VeLa Development Partners and Ray announced that they secured $120 million in construction financing for the development of Ray Phoenix, a 401-unit, 26-story multifamily residential building located in downtown Phoenix.
JLL worked on behalf of the borrower to secure the loan through an affiliate of RXR Realty Investments.
Ray Phoenix 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.
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. A
