JLL Capital Markets arranged $120 million in construction financing for the development of Ray Phoenix, a 401-unit, 26-story multifamily residential building in downtown Phoenix.
The property will consist of studio, one-, and two-bedroom units, including duplex and penthouse units with floor-to-ceiling windows. The 20,000-square-foot amenity space will include a large fitness center, yoga studio, outdoor pool, communal kitchen and fireplace lounge, sunken lounge with theater, indoor and outdoor gardens, workspaces and more.
Ray and VeLa’s latest residential tower will be transit-oriented and centrally located downtown two blocks from Roosevelt Row. Additionally, the building plan includes a four-story, 132,000-SF above-ground parking garage.
By focusing on the elements that add value to the resident experience and by picking the right partners to eliminate the unnecessary friction on the path from concept to project completion, Ray will have an edge over the typical apartment building, an edge that it will hand back to its renters. Whether that edge manifests itself in the design and functionality of amenity spaces, the richness of a building’s story as told through public art, or the extra livability of an oversized kitchen island, that attention to enhancing the resident experience is what defines Ray.
JLL worked on behalf of the borrower, VeLa Development Partners and Ray, to secure the loan through an affiliate of RXR Realty Investments LLC. The JLL Capital Markets Debt Advisory team was led by Michael Gigliotti and Brad Miner, Elle Miraglia and Frank Choumas.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
