A joint venture between Green River Builders and ARC Multifamily Group is developing a 282-unit, garden-style multifamily community in Monroe. 

The project, known as The Jax, comprises seven, three-story buildings with a mix of one-, two- and three-bedroom apartments averaging 1,117 square feet. So far, four of the buildings are complete and open for leasing, while construction of the remaining three is expected to wrap up later this month. 

The joint venture recently secured a $42.74 million construction-completion loan for the first phase from Atlanta-based Peachtree Group. The financing was arranged by Blake Cohen and Charlie Clark with CBRE Capital Markets’ debt and structured finance team. The interest-only loan carries a 2.5-year term at approximately 74% loan-to-cost and was structured with an earnout based on completion and leasing hurdles. 

“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 said in a press release. “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.” 

Located at 200 Aycock Ave., The Jax’s community amenities include a business center, clubhouse, pool, fitness center, volleyball court, picnic area, EV charging and breakfast/coffee concierge. Select units have high ceilings, plank flooring, stainless-steel appliances and granite countertops in select units.