New Multifamily Development ‘The Jax’ Secures $42.74 Million Loan

News Summary

A substantial $42.74 million loan has been secured for ‘The Jax’, a new multifamily development in Monroe, Georgia. This project aims to provide 282 modern garden-style apartment units and is part of a joint venture between Green River Builders and ARC Multifamily Group. The development promises to enhance the living experience in a rapidly growing area, with notable amenities and living spaces designed for comfort and contemporary lifestyles.

New Multifamily Development “The Jax” Secures $42.74 Million Loan in Monroe, Georgia

In an exciting development for Monroe, Georgia, a significant financial transaction has been secured for a new multifamily project known as The Jax. CBRE, a global leader in commercial real estate services, has successfully arranged a $42.74 million loan for this ambitious venture, which promises to redefine modern living in the region. The project, boasting 282 garden-style apartment units, is part of a joint undertaking between Green River Builders and ARC Multifamily Group. 

Loan Details and Financing Structure

The financial arrangement is structured as a two-and-a-half-year full-term interest-only loan, with approximately 74% loan-to-cost. This strategic formulation allows the developers to maintain liquidity while navigating the challenges of construction and leasing. The loan feature also includes an earnout clause, which will be dictated by project completion and leasing milestones, adding a layer of financial prudence to the investment. 

The Project’s Prime Location

The Jax will be situated at 200 Aycock Avenue in Walton County, a growing area approximately 40 miles east of Downtown Atlanta and 10 miles east of I-285. This locality is not merely a geographic marker; it is part of the Walton County Public School District, a system lauded for its academic excellence and above-average ratings.

Residents of The Jax will find themselves in an area anticipated to be among the top five in population growth within the Atlanta metropolitan area. Projections indicate a stunning 51% increase from 2020 to 2050, making the development a timely addition to a burgeoning community.

Living Spaces Designed for Modern Comfort

The Jax will comprise seven three-story residential buildings, offering a variety of unit sizes. Prospective residents can choose from one, two, or three-bedroom floor plans, with each unit averaging 1,117 square feet. These homes will feature contemporary amenities, including modern luxury finishes, high ceilings, plank flooring, stainless steel appliances, and granite countertops in select units.

Community Amenities to Enhance Lifestyle

The development not only focuses on individual living spaces but also provides a plethora of community amenities. Future residents can look forward to a business center, a stylish clubhouse, and a recreational pool. For fitness enthusiasts, a well-equipped fitness center and a volleyball court will offer ample chances for physical activity. Outdoor lovers can enjoy a picnic area or benefit from EV charging stations. Rounding off the lifestyle offerings is a breakfast and coffee concierge service, adding a touch of luxury to everyday life.

More Developments in Monroe

In addition to The Jax project, the Monroe area is experiencing a surge in real estate activity. Old Town Estates is introducing new homes designed for family living and outdoor enthusiasts, with layouts that cater to contemporary needs. With 21 homesites ranging from two to four acres, these residences are just minutes away from Downtown Monroe.

Furthermore, Green Courte Partners has expanded its portfolio by acquiring Cottages of Monroe, a 51-unit active-adult community, marking their 20th addition to the national senior living sector. In a related business development, Buc-ee’s is exploring options for a new facility in Monroe County, which would include a 74,000-square-foot store boasting 120 gas pumps, potentially bringing significant economic growth to the area.

A Promising Future for Monroe

As the region continues to develop, these projects signify a vibrant future for Monroe, Georgia. With population surges, modern living developments, and the attraction of large businesses like Buc-ee’s, the area is poised for both economic and social growth. Prospective residents and investors alike will watch with anticipation as The Jax and other projects redefine the landscape of this promising community.

Deeper Dive: News & Info About This Topic

HERE Resources

Greenberg Traurig Renews Lease, Duracell Moves to Atlanta

Additional Resources

• REBusiness Online: Construction Loan for Jax Apartment Development
• Wikipedia: Monroe, Georgia
• Gwinnett Daily Post: On the Market – Old Town Estates
• Google Search: Old Town Estates Monroe Georgia
• PR Newswire: Green Courte Partners Acquires Community
• Encyclopedia Britannica: Atlanta
• Fox 5 Atlanta: Buc-ee’s Monroe County Opening
• Google News: Buc-ee’s Monroe County