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July 12, 2024
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400-Unit Phoenix Res Development Lands $120 Mil in Construction Money


VeLa Development Partners has obtained $120 mil in construction financing for the development of Ray Phoenix, a 401-unit, 26-story multi-family residential building located in downtown Phoenix. The financing was arranged by JL Capital Markets and funded through an affiliate of RXR Realty Investments LLC.

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 20k sf 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.

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.

Michael Gigliotti, Brad Miner, Elle Miraglia and Frank Choumas with JLL arranged the financing.

“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.”

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