JLL Capital Markets announced that it has arranged a $41.5 million construction financing for Stonington Village, a 160-unit mixed-use multifamily and retail development project in Stonington, Connecticut.
JLL worked on behalf of the borrower, READCO, in arranging the five-year, fixed-rate loan through Liberty Bank.
Stonington Village, located at 85 Voluntown Road, will offer a mix of market-rate and affordable housing options within a larger mixed-use center. The development is strategically positioned adjacent to a Stop & Shop grocery store, nearby to I-95 and the Westerly Amtrak station and provides easy access to employment centers in New London, Groton, Providence and beyond.
The project will feature six new multifamily buildings, including a clubhouse, pool and parking facilities. The community will offer a range of studios, one-, two- and three-bedroom units, along with approximately 10,000 square feet of new ground-floor retail space to accompany the existing retailers on the master planned site.
Southeastern Connecticut continues to be an attractive market with a strong economy, driven by diverse industries including defense, healthcare and tourism. The Stonington area, in particular, offers a charming coastal atmosphere with a rich maritime heritage, appealing to both young professionals and families.
Michael Lech, CEO of READCO, commented, “We’re thrilled to bring this high-quality, mixed-use development to Stonington. We’re grateful for the expertise of KBE Building Corp as our general contractor, the project management of Robert Schmidt and Angel Liu at Colliers, our property management partnership with Trio Properties, and the financial support of Liberty Bank. Together, we’re creating a community that will serve Stonington for years to come.”
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Henry Schaffer and Director Madeline Joyce.
“Southeastern Connecticut is poised for strong apartment rental demand growth due to increasing job opportunities, particularly at Electric Boat, which is driving an influx of workers to the region,” said Schaffer. “With a relatively short supply of new apartment stock on the horizon, we expect demand to continue to outpace supply in the region.”
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.
