Raleigh, N.C. (June 20, 2022) – Berkadia announces it has secured a loan on behalf of Myers Apartment Group – led by Jeremy Myers and Leon Dixon – for the refinancing of Exchange at Holly Springs, a 316-unit, Class A apartment community built in 2020 in Holly Springs, located approximately 30 minutes southwest of Raleigh, N.C. Senior Managing Director Charles J. Foschini and Managing Director Chris Apone of Berkadia Miami, along with Senior Managing Director Mitch Sinberg and Managing Director Matt Robbins of Berkadia Boca Raton, secured the financing.
PIMCO Commercial Real Estate Debt Fund II, LP provided a $65 million, floating-rate bridge loan, with a 24-month term and three one-year extension options.
“The borrower did an outstanding job of implementing their business plan,” said Foschini. “The lender noticed and despite the market volatility delivered an exceptional loan both in terms and the amount of equity returned to the sponsor.”
Located at 1101 Club Exchange Drive in Wake County, Exchange at Holly Springs offers a mix of one-, two- and three-bedroom units averaging 972 square feet. Unit interiors feature nine-foot ceilings; kitchens with granite countertops, deep sinks with gooseneck faucets, and stainless-steel appliances; designer light fixtures and ceiling fans; oversized walk-in closets; expansive balconies/patios; and in select units, garden tubs and double vanities, large sunrooms and washer/dryer appliances. Amenities include a state-of-the-art fitness studio, grand clubhouse with lounge, cyber café and game room; bark park; resort-style salt-water pool, package lockers, and private garage and storage units.
Holly Springs is a bucolic community in the Raleigh metro area defined by its well-educated, high-income populace. It also ranked as one of North Carolina’s top submarkets to reside in and was named the No. 1 safest city in North Carolina for 2021 by SafeWise. This property benefits from an ideal location within 10 minutes of various retail, high-quality schools, Holly Springs’ largest employer (Seqirus), and several transformative, nearby developments, including the new UNC REX Hospital, the Block on Main and Town Hall Commons, two mixed-use office, retail, and dining anchor
developments. In addition, the property offers easy access to I-540 and Route 1.