**Stonington Village Secures $41.5M Construction Loan for Mixed-Use Development in Connecticut**
JLL Capital Markets has successfully arranged a $41.5 million construction loan for Stonington Village, a 160-unit mixed-use multifamily and retail development located in Stonington, Connecticut. The five-year, fixed-rate financing was provided by Liberty Bank. Henry Schaffer, Managing Director, and Madeline Joyce, Director, represented the borrower, READCO, in the transaction.
Located at 85 Voluntown Road, Stonington Village is set to bring a combination of market-rate and affordable housing units to the area. The development sits adjacent to a Stop & Shop and offers convenient access to I-95 and the Westerly Amtrak station. Its strategic location enables connectivity to key employment hubs such as New London, Groton, and Providence.
The project will consist of six new multifamily buildings featuring a variety of unit configurations, including studios, one-, two-, and three-bedroom apartments. Planned amenities include a clubhouse, swimming pool, and ample parking. Additionally, the development will incorporate approximately 10,000 square feet of ground-floor retail space.
Construction on Stonington Village began in March 2025, with the first phase of residential units expected to be completed by 2027.
