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. 

The joint venture recently secured a $42.74 million construction loan 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.