than any press release.
JLL Capital Markets arranged a $62.1 million refinancing for Exchange at Holly Springs, a 316-unit, Class A garden-style apartment community in Holly Springs, North Carolina. JLL represented the borrowers, Myers Apartment Group (MAG) and Torchlight Investors, to secure the five-year, floating-rate loan through D2 Residential.
I read this as a lender accepting floating-rate exposure because the property's submarket fundamentals are that strong.
The community was 97% occupied at closing. With only two assets under construction within a five-mile radius, projected net deliveries in 2026 and 2027 will decrease by 51% and 27% respectively, maintaining a highly supply-constrained market. The surrounding area features affluent demographics, including an average household income of $165,784 within three miles.
Built in 2020, Exchange at Holly Springs comprises 137 one-, 141 two-, and 38 three-bedroom units across 11 buildings on a 21.58-acre site. High-end unit finishes include full-size washers and dryers, balconies or patios, stainless steel appliances and granite countertops.
Premium amenities include a saltwater pool, a 24/7 fitness center, walking trails, a pet spa and private garages. Located at 1101 Club Exchange Drive, the property provides immediate access to Highway 55 and the new southern leg of the Triangle Expressway (NC-540).
This location directly connects residents to Research Triangle Park (RTP), RDU International Airport and downtown Raleigh. Holly Springs is experiencing rapid growth, driven by billions of dollars in biomanufacturing investments from global companies like FUJIFILM ($3.2 billion), Genentech ($2 billion), and Amgen ($1.55 billion).
To me, this deal shows that debt funds are still aggressively financing well-located multifamily assets with strong growth stories.
Ask your lender what they see in your submarket.