CBRE has arranged a $42.74 million loan for the construction of The Jax – a 282-unit, garden-style multifamily development in Monroe, Georgia.

Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrowers, a joint venture between Green River Builders (GFG) and ARC Multifamily Group. Atlanta-based Peachtree Group provided the two-and-a-half-year full-term, interest-only loan at approximately 74% loan-to-cost. The loan was also structured with an earnout based on completion and leasing hurdles.

 Located at 200 Aycock Avenue, the project will comprise seven three-story residential buildings with one, two, and three-bedroom floorplans averaging 1,117 sq. ft. Unit amenities include modern luxury finishes with high ceilings, plank flooring, stainless steel appliances, and granite countertops in select units. Community amenities include a business center, clubhouse, pool, fitness center, volleyball court, picnic area, EV charging, and a breakfast/coffee concierge. 

“We are pleased to have represented Green River and ARC on this financing opportunity,” said Cohen, a Senior Vice President with CBRE. “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. Due to high barriers to entry, the City of Monroe has seen very little development and The Jax will be the city’s first large scale apartment project, fulfilling an important need for quality rental housing.” 

Situated in Walton County, the project is 40 miles east of Downtown Atlanta and 10 miles east of I-285. It’s within the Walton County Public School District, a sought-after school system with above-average rating. The county is projected to be one of the top five counties in the Atlanta metro area for population growth from 2020 to 2050 with a total population increase of 51%, according to the Atlanta Regional Commission.