Done Deals: $120 million financing secured for the 401-unit multifamily project, Ray Phoenix, in downtown Phoenix, AZ

Saturday, June 22, 2024

$120 million financing secured for the 401-unit multifamily project, Ray Phoenix, in downtown Phoenix, AZ

Ray Phoenix, a 401-unit, 26-story
multi-family residential building
located in downtown Phoenix, AZ.

PHOENIX, AZ – JLL Capital Markets has arranged $120 million in construction financing for the development of Ray Phoenix, a 401-unit, 26-story multi-family residential building located in downtown Phoenix, Arizona.

Russell Young

JLL worked on behalf of the borrower, VeLa Development Partners and Ray, to secure the loan through an affiliate of RXR Realty Investments LLC.

Elle Miraglia

Russ Young, Executive Vice President, Investment Management Group, RXR, said, “Through RXR’s credit solutions platform, we worked closely with the Ray and Vela teams to assemble a flexible financing package that allowed this over $180 million multi-family project to move forward. We look forward to seeing the completion of this exciting project in one of the country’s fastest-growing markets.”

Brad Miner

Ray Phoenix will offer a highly differentiated product in the submarket with luxurious amenities and artistic spaces. The property will consist of studio, one- and two-bedroom units, including duplex and penthouse units with floor-to-ceiling windows, custom cabinetry and luxury flooring and bathroom tile. The 20,000 square feet of amenity space will include a large fitness center, yoga studio, outdoor resort-style pool, communal kitchen and fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens, workspaces and more.

Michael Gigliotti

Ray Phoenix will be located at 777 N. Central Ave. within an Opportunity Zone and will conveniently sit on the Phoenix light-rail line, less than a mile north of the Footprint Center and Chase Field. Additionally, the property is a short walk from both the 30-acre Phoenix Biomedical campus and Arizona State University’s 28-acre downtown campus.

Nick Benjamin

“On behalf of the development team, it has been a pleasure to work with JLL and RXR on Ray Phoenix,” said Nick Benjamin, Principal of VeLa Development Partners. “Our collective vision for Ray Phoenix will bring world-class design, top-tier amenities, beautiful art and diversified price points to one of the nation’s fastest growing downtowns. We can’t wait for residents to experience Ray Phoenix in the spring of 2026. “

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Gigliotti and Brad Miner, Associate Elle Miraglia and Analyst Frank Choumas.

“As the Phoenix MSA continues to expand its multifamily options to support the growth of the region, Ray Phoenix will stand out as an exceptional property with a great deal to contribute to the rapidly evolving downtown,” said Gigliotti.

“The highly differentiated unit options will provide renters with a residential experience that has not yet been available in Phoenix.”

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.

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