**Stonington Village Secures $41.5M Construction Financing for Mixed-Use Development**
JLL Capital Markets has secured $41.5 million in construction financing for Stonington Village, a 160-unit mixed-use multifamily and retail development located in Stonington, Connecticut. The five-year, fixed-rate loan was arranged through Liberty Bank on behalf of the borrower, READCO. Managing Director Henry Schaffer and Director Madeline Joyce led the financing efforts.
Situated at 85 Voluntown Road, Stonington Village will provide a mix of market-rate and affordable housing units within a larger mixed-use center. The development benefits from a strategic location adjacent to a Stop & Shop grocery store and near major transit infrastructure including Interstate 95 and the Westerly Amtrak station. This location also offers convenient access to key employment hubs in New London, Groton, and Providence.
Once complete, the project will feature six new multifamily buildings and include amenities such as a clubhouse, swimming pool, and dedicated parking. The community will offer a range of unit types, from studios to one-, two-, and three-bedroom apartments. Additionally, the development will include approximately 10,000 square feet of new ground-floor retail space.
Construction began in March 2025, with the first phase of residential units expected to be delivered in 2027.
