Development Team Obtains $42.7M Construction Loan for Monroe Apartments
Green River Builders and ARC Multifamily Group obtained a construction loan, allowing them to proceed with a 282-unit multifamily development in Monroe, Georgia. The $42.7 million loan is for The Jax, a garden-style apartment complex. Green River is based in Monroe, about 20 minutes east of Atlanta.
Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrowers. 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 square feet. Community amenities include a business center, clubhouse, pool, fitness center, volleyball court, picnic area, EV charging, and a breakfast/coffee concierge.
ARC Multifamily invests in multifamily properties throughout the Southeast United States.
