JLL Capital Markets has successfully secured $120 million in construction financing for the development of Ray Phoenix, a 26-story multi-family residential building with 401 units located in downtown Phoenix. The borrower, VeLa Development Partners and Ray, worked closely with JLL to secure the loan through an affiliate of RXR Realty Investments LLC.
The property will offer a variety of studio, one-, and two-bedroom units including duplexes and penthouses featuring floor-to-ceiling windows. Residents can also enjoy access to a spacious fitness center, yoga studio, outdoor pool area, communal kitchen with fireplace lounge area as well as an indoor sunken lounge equipped with theater facilities. Additionally,the property will feature both indoor and outdoor gardens along with workspaces.
Strategically situated at 777 N. Central Ave., on the Phoenix light-rail line just under one mile from Footprint Center and Chase Field stadiums,Ray Phoenix offers convenient access to various amenities within close proximity.Clayco is responsible for constructing this impressive tower while Johnson Marklee serves as its architect.
Leading the JLL Capital Markets Debt Advisory team were Michael Gigliottiand Brad Miner alongside Elle Miragliaand Frank Choumas who played instrumental roles in securing this financing deal for VeLa Development Partnersand Ray without any involvement from Connect CRE or its affiliates.
