A more than $42 million loan has been arranged for a new apartment community in Monroe.
CBRE arranged the loan for the construction of The Jax, a 282-unit, garden-style multifamily development.
The Jax will be located at 200 Aycock Avenue. The community will include seven three-story residential buildings with one-, two- and three-bedroom floor plans averaging 1,117 square feet. Units will feature luxury finishes with high ceilings, plank flooring, stainless steel appliances and granite countertops in select units.
Community amenities will include a business center, clubhouse, pool, fitness center, volleyball court, picnic area, EV charging stations and a breakfast/coffee concierge.
Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrowers, a joint venture between Green River Builders and ARC Multifamily Group, an Atlanta-based real estate investment and asset management company.
“We are pleased to have represented Green River and ARC on this financing opportunity,” Cohen, a senior vice president with CBRE, said in a statement. “Between Green River’s development expertise and ARC’s operational capabilities, this is a highly complementary joint venture, and this project is well positioned for success.”
Cohen also noted that The Jax will be the city’s first large-scale apartment project.
The project is located 40 miles east of Downtown Atlanta. It is within the Walton County Public School District.
