JLL Arranges $62.1M Refinancing for Myers Apartment Group, Torchlight Investors' Holly Springs Multifamily Community

JLL Capital Markets announced Oct. 19 that it has 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, in securing a five-year, floating-rate loan through D2 Residential.

Loan Terms and Capital Markets Team

The loan provides 77% leverage on a cash-neutral refinance, according to JLL. The $62.1 million loan equates to approximately $196,500 per unit across the property's 316 apartments.

The JLL Capital Markets team representing the borrowers included Senior Managing Director Chris Drew, Directors Josh Odessky and Brad Woolard, and Associate J.J. Hovenden.

"Debt funds continue to show deep liquidity for well-located assets with a clear growth story," Odessky said. "Exchange at Holly Springs has immediate access to the newly opened NC-540 Expressway, sits near billions of dollars in life sciences investment and is positioned in a submarket where new supply is falling sharply."

Odessky added: "JLL sourced 77% leverage on a cash-neutral refinance, giving Myers Apartment Group and Torchlight the runway to ultimately sell from a position of strength. The execution reflects strong lender confidence in the asset's quality and its positioning within one of the Southeast's most dynamic growth markets."

Exchange at Holly Springs Property Details

Built in 2020, Exchange at Holly Springs is located at 1101 Club Exchange Drive and comprises 137 one-bedroom, 141 two-bedroom and 38 three-bedroom units across 11 buildings on a 21.58-acre site. The community was 97% occupied at closing.

Unit finishes include full-size washers and dryers, balconies or patios, stainless steel appliances and granite countertops. Community amenities include a saltwater pool, a 24/7 fitness center, walking trails, a pet spa and private garages.

The property has immediate access to Highway 55 and the new southern leg of the Triangle Expressway (NC-540), which connects residents to Research Triangle Park, RDU International Airport and downtown Raleigh.

Holly Springs Growth and South Cary Submarket Fundamentals

Holly Springs is experiencing rapid growth driven by billions of dollars in biomanufacturing investment from global companies, including FUJIFILM ($3.2 billion), Genentech ($2 billion) and Amgen ($1.55 billion).

The community sits in the South Cary submarket, which has grown 69% over the past five years. The surrounding area has an average household income of $165,784 within three miles. Only two assets are under construction within a five-mile radius, and projected net deliveries in 2026 and 2027 are expected to decrease by 51% and 27%, respectively.

Market Context: Private Credit and Multifamily Refinancing

The transaction reflects the role of debt funds in financing multifamily assets. D2 Residential provided floating-rate financing on a 2020-vintage asset that was 97% occupied at closing. The five-year floating-rate structure and 77% leverage give ownership the option to hold the property rather than sell immediately.

Torchlight Investors is an investment manager specializing in commercial real estate debt. It has managed more than $30 billion in commercial real estate debt investments since inception and currently has $5.8 billion of assets under management. Myers Apartment Group is a specialty multifamily investment firm focused on undervalued properties and other strategic acquisitions, primarily in infill submarkets throughout the Southeast and Texas.

JLL, meanwhile, has reported higher revenue in 2026. The firm posted $6.9 billion in second-quarter revenue, up 11% year over year in U.S. dollars, with Advisory revenue up 21% in local-currency terms. In the first quarter, JLL reported revenue of $6.39 billion, also up 11% year over year.

About JLL Capital Markets

JLL Capital Markets provides capital solutions for real estate investors and occupiers, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity and fund placement, net lease, derivative advisory, and energy and infrastructure advisory. The group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

Sources

JLL newsroom: https://www.jll.com/en-us/newsroom/jll-led-the-financing-efforts-for-exchange-at-holly-springs